Summary
- If you’re running a small business, shelling out $5-$10 a day for Facebook ads may not be the shortcut it once was.
- Facebook ads were great in the early 2010s because they were cheap, could target specific audiences, and generated organic engagement.
- Today, privacy regulations and increased competition have made Facebook ads less effective and more expensive.
- Tracking and targeting have become difficult due to changes like Apple’s iOS 14 update, making it hard for small businesses to hit the right audience.
- Costs for leads have skyrocketed, going from $3.65 each in 2020 to $23.10 in 2023.
- Facebook ad objectives vary in cost; sales-oriented objectives can be too pricey for small businesses.
- Lower-cost objectives, like driving traffic to a website, often result in lower-quality leads.
- Selling products over $100 via Facebook ads is challenging because people are more skeptical and cautious.
- A recommended strategy is to use ads to build an email list by offering something valuable for free.
- Email collection ads have higher conversion rates than direct sales ads.
- Managing successful Facebook ads requires constant testing and creating new ad variations to avoid ad fatigue.
- Hiring a Facebook ads manager can be costly, around $2,700 monthly, plus ad spend.
- Instead of Facebook, consider focusing your efforts on YouTube, where building trust with viewers is more effective.
- YouTube allows you to create content that attracts a dedicated audience interested in what you offer.
- In my experience and from others in the industry, diverting time and energy from Facebook to YouTube yields better Return on Investment (ROI).
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How To Take Action
I would suggest implementing these low-cost, high-value actions for your small business or personal growth:
- Focus on Building an Email List:
- Create a valuable freebie, like a guide or an exclusive piece of content.
- Run ads specifically to collect email addresses, not for direct sales.
- This way, you can nurture leads over time and build a relationship through email marketing.
- Test and Optimize Ads:
- Try different versions of the same ad to see what works best.
- Always tweak elements like headlines, images, and call-to-actions.
- Regularly update ads to avoid ad fatigue and keep your audience engaged.
- Manage Ad Budget Wisely:
- Use lower-cost objectives like driving traffic to your website, but be aware these leads might not be high-quality.
- Keep ad spend manageable and focus on gaining valuable leads, not just clicks.
- Shift Focus to YouTube:
- Develop a YouTube channel and consistently post engaging, valuable content.
- Build a dedicated audience who trusts you, making them more likely to buy what you recommend.
- Learn to use YouTube as a tool for establishing credibility and connecting with viewers.
- Create Engaging Content:
- Produce short, captivating video ads that don’t directly sell but create interest.
- This helps to build a connection with your audience over time.
- DIY vs. Hiring Help:
- Managing Facebook ads can be complex and expensive. Start with your own efforts before considering a costly ad manager.
- Invest in learning about creating and managing ads yourself to save costs initially.
By implementing these strategies, you’ll maximize your marketing efforts while keeping costs low. Focus on long-term relationship building rather than immediate sales, and explore platforms like YouTube for better ROI.
Quotes by Wiki Wayne
“if you’re running a small business you’ve been promised the ultimate shortcut to getting a steady stream of customers”
– Wiki Wayne
“Facebook ads were like the Holy Grail of small business marketing”
– Wiki Wayne
“Facebook ads have always been a form of interruption marketing”
– Wiki Wayne
“Facebook ads didn’t just reach a bunch of people they reached the right people”
– Wiki Wayne
“so to make Facebook ads work you need to become a Content machine”
– Wiki Wayne
