Running Meta ads (formerly Facebook ads) can be a cost-effective way to reach your target audience, but it can also be a money pit if not managed wisely. So many people we speak to set and forget, but unfortunately that’s an easy way to fill up Zuckerbergs’ pockets.
Here are some strategies to ensure you’re getting the most out of your ad spend:
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Set Up Rules to Turn Off Poor Performers: Setting up automated rules in your Meta Ads Manager to stop ads that aren’t performing well. This minimises wasted spend on underperforming ads. You can set the parameters here, what is good and profitable for you won’t be profitable for another brand! I like to set up a Cost Per Purchase is great than X over a 7 day period as a good starting point. Please note though, this doesn’t mean you can not check on your ads. They’ll still need monitoring.
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Utilise the Breakdown Tool: The breakdown tool in Ads Manager is a goldmine for identifying which demographics or placements aren’t delivering results. Adjust your strategy based on these insights to avoid unnecessary expenses. We’ve had clients who thought their key demographic was one thing, while it turned out to be a totally different age bracket. We were able to turn off spend on the poorer performers and spend more on the better performers – who doesn’t want to do that? This is also great for testing placements!
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Bundle Audiences: Combining similar audiences can increase the efficiency of your ads. This approach allows you to reach a broader audience with a single ad, reducing the need for multiple ad sets. While we strongly recommend testing, if you’re in a position where you need to be saving money – bundling can help to spend less across a wider range of people, and CAN results in improved sales – it can also do the opposite, so as we always say – test it!
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Experiment with Audiences: Sometimes, targeting too narrowly can increase costs. Testing broader audiences might lead to discovering more cost-effective segments. This also goes the other way, sometimes broad audiences can increase costs, this is why we recommend testing.
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Use Quality Creative and Copy: While not as direct a tip, high-quality creatives and compelling copy can improve your ad’s relevance score, which can reduce the cost per click and ultimately your cost per purchase. Having poor quality and irrelevant creative will increase your costs so make sure this is a focus.
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Track and Analyse Performance Religiously: Regular analysis of ad performance helps in identifying wasteful spending and reallocating budgets to ads that are performing well. Unfortunately, ads aren’t set and forget,
By implementing these strategies, you can optimise your Meta ad spend, ensuring that your advertising budget is used as effectively as possible.
Looking to discover more tips and tricks to optimise your ad campaigns, boost your earnings, and save some serious cash? Book a Free Strategy Session!
