Lessons Learned at FBA Live
It’s Lianne Kim here, founder and co-leader of Mamas & Co. I just got back from FBA Live, a 3-day event in San Diego put on by Rick Mulready and his team to teach people all about effective Facebook advertising. I am so excited to share what I learned with you all!
Now I know some of you might be thinking, ‘I’ve tried Facebook ads in the past, and it didn’t work’, or, ‘don’t you have to spend a lot of money to get any real traction from Facebook ads?’
Believe me, I understand how you feel because I felt the same way. For over a year I had been struggling with Facebook ads. I didn’t understand how they worked, I couldn’t see immediate results, and therefore I would get frustrated and give up.
If you don’t know Rick, you need to! I started following him about six months ago when I first heard of him on Amy Porterfield‘s podcast. Not only does Rick know Facebook ads inside and out, he’s also just a wonderful, generous human being.
I had the pleasure of spending 3 days with him and his team learning about the latest and greatest when it comes to Facebook ads. I went to the FBA Live event because as a community leader, it’s my job to stay on top of the latest and greatest when it comes to the business skills our members are looking for. Between Amy and Rick I have learned so much about growing your brand online, and today I wanted to share some of my most recent revelations with you.
1. Facebook ads is still one of the least expensive ways to reach your audience online
I know there has been a lot of negative talk about Facebook in recent months and I understand why. That said, if you are a small business owner, it is still one of the most inexpensive ways of reaching your audience online. Don’t believe me? Tons of online marketing experts are saying this, including the amazing Gary Vaynerchuk (whom Emma and I saw speak several months ago at Haste & Hustle marketing conference in Toronto).
The trick is to start with a small budget, learn how to create ads correctly, and then monitor those ads to ensure you’re getting the desired effect. Once you’re seeing strong results, it’s time to scale (aka spend more to reach more people).
2. Reach for 1 million
One of the greatest features of a Facebook ad is that you can target your ideal client based on location, age, gender, interest and much more. However, a lot of people struggle with how to do this correctly. I was never quite sure if I should be looking for a smaller, more specific audience, or a larger, more broad audience. It turns out that the magic number for “reach” is 1 million, but not for the reason you might think.
Your estimated reach (which can be seen when you set up your ads) should be 1 million people, not because you actually need to or want to reach 1 million people, but because that’s the number that Facebook needs for the ads algorithm to kick in. If your estimated reach is much lower than a million it’s possible your ads just won’t get into the algorithm, meaning even though you had a great ad, it’s just not getting off to a great start. So even if you are a small business, it’s likely better to create ads with a larger reach (even though you have a small audience), and Rick says the magic number is 1 million.
3. Images matter a lot
Growing up with a dad who was in media, I have always known about the power of images in advertising. However, I still see people making this mistake. The image you use for your Facebook ad matters a great deal. Images evoke emotions. When we have an emotional response to something, we are drawn in closer and want to know more. In the case of Facebook ads, a strong image is the thing that will entice someone to click on the ad, read the copy and actually take the desired action (ie. register for a free webinar, opt-in, make a purchase, etc.)
While your ad copy (the text you use within the ad) and your headline are also important, the image is the first thing people see and respond to. If your ads are not performing, it’s likely that the image is not inspiring enough.
4. Know your numbers
It is important to know your numbers when it comes to Facebook ads. There is really no way of understanding if your ads are successful, without knowing some key statistics such as reach, relevance, CPR (Cost per Result) etc.
You maybe wondering, well what is a really good Cost Per Result? Unfortunately, there is no one right answer. You have to constantly monitor your ads, to see what’s working and what’s not. Over time, as you get better at creating ads, your Cost Per Result should decrease.
If you are running ads, you should be looking at your statistics at least every few days, and you should be watching to ensure your stats are improving over time. If they are not, you need to work on your ad strategy.
5. Give it 72 hours
I had heard that this was the case but Rick and his team reaffirmed this. The Facebook ad algorithm takes 72 hours to truly kick in. That means, if you’re trying a new ad for the first time, let it run for 72 hours before making any changes. I know this can be difficult when it feels like your ad is not performing and you’re spending money every day. But, you should wait the full 72 hours, and then make the changes you want to make.
6. Facebook ads are key to list building
I had the pleasure of meeting Amy Porterfield in person at this event, which was a dream come true for me, as I have been a fan for a few years now. Amy is so inspiring, as she has created a multiple 7-figure business over the past decade, teaching business owners how to