Adjust the budget and targeting settings of your Facebook campaigns to maximize the potential of your ads.
- Go to Facebook Ads Manager.
- Click on Ad Sets and check the metrics that are relevant for your business. For example Purchases and ROAS.
- Identify the ad sets which perform best; Highest ROAS and biggest number of purchases.
- Gradually increase the budget for the good-performing ad sets. Increase the budget by 20% or less at a time. Monitor the performance after the budget change, and increase further if the ad set results are still good.
For example if you target users based on their interest in fashion, you can create separate ad sets where you target the users based on the interest in specific fashion brands or fashion magazines. Test broad interests, for example luxury, against more specific interests, for example Prada, Ferrari, and Louis Vuitton.
Use additional behavioral criteria to reach the relevant audience. For example if you target more affluent users, you can select the ownership of the high-end smartphones or frequent travelling as the targeting criteria.
Create a lookalike audience based on the list of your customers or leads. If you already use lookalike audiences, experiment with the sizes. For example, if a 1% lookalike audience works for you, try to use a 3% lookalike in a separate campaign.
Check the geotargeting in your campaigns and expand the targeting if possible. For example, if you target a specific city, increase the radius around the city that you target. Target additional regions or countries.
Break down your Facebook ad sets into smaller audiences. For example you can segment the audience by gender and age, Ad Set 1: Females 35-44, and Ad set 2: Males 25-34. Increase the budgets for the best performing segments.
If you target Facebook only, consider targeting Instagram in a separate campaign. If you run the ads on selected placement only, for example feed, consider adding additional placements like Stories.