5 Common Mistakes Marketers Make with
Facebook Ads (These Are Costing You $$$)
So, let’s talk about the five common mistakes marketers are making on Facebook ads right now and how these mistakes are costing you money and if why, if you were to watch all the way to the end of this video, you’re gonna realize that you’re leaving at on of money on the table if you could make your campaigns a whole lot tighter by avoiding these mistakes.
Okay, so I’m gonna call them The Big 5.
The first big mistake that marketers are obsessed about are focusing on vanity metrics.
So, what are vanity metrics?
It’s basically this over here.
Vanity metrics are how many likes you have on your page, how many comments, how many shares.
Are these important?
Yes, but this posts, and the comments and the shares and the likes, there’s no tangible ROI to that.
So, I remember just recently, I saw this hater comment, and this hater comment said, “You obviously “don’t know anything about Facebook Ads ’cause this post “has got, like, close to no engagement”.
So, the first thing you gotta understand is that Facebook is a pay-to-play game right now.
Facebook wants you to reach your own people.
It doesn’t matter if you have a hundred thousand followers, if you got 300 followers, if you have two million followers, Facebook wants you to pay money to reach your own people.
So, organic is at an all-time low ever, and it’s just gonna constantly decrease over the years.
So, what does this mean?
It means that the first thing to avoid is to not focus on the likes and comments and shares ’cause chances are, if you are in a serious market and you’re not posting funny cat/dog viral videos, chances are, it’s not gonna go viral.
Many times, people gauge how well they’re doing on social media based on vanity metrics.
Like, literally, I have friends who are crushing it on Facebook.
They spend over $1 million a year, and literally, their Facebook page has got less than 10, 000 fans.
Does it give you a slight edge to have bigger warm audiences?
Sure, but it should not be your main focus starting out.
That brings us to number two.
Number two is a very common mistake, is marketers focusing on broad audiences.
I’m gonna walk you through some of my campaigns to show you the common mistake that people are doing when it comes to audiences.
Let me show you behind the scenes to how that actually works.
Let me show you an ad account on, on like, for example, broad audiences.
When it comes to targeting, here’s what many people do.
They look at the targeting, and they begin with a super-broad example or a super-broad interest.
For example, social media marketing.
Now, if you take a look at this ad example over here, which is an actual ad, you’ll see that this targeting without the other filters has got a size of 67 million people, okay, now, which is super-broad.
Now, the reason why I have super-broad audiences like that is because, well, I’m looking to scale, and I can afford to be more aggressive, but this should not be how you start off.
Why is that the case?
When you start off with a super-broad audience, which is the second most common mistake, is that it is very hard to have a right message to market match.
It’s very hard to really talk to these group of people because social media marketing could really be like anything, like, this could be somebody runs an ad agency.
This could be a local gym owner who’s interested in social media marketing.
This could be somebody that’s studying social media marketing as a term paper in their third year in college.
There’s so many different reasons or why a person might be interested in this topic, and that’s why the size is 67 million people.
So, what should you begin with?
Let’s take a look at some of the ad examples, right.
Now, what you could begin with would be, for example, this one.
This would be a good example, and this ad set over here targets this software called HubSpot.
You’ll see that the people who receive this ad are people interested in a software known as Hubspot.
Now, you see the difference here?
Now, imagine if I was running an ad to people whom I know like HubSpot, guess what?
I can now craft a super-laser-focused message directly to these group of people.
So, what does this mean for you?
It means that rather than targeting a super-broad interest, think about can you target a specific organization?
Can you target a specific software?
Can you target the specific book name?
Can you target these typeof specific audiences so that you can craft a very specific message to just that group of people.
So, for example, this HubSpot interest here could be an ad where I talk about HubSpot and what it does and how I can help users of HubSpot.
I could talk about the advantages, the disadvantages, the pros and cons and how, as a HubSpot user, I can help them take their business even further.
Think about rather than just targeting broad markets, right.
Rather than targeting people who love health and fitness, perhaps you could target a product name called, say, P90X, which is a work out from home program.
Rather than targeting people who like personal development, which is the interest, perhaps you could target people who love the book “The Secret” and create a right message to market match for that specific interest.
So now, rather than targeting 50 million people, 20 million people, you’re now drilling into a million people, three million people, 500, 000 people, with a super-specific message to market match.
