I felt it also necessary to lay-out some of the more costly mistakes I see made by marketers and small businesses make regularly as well.
1. Know your audience.
Too many jump into running ads way too soon without completing market research. You must know the ins and outs, demographics, keywords, and fine details about the local or global market you're advertising in.
Here's an example:
I saw an add the other day that was geared toward dentists to the tune of "getting new customers." The reality is, dentists don't want new customers... they want NEW PATIENTS!
Know the language of your market and common terms they use to communicate their needs. You could also target dentists based on the school they attended or an actual keyword in the profile.
2. Rotate ads frequently
In reality, the ad-life on Facebook is short, especially if you're targeting a smaller niche market. You'll see a spike in traffic, high click-through-rates (CTR's), then it will drop off in a week or two.
You must keep your ads fresh to maintain high click-throughs. This is a key point many marketers and business owners overlook.
3. Know what time to run your ads
Most people are on Facebook at work... period. Employers have started to ban the social network on office computers... lol. Take the hint!
Optimal times to run ads for most are between 8am - 5pm. This is not 100% and may vary on your market. Weekends are hit and miss.
4. Test different headlines, images, or text descriptions
This could be a separate blog post or two in itself. If your Facebook ad's not generating clicks, the bid is either too low or the ad you created sucks.
Test many different headlines, images and text descriptions to see what is converting the best. Think "attention grabbing."
Don't settle for anything under a .03% CTR when running an ad.
5. Give the ads enough time to run
I recommend giving the add at least 50 clicks to see how well it's performing. Don't pull the trigger and 86 the ad too fast without accurately assessing the ROI.
The good thing I'm finding on Facebook is that you can gauge performance of the ad faster than with Google.
6. Set a reasonable daily budget
Facebook has over 600 million users so they can deliver all of the traffic you can handle, for that matter. If you set a budget of $200 / day, your ad will be shown more frequently since Facebook will try to max that budget with clicks.
Conversely, if you set a budget to $12 / day, your ad will be show less and spaced throughout the day. Set a budget you're comfortable with but realize that if you want to be more aggressive, your daily budget will have to be higher.
7. Always drive traffic to a landing page to capturing leads
YOU MUST DO THIS. You're literally throwing money down the tubes if you don't have a converting lading page to funnel the targeted Facebook traffic.
Far too many businesses pay for traffic only to let everyone look at their page for 2 seconds then bounce off. There should be a blatantly obvious (and irresistible) offer on the landing page that clearly tells the visitor what to do next.
8. Provide a clear and concise call to action
A clear call to action should be found in the Facebook ad itself and on the landing page. Examples are text descriptions that conclude with "click here now," "click the LIKE icon," or "call 555-555-5555 now."
Your images can also have calls to actions.
9. Understand how to measure your ROI (return on investment)
This will vary based on the local or global market you service. Your first goal if you're a beginner marketer is to try to break even on your ad spend. Doesn't matter if you're promoting physical products / services or digital ones.
If you're a chiropractor (for example), you should know your average case value per patient... or lifetime value. If you get 1 new patient from Facebook Ads (worth $1,500) and you spend $800 for the month, it's a no-brainer to keep running the ad.
10. Don't give-up
This is one of the most valuable Facebook ppc tips, as they WILL deny your ads. Don't stop submitting them for approval, though. They are way more relaxed than Google.
Don't be weak or scared of rejection.
Be persistent and always test new ad variations. Facebook (to this point) just denies your ad, they don't permanently ban you like Google does if you submit an add that doesn't meet approval.
If you want to short-cut and dramatically REDUCE your out-of-pocket testing costs, find someone that's mastered successful Facebook Advertising that can assist you.
I've spent enormous amounts of money, time, and energy into discovering what's working the BEST and what doesn't. Facebook is dynamic, too. That means the game is always changing.
With any PPC advertising, you can expect to easily spend a few grand in testing if you don't seek the expertise and guidance of someone that's successfully (and profitably) doing it. Hopefully, you gleaned some good insight from this post.