d_hzy said:
Just started facebook ads, using it for my shopify stores.
What are some of the good resources to learn more about facebook ads?
podcast, books, websites?
Thanks
Join the Facebook Ad Buyers group on Facebook and start reading/searching. Momentum Marketing Tribe is another good one, both free.
IMO that's the highest level information you'll get without paying 10k+ for masterminds, and even then it's pretty similar they've just organised it better.
If you are looking for something specific, make sure you search the groups before posting. You'll get ripped apart if they see you haven't done due diligence.
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Guys I realise this conversation happened a few months ago, but a few things if you do happen to see this:
The Good Life said:
If one wants to generate leads for an insurance business, assuming your targeting is solid and the ad set is solid, what is the daily minimum budget?
Would it be possible to generate a 3 leads a day at 5 dollars a day, or is this just too low of a budget? If so, how much?
For insurance, almost certainly not. Lead gen payouts for insurance can go from anywhere from $20 up into the low hundreds, with advertisers generally taking a 20-60% profit. There is huge competition because it's such a lucrative market.
To get any sort of meaningful data on lead gen or purchases you need to be running total budgets of
at least 3-5x your target CPA
per day - obviously the more the better. If you can afford to do a budget per angle of 3-5x CPA then even better, you test each angle/headline properly.
The Good Life said:
I was on another forum talking to some people who claimed to be "experts" and they said that with insurance lead generation the market is so saturated that you are better off not wasting the time and initial money testing your ads and to just buy leads. They were giving me extremely high budgets (around $100 a day minimum) and said that the competition is soo insanely fierce that it's not even worth it. Part of me calls bullshit, but I guess it kind of makes sense.
Also, if one does decide to generate leads through Facebook ads for insurance, do you recommend optimizing for conversions sending them to a landing page to take a specific action, or do you recommend using facebooks built-in lead form?
These people from that forum do in fact know what they are talking about. $100/day is on the absolute low end.
Re: optimizing for conversions, the best approach is generally to run ads to a prelander before capturing the data or redirecting them to your broker. Pixel the thank you page so Facebook can do its magic, then start to build custom audiences based off of that data.
In order for Facebook algorithm to optimise for you correctly, you need to be sending in excess of 50 conversions per week (the more the better obviously). As they dial it in you will often find your cost per acquisition starts to drop.
testos111 said:
Also I'm not sure how effective it will be because Facebook works better for "non-serious" businesses. Stuff like real estate, insurance and finance is not something that works too well there in my opinion. For quantity maybe but quality wise, the leads may not be worth all the cost.
Disagree - I personally know people who have run at significant scale ($10k up to $50k/day profit) on Facebook in insurance, financial, funerals, solar. It converts extremely well if the prelanders are crafted carefully and it's a good offer.
testos111 said:
You can also give the GDN (google display network) a shot. You can create image ads which are similar to FB ads but you can choose what kind of websites they would be shown to. So if you select INsurance as the category, it'll show your lead gen ads to blogs/websites that deal with that topic. And unlike Google Adwords Search based ads, they are very cheap. But I don't have much experience with them. The couple of $100 I put in those did not work for my niche.
It's not a matter of cheap or expensive. Search can be incredibly targeted and extremely high quality - in Australia some insurance keywords are worth $100+
per click. This is a free market: advertisers would not pay that much if it was not backing out. GDN is a completely different beast - yes per impression and per click it's on the whole a lot cheaper, but it's also different on such a fundamental level that the traffic performs very differently.
Common error to be looking for cheap traffic, or cheap niches, cheap whatever. Bids are high for a reason. If it's expensive, it's because a bunch of people are making bank.
Figure out how you can get into the middle of it and get an advantage over them and you'll share in it too.