Now, this will require you to do a little bit more work, but guess what?
Now your, your targeting is not scattered, which is what everybody’s doing.
Everybody’s just targeting one super-broad audience with one super-generic message and hoping and praying for the best, okay.
So, you’ll notice that in my campaigns, okay, I’m gonna be showing you actual campaigns so that you can see it’s not theory.
This campaigns here, I have different companies, different interests, different people, different skill sets, right, film festivals, and that’s what we do to kind of make things more specific and more focused because specificity sells.
Now, broad audiences isa great way to scale.
Don’t get me wrong, I’m not saying broad audiences are bad.
I’m saying that to begin, you never wanna target, like, 10, 30 million people with a broad message, with a broad audience.
Start off with smaller, specific ones first so that we can start off with a smaller budget and test a more specific message to that specific market in order to decrease your cost of a sale or cost of getting a lead, which brings us to number three.
The third common mistake that people make in Facebook all the time is not setting any KPIs by not reverse engineering what it is that they’re doing.
Okay, let, let me explain this.
In your sales process, whenever you send people to buy that physical product, to your e-commerce store, to attend that webinar, to come for a live event, to get that book, to go through that free plus shipping.
Whatever it might be for you, the mistake that people make is they’re not reverse engineering their numbers and not setting key performance indexes in place, which is basically the numbers that they need to set and hit in order to make that thing profitable, in order to forecast whether it’s profitable or not before running the ad.
Here’s the strategy that most people adopt in Facebook.
They set a budget, $100, $1,000, and then after that, they utilize the hope and pray method, okay, and hope that by spending that $100, by spending that $1,000, they hope that their returns is more than that initial amount, and they have no setKPIs in between to track if this is a profitable thing, or what are the numbers to hit?
Imagine that right now, you are sending people, say, to a webinar funnel.
Now, webinar funnel could have multiple different steps, for example, webinar registration page, webinar thank you page.
After that, the live webinar.
Just three steps first without complicating any things.
Without setting any KPIs, most people just spend $1,000 and hope for the best, okay.
So, rather than doing that, you need to ask yourself what are the KPIs in between?
What is the webinar registration rate that I need to hit?
What is the show-up rate?
Then after that, the next thing to ask is out of the people that show up, what is the conversion rate of people that will buy the thing that I’m selling in my webinar?
So, let’s say it’s a $1, 000product with 10% conversions.
Now, let’s say I set these numbers as a ballpark number, and if I were to write it down, I would be able to start reverse engineering if I know that my registration rate is 50%, okay, my show-up rate is also 50%, and I’m just putting a ball park number here, and my conversion is equal to, which, by the way, this is something you need to be doing, so you may as well do this together with me.
Conversion of webinar, let’s say is 10% for a $997 offer.
If I were to roughly put a rough gauge to my process, now, I’m able to simulate and run the numbers and reverse engineer what isthe maximum that I can pay for an email, for a lead, in order to break even?
I can have a simulation for worst-case scenario, best case scenario, most likely scenario.
So, let’s say right now, cost per click for a traffic to get a click to my website is a dollar.
Depending on what niche, what market you’re in, you know, this number could fluctuate, but a dollar’s good ballpark figure.
So, that means that if I wanted 100 people to show up and be on my webinar, what does this mean?
If I have 100 people show up, that means I get 10 buyers, right, because I, my conversion rate’s 10%.
So, I would have 10 buyers, therefore, I would have made $9, 997.
So, in order to have 100 people show up, I need to have 200 people registered.
So, I need to have 200 people registered, and in order to have 200 people registered, I need to have 400 people who visited my webinar page.
Does this make sense?
So, now I’m just starting to reverse engineer the numbers and the KPI, and if my cost per click is $1, I would have spent $400 to generate $10K.
Then, this is when we can simulate different scenarios.
What if cost per click wasn’t $1?
What if I was in this super-hyper-competitive niche, and my cost per click was$5, what if I’m terrible at doing webinars, and my closing rate isn’t 10% but 5%?
What if my show-up rate isn’t great today and my show-up rate is 20%, okay?
So if, let’s say, these were my numbers, guess what?
I now would be able to simulate this thing in and see how much I can afford to pay for a lead and for an email and for a webinar registry.
