how do i know how much i have spent on facebook ads?
I Spent $1,000,000 On Facebook Ads (What I Learned)in the last three years i've spent over,one milli
Updated on Jan 22,2023
I Spent $1,000,000 On Facebook Ads (What I Learned)
in the last three years i've spent over,one million dollars on facebook ads and,in this video i'll be sharing with you,the four most important things that i,learned along the way these are the,things that i wish i knew before i,started running facebook ads and if i,had known them i would have saved,thousands of dollars in testing and,found my first success much quicker but,first let me jump into my account and,show you some proof this is my facebook,dashboard so let's take a quick look at,how much i've spent over the last couple,of years i know you guys don't care that,much but i just want to show you this so,you know it's all legit on account,number one i spent 22 000. on account,number two i spent 21 000. on this,account i spent 122 000 on this account,i spent 268 000 on this account i spent,17 000 on this account i spent 60 000,and lastly on this account me and a,partner spent around 1.1 million so i,don't know the grand total but i've,spent a lot and i've learned a lot along,the way so let's get started with the,first and one of the most important,lessons that i've learned so far this,might be a hard pill to swallow but you,need to hear it your strategy,it doesn't matter there are so many,different facebook ad strategies out,there and many beginners get caught up,in trying to decide which is the best,one and if that's you i hate to say it,but you are completely focusing on the,wrong things out of all the facebook,strategies that exist there's one thing,that stays constant amongst all of them,i like to call it the big three,well i guess that would mean there's,three things anyways the big three are,your product your creative and your,offer let's break each one of them down,there's simply no way that you can force,a bad product to sell on facebook so,here are some things to look out for,when trying to find a great product find,something that is already selling well,on the platform you don't have to,reinvent the wheel and find the next big,thing you can simply look at what's,already working and figure out how to do,it better try to find products that have,been launched somewhat recently so you,can jump on the trend as it's happening,and not after it's well passed and,lastly look for a product that's,somewhat evergreen you don't want to,find stuff that's only hot for a month,you want to find those products that can,sell for months even years those are the,ones that you'll be able to make,millions off of next up is the creative,now i can make a whole video about,creatives themselves and i actually have,in the past so we're not going to dig,too deep into this topic but even if you,have the best product in the world if,you have a bad creative the product is,not going to be able to sell at all a,great creative can actually save a,mediocre product but it doesn't,necessarily work the other way around,being able to create a high quality,video or photo ad for your product is,the number one skill that you need to be,a successful marketer on facebook or any,other platform lastly you need a good,offer that allows you to profitably,scale your product you can do all kinds,of stuff with offers like bundles,upsells subscription models but for the,most part i try to keep it as simple as,possible so it's easy for the customer,to understand and if you're able to,combine these three things you'll be,able to find success with facebook no,matter what strategy you're using this,brand is called the ocean project and,basically all they're doing is selling,simple jewelry but because they've,combined the big three they're able to,scale this product really high the,product is really simple it is this,turtle necklace but the big selling,point is that with every sale you can,track a turtle you can help save the,turtles and every dollar goes to funding,ocean cleanups so not only are they,buying the necklace but they're buying,the peace of mind that they're giving,back to the earth in regards to the,creative they've done a good job by,keeping it simple and straight to the,point they show the product they show,the benefits in the actual copy they,give a review from somebody that has,ordered they give the main features and,benefits of ordering from them money,back guarantee high reviews 50 000,customers the perfect gift it is really,simple but it gets the job done and as,you can see it has a ton of engagement,people are really pleased with the,product let's see here they say i got,mine i love it you get the idea here my,son bought this as a gift for me people,really like this product,and lastly i think the best thing they,have going for them is their offer so,you see that they are selling just one,at a time but every single purchase,allows you to track a turtle so instead,of just saying hey guys we're gonna sell,you this necklace that you can wear,we're gonna sell you this necklace and,allow you to donate money with your,purchase and allow you to track a turtle,with your purchase so the value of,spending 25 has now gone up tremendously,making for a great offer let me say one,last thing about their offer so as you,can see they put it at 50 off and it's,25 for one necklace conveniently they,put free shipping over 49,so if you bought two necklaces you get,free shipping so what do you think the,average consumer is going to do with a,brand like this they can target these,simplest audiences and run a basic,strategy and beat everybody in their,market because they focused on what,truly matters the most so stop looking,for that secret strategy focus on,becoming a better marketer and finding a,great product that is how you're gonna,truly have success with facebook ads,let's move on to tip number two here's,the truth about facebook the person that,can spend the most will always win now,wait don't freak out just yet because,i'm not talking about the person that,has the most money or the highest budget,i'm talking about the person that can,profitably spend the most to get a,customer let me explain we have two,stores store a and store b store a buys,their product for five dollars and sells,it for twenty dollars which means they,can afford to spend fifteen dollars to,get a customer store b buys their,product for ten dollars and sells it for,forty dollars which means they can spend,thirty dollars to get a customer,considering that facebook is an auction,based platform if store a and store b,are running ads to the same audience,store b is going to win all day long,they're going to be able to consistently,outbid