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Best approach when first using FB Ads?

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I am the CEO of an early on startup in the on-demand/sharing economy, how have others approached FB ads? How much should I spend (on average) daily on FB ads to start? What is a reasonable conversion rate for FB?

16 Replies

Michael Masello
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Michael Masello Entrepreneur
Digital Marketing Professional
Based on being in a similar position about a year ago our campaigns ran like this:

Aim to spend less than $1 per click, with a CTR of 1-5%, and a budget of $50-75/day... conversion rate varied over time and ad, but we converted at a rate of about 5%.
Tom Oswald
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Tom Oswald Entrepreneur
CEO at Videscape
The simple answer is don't The worlds highest paying video streaming site Www.videscape.com Tel: 07825156062
Eric Fransen
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Eric Fransen Entrepreneur • Advisor
Strategic, Digital Marketing | Lead Generation | Marketing Automation | Ecommerce | Paid Ads Expert
Ryan - Campaigns are really based on your business, goals, budget, etc. It's tough for me to tell you how much you should be spending not know what your capable of and what the return would be. As far as generated traffic most Facebook campaigns should be able to get into the $.05 - .08 range per click when the segments are done correctly. I've seen them at a penny per click.
Danny Cox
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Danny Cox Advisor
Helping Brands Tell Better Stories
Like Eric says, it really depends on what you're trying to achieve. Facebook has become an effective, affordable and accessible ad platform where there's an actual value exchange between advertisers and users. Depending on your overall budget and how your business model is set up, a small, targeted spend could drive some significant results. It may be worthwhile to work with a consultant/subject matter expert who can help you with a strategic approach to targeting, creative, and measurement.
Rocky DeGuarda
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Rocky DeGuarda Advisor
Turnaround CEO / Biz Dev & Sales Wizard / Jingle Composer
My friends here in SD at 22Social are killer at FB marketing. https://22s.com/app/site

I've sent you a LI request and can facilitate an intro once we're connected.

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Entrepreneur
Rocky I rather connect with you on FounderDating, I'll send you a message. Thanks!
Tom Oswald
2
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Tom Oswald Entrepreneur
CEO at Videscape
I would very strongly suggest you do a lot of research into the validity and accuracy of Facebook adverts until you spend a cent with them. We have been victim to face books fraudulent advertising to the tune of 100k and will never spend another penny with Facebook again. Facebook currently stands as the most expensive and least effective method for advertising on the internet today. There are far better methods of promoting your content and I would strongly advise you to take any of these routes
Bruce Carlisle
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Bruce Carlisle Advisor
Leadership, Strategy, BizDev, Marketing, Fundraising
Putting aside the issues raised above: 1. Do not assume that FB is the best or only lead gen source otherwise you will simply optimize within one of the multitude of available silos (including Adwords and inventory on DSPs). 2. Lacking any other going in metrics your approach should be limited and iterative with the caveat being that if you spend too little initially, you might end up "proving" that the channel "doesn't work" - but you won't really know that until you spend enough to try multiple tagets and strategies.
Gil Allouche
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Gil Allouche Entrepreneur
Founder @ Metadata
Ryan, What is your target audience? Facebook, like any other channel should be used with the right criteria/custom audience in mind -- so that you don't end up spending marketing and advertising budget on the wrong prospects (clicks that never lead to conversions) Gil | metadata.io
Sajan Nair
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Sajan Nair Entrepreneur
Founder at Agaamin technologies
In my experience , FB is great for garnering Publicity , Likes, Shares, and Eye balls....in such activities I have had a success rate of 0.75/per click ( Indian currency) ...However actual conversion rate with respect to sales ...would largely depend on the kind of product/service you are looking to push ...so I am not sure there is consistent rate of return on FB !
However if it's a product that requires a very precise TG profiling then FB does offer a much better scope than a lot other mediums out there ....
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