Now, if this gives me a good gauge of what are the numbersI need to strive for, where’s my weakest link inmy chain of running ads, so that I will know where to tweak.
Your entire sales process and your ads is only as strong as your weakest link.
That’s when you’ll know is it because the ad sucks and the targeting sucks, that’s why the cost per click is through the roof because there’s hardly any engagement.
Is it because for the message to market match is bad?
Is it because, you know, it’s not interesting?
Or is it because the landing page sucks?
You know, the free gift, the free offer, the free plus shipping, isn’t that great, and therefore your registration rate isn’t high.
Is it because there isn’t a follow-up sequence in place that’s strong enough, and therefore the show-up rate is low?
So, all these things will tie in and determine the profitability of your ad, and you need to have these KPIs in place, which brings us to number four, which is no sales process, which is just sending people to a website.
A website is kinda like going to a mall with a thousand printed brochures, a traditional website where you have the Home, WhoWe Are, About Us, Contact Us, giving it to 1, 000 people, and then after that, deploying the hope and pray method again that 1% of people buy from you.
I don’t know about you, butI’ve never bought something because somebody gave me a brochure.
A sales process is basically just a strategic set of pages that you use to offer something, and there’s always a proven sales process for physical products, for digital products, for coaching, for consulting, for live events.
There’s a proven sales process for that.
So for me, the platform that I personally use is called ClickFunnels.
They have a two-week trial.
I will put that link down below, and that link, I’m going to share with you many different proven sales process as well, whether it’s for lead gen, whether it’s for selling books, whether it’s for live events, whether it’s consulting, whether it’s e-commerce, I’ll put some of these Share Funnels in the description box below so they can start playing around with it.
Ultimately, what you need in order to generate more profitable ad campaigns, is to have a sales process in place so that you can better track the KPIs that you set.
Finally brings us to number five, multiple streams of distraction, and this is literally something that I believe every marketer will go through, including myself.
And I’m gonna say this: don’t let the dream of multiple streams of income become multiple streams of distraction.
What it means that whenI was first starting out, I always thought that the path to more money was building more websites, more businesses, and that’s exactly what I did.
So, every time I did a website, if this website took off and did over $1,000 a month, I’ll try to build it a website, and then another website, another website.
If you are in the internet marketing game for like a decade, you’ll know exactly what I’m talking about.
So, like, back in the day when I first started out over ten years ago, the business model then was, like, the marketer who could do, like launch every single month and get everybody promote that person would win.
And the person that was the loudest would also win, but today that’s different.
Today, it is not about having multiple products or a new product every other month, but rather having one great thing, like, once a year.
Like, if you take a look at Apple and how Apple won the war between Nokia and Blackberry and Sony Ericsson, you will see that what was Sony and Blackberry and all these other companies, what were they doing? They were trying to come up with a new model, like, literally, every week.
Think about how many models can you actually remember.
Like, I don’t know about you, but back then, when I was in school, Nokia 3210.
The cool kids would have that model back then, and if you were ultra-rich, you’ll have the 8810 or 8250, and that was, like, the elite of the elite, okay, but those are the only models that I can remember, even though they were hundreds.
What did Apple do?
Apple came up with one great thing a year.
Now, online marketing is the same thing.
When you’re running these ads, try to focus on really creating and making one great offer rather than having 10, 20, 5 mediocre offers.
Have one great thing that you can stream and scale ads so they can spin a $1,000, $5,000, $10,000 a day on, rather than having multiples streams of offers and distraction, thinking that it’s gonna give you multiple streams of income.
Yes, I have many different funnels, but I’ve been doing this for a really long time.
You’ll see this well if you know my story.
It’s an 80/ 20 rule, right.
Literally, it is 20% of the funnels and sales processes that make 80% of income.
And I’ve got tons, if not hundreds of websites that have totally bombed in the past, and it’s always just those few ones that went home run to make the difference for me.
So, I want you to learn from my mistakes and realize that you just need one great sales process, and really funnel in all your budget and expenses of Facebook into that one great sales process.
So, these are the five mistakes.
Let me know in the comments below which of these mistakes you’re currently making, what your biggest takeaway is, how you feel about these mistakes, and as always, if you like this post, click and smash the subscribe button for more post like this so that you will be first in line to be notified when a new post comes up.