store a because they can afford,to spend more money per customer so what,can you do to be more like store b well,it's it's simple really first find,products with above a 25 profit margin,this is going to make advertising so,much easier let's say your profit margin,on your product is ten dollars that,means you're going to have to be,consistently getting customers for,around five dollars which is almost,impossible on facebook nowadays secondly,use upsells and bundles to massively,increase your average order value this,will make it so much easier to advertise,on facebook because you're going to make,more money per visitor that comes to,your site just find products that,complement the main one that you're,selling and use an app like one click,upsell to maximize your profits on each,sale and no this video is not sponsored,by them i actually use their app and,it's pretty good and lastly use email,and sms marketing to get your existing,customers to come back and buy again,this is called lifetime value after you,run a product for a long time this,becomes your most important metric to,focus on it's a lot more expensive to,acquire a new customer than to just take,care and sell more to the existing,customers you already have by focusing,on these things i've been able to out,scale all of my competition and keep my,product running longer than any of them,and the reason is simple it's because i,can spend more to get a customer as more,people jump onto facebook and instagram,ads they're only going to continue to,get more expensive so this is more,important than ever before third thing,that i learned is that facebook is,constantly changing and in 2021 we saw,the biggest change to facebook that,we've ever seen with ios 14. ios 14,basically destroyed facebook's tracking,system which made it much harder for us,advertisers to scale our business and,right now making sure your ads are,tracking properly is crucial to your,success it doesn't matter if you're a,beginner still testing products or,running a brand making over six figures,a month you need to be tracking your ads,properly so there are many tools that,you could use to track your ads some are,extremely expensive some cost next to,nothing i'll share with you the one that,i use first hand and it barely costs you,any money so this app is called be,profit and i literally check it every,single day when i log into my shopify,store they give you a daily profit,calculator which essentially adds up,your cost of goods ad spend and other,expenses and then subtracts it from your,revenue to tell you exactly how much,money you made but the most important,thing that has helped me tremendously,with ios 14 is their utm attribution,once you set it up you'll be able to,clearly see exactly how much money,you're generating from each platform and,ad campaign with extremely accurate data,so if you want to check out be profit,i'll put a link to it in the description,down below so now let's talk about the,most important lesson i've learned so i,hate to say it but if you're not testing,you're dying this is by far the biggest,and most painful lesson that i've,learned along my journey in the,beginning testing is the most important,thing it's the only thing that will,allow you to find a winning product an,ad and finally make some money at the,start you have to test as many products,and ads as you can it's really one of,the only things that matters and the,reality is no matter how much money,you're making this doesn't change at all,you know when you're up and doing well,it can just be easy to kick back and let,your ads print money all day but i'm,telling you this is a critical mistake,that i see so many people making and,i've been guilty of this as well at all,stages of your advertising journey you,have to remain diligent and keep testing,no matter what even if you're making 10,to 20 000 a day you still need to,constantly be testing new ads so that,way you can prevent yourself from dying,out this is really the secret to,maintaining a product for a long period,of time i've been able to sell the same,two products now for almost two years,and the biggest reason for this is that,we're constantly testing new ads though,in the last two to three months we,haven't been testing as much and as a,result we've seen a decline in our,performance so there is a direct,correlation between those two things so,moral of the story you must keep testing,no matter what stage you're at,especially when things are going good,because that is when it is the most,important by the way trying to learn all,this on your own can be extremely,challenging you have to learn how to,find products create ads write copy,launch campaigns as a beginner learning,all these things can get really,overwhelming so if you're looking for a,personal mentorship throughout the,entire process i've partnered directly,with beyond six figures to provide the,best coaching program in the game we'll,be taking you through six months of,personal mentorship that'll take you all,the way from starting to scaling to,turning your business into a long-term,brand so if you're interested in that,there will be more information in the,link down below i hope you found this,video extremely valuable if you did,please drop a like and subscribe i'm,dropping new videos every single friday,that's all for now i wish you the best,of luck in your advertising journey i,hope you have a great day and i'll talk,to you very soon,peace
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how do i know how much i have spent on facebook ads? catalogs
How Much Should You Spend on Facebook Ads? Budgeting Steps
How Much Should You Spend on Facebook Ads? Budgeting Steps
- How much should I spend on Facebook ads?,I'm gonna be walking you through a series,of steps that you can take to effectively determine,the right advertising budget for your specific business.,(upbeat music),The first thing that we're gonna talk about,is really understanding your numbers and your goals.,The second thing is understanding your industry data,and your own personal business conversion data.,And then finally I'm gonna be sharing some,steps that you can take to distribute that budget.,Finally, I'm gonna be sharing,some mistakes that you really want to avoid,if you want to profitably spend on Facebook,and Instagram ads.,Step one, first of all you really need to understand,the numbers that are related to the marketing,and sales of your business.,For most of my clients, the goal is to make money,,which means that you're focused on getting leads,and making sales.,Typically a marketing budget,for any business could be anywhere,between five and 12% of revenue.,Some newer companies may