I basically lost about $3,000 testing on Facebook before I made this campaign profitable. Im gonna share with you what I've learned and how I went from losing money to profiting $300-$1000 a day on Facebook...
The product: The 31 Day Fat Loss Cure (Clickbank product)
This is my own product, so commissions are higher than if you were an affiliate. However the campaigns Im running would still make you about $100 a day as an affiliate.
Your target market is EVERYTHING on Facebook. I've had campaigns go from losing $200 a day to profiting $200 a day with just a simple change in my target market.
I usually have 2 different target markets...
1. Keyword based markets (ex... interested in Gardening)
2. Demographic markets... (ex.... women, ages 40-45 in the U.S.)
When it comes to keyword targeting I usually try to target "Likes" that people are interested in. So our product is a fat loss product, and one of the things many of our readers are interested in is "Gardening" - it fits one of our demographics of 40-65 year old women really well.
So in Facebook I would make ads targeted at women age 40+ interested in gardening, who also have a college degree.
I got this little tip from Shoemoney back when I was doing local leadgen through Facebook...
You will get much better conversions when you target people who have a college degree for certain products. In general, people with a college degree are more successful, care more for their health & image, and also have more money so your conversions are sure to go up when promoting something like The 31 Day Fat Loss Cure...
I also used this for a local dentist for a free teeth whitening offer - and when we switched to only targeting people with a college degree the conversions went through the roof.
Thats basically how I setup the targeting for keywords. Like I said, I also do some demographic targeting by age, country etc... and follow a similar method.
I currently do all CPC on Facebook.
I used to do CPM, but I found that I was getting a lot of clicks from "App" traffic - and this is terrible traffic when you have a 20 minute sales video like we do. People playing Farmville or Mafia Wars might enter their email or do a lead gen offer, but they wont sit around and watch a 20 minute sales video.
So I stick with mostly CPC for that reason.
When it comes to your ad, the picture is the most important part by FAR... Nothing else is even close. Shoemoney told me that he broke it down like this...
-> 70% Picture
-> 20% Body Copy
-> 10% Headline
Now this is obviously different than the order of importance in a standard sales letter (the headline being the most important part)
I can't post any of our ads here since I have a low post count...
When I put up new ads, I usually test a combination of 30 different ad images. Just look for pictures on Istockphoto.com and you can grab a bunch of them really quickly for pretty cheap.
BTW make sure you grab the FB Ad Manager from 4HourAffiliate.com. If you're serious about doing FB ads, you MUST have this. It saves me at least 30-40 hours of work per week.
Like I said, the image is the most important part by far. Don't "guess" and say you think you know a certain ad will work. I can guarantee you have no idea what will work on Facebook.
Ive had some pictures that I didnt even want to test because I thought they would suck, end up being the best pulling ad I had.
Other than testing your images, make sure you always put a call to action in your ads!
Something as simple as "Click here now..." works. You will always get a bump in CTR when you have a call to action on Facebook.
Like I said, I always do CPC with Facebook...
When I bid on clicks I usually start them out with something like .31 per click (always bid .01 cent more, dont bid on .20, .25, .30 since thats where all the competition is)
Once my campaign is doing well with a good CTR (between .13 - .2) I'll drop the bid price back down to like .21 or so. Sometimes I'll go even lower with .16 or so (all depends on the demographic & conversions)
Ad Burn Out
Over time you're going to have to switch out the pictures and some of the ad copy because they will burn out on FB and your CTR will drop.
Most of the time I find my ads work well for 2-3 weeks with no problems.
Here are a few of the best free resources out there for Facebook Ads...
-> Guest post I did on the Shoemoney blog about Facebook
-> Shoe's Aff. Summit FB presentation
-> A good overview of FB ads from our affiliate center
Hopefully this will help a few people who are running campaigns already (or maybe it will get you started with Facebook Ads)