You’ve probably heard the phrase “you are wasting money on ads.” It is actually true.
Not because you can’t get results from your ads, but because you are not making the right analysis.
Facebook As Manager has a great reporting tool, and how you look and analyze your data will make the difference between investing vs. wasting your money.
One key report you need to have is what I call “Spendthrift View.” Let’s say you are promoting an African Safari Club in Zimbabwe. You care about membership subscriptions. What is your target CPA? Or rather, what’s the minimum you are willing to spend to get a new member? If you are targeting at least a $5 CPA, you wouldn’t want ads that are spending $50 so far and not acquiring any member.
You can quickly spot those spendthrift ads. They are depleting money from your budget without giving you any result. You can stop them, and the money that you would’ve wasted is now put into good use to those ads that are giving you results. It doesn’t matter if the CPA of those ads is $50, at least they are getting you results.
Moreover, you can learn from this group of low-performing ads to see what’s wrong: is it the audience? Is the image or text in the ads? What do they have in common that is not working?
This is a sample on how to set up your Spendthrift View. Please note that you need to order your column Results in a descendent direction so that you can see the spendthrift ads without results at the top. Export the report, sum those ads up, and you will get how much money you are wasting.