wanna spend closer to that 12%,because they want to grow aggressively.,If you're a company that's been around,for a while, you've got great revenue coming in.,You want to maintain or just grow incrementally.,You might be closer to that 5%.,What if you're a business that is brand new,or you've never spent money on marketing,,you've only focused on word of mouth and referrals.,If that's the case you really need to seek out,some additional information.,The first place you can find this information,is industry research.,There is a lot of information online,and in industry organizations on some of the numbers,that I'll be sharing with you.,There's also a lot of opportunity to reach out,to other people in your field and find out exactly,what they're doing to get a good idea,of the direction you should be going in.,So those very important numbers,that you wanna find are number one,,what is an appropriate cost per lead for your business?,So a lead is not a sale but it is what we need first,in order to make a sale.,However, the most important number that you can focus on,is your cost per core event.,If you're in any type of business that a conversation needs,to be had before a sale is gonna be made,you've got to have a number on what,you can profitably afford to spend for that key event.,What you're gonna find when you start doing this type,of advertising, is that the lowest cost,per lead ad campaigns may not be producing,the lowest cost per core event.,If you sell a low dollar product or service,,you're going to have to figure out that maximum number,that you can spend to remain profitable.,If you're selling something high dollar, it's very similar,but you actually have a little bit more wiggle room,as long as your conversion rates are good.,Finally, you wanna look at what is a strong cost,per customer acquisition for your business.,So how much money did I have to spend,in order to acquire this new customer?,Again that number is gonna be different for every business.,If you have different products and services,,it may be different,for those different products and services.,I would also really look into your conversion rates,,whether that's a sales team,or maybe you are selling something directly online,,those numbers are going to show you how many leads,you're gonna need to get on the phone,,or get to an appointment to make that sale.,I get a lot of questions on what is that magic number,but ultimately that magic number,in terms of ad spend is heavily dependent,on what your expectations are, and what those goals are.,If I'm a new business and I want to grow,to a hundred thousand dollars in the next few months,,that's a very clear goal.,We can reverse engineer that goal to determine,based on past industry data,,how many leads we're gonna need,,what that costs per core event is gonna be,,and how much we can spend to acquire one customer.,The last step is taking that monthly ad spend,and properly distributing it based on the types,of ad campaigns you're gonna need to use,to really see results.,There really the three categories,,about 20% should really be dedicated,to that education engagement and audience building,type of advertising.,What I see happen far too often is that business owners,will either produce nothing but lead generation focused ads,or nothing but content focused ads.,And ultimately you have to have them both to really succeed.,So you want that 20% to really be creating,this audience for your business,that you're gonna be able to leverage longterm,so that your results do not dry up,or skyrocket in terms of costs.,About 60% of your budget is going to be focused directly,on promoting your offer and generating those conversions.,You also wanna dedicate about 20%,to your retargeting efforts.,Retargeting is an amazing way to get a lot,of bang for your buck, but ultimately,if that's all you do, your audience is gonna be so small,that you're not gonna see those financial results either.,So all three pieces of this puzzle really,need to go together and be working together,in harmony to maximize the impact of your budget.,So as promised, these are some of the biggest mistakes,that local business owners or online business owners,are making when it comes,to their Facebook advertising campaigns.,Number one is not giving it enough time.,This time is so crucial to be able to get that initial data,,analyze what the data is telling you,,and then make the appropriate adjustments from there.,You also do wanna go back and revisit,that customer buying cycle,and the length of time that historically,it can take someone from that initial lead,until the sale closes.,If you're in a business,that has a very short buying cycle, that's great.,You're gonna be able to track that data a lot faster,and adjust your budget based on what you're seeing.,If it could take six months,for the average customer to close,,you at least need to give it six months,so that you can really see the return on ads spend.,The next thing is gonna be not spending enough.,You've got to understand that the size of your audience,and the cost of your product,ultimately will dictate what you can expect to see,in terms of those costs per lead.,If you don't spend enough money per month,Facebook's ultimately going to distribute that budget,in such a thin way that you won't even be able,to generate at times a single lead per day.,Whereas if you had just bumped up the budget,,you would be able to see amazing results potentially.,The next thing that I see is,that people are choosing the wrong types,of campaigns and objectives.,So we did mention those three different types,of ads that you should be using in your strategy.,Ultimately, the objectives do correlate to those,,but if you're really looking for leads,,don't focus on a brand awareness objective,,don't focus on reach necessarily.,You need to make sure that you're,telling Facebook exactly what it is you want to see,so they can help you achieve those goals.,Finally, really not understanding how to read,the data in ads manager.,If you go to the customize columns option in ads manager,you have the ability to rearrange and organize,,add and remove the pieces of data,that are critically important for you,to make those decisions and see very clearly,which campaigns are producing leads and which are not,,which campaigns are producing scheduled calls,,and scheduled appointments and which are not.,So I know I just gave you a lot of information,but I want you to click here to explore my next video,on those three different types of ads that we covered,,diving into much more detail,so that you can really understand,how to do this the right way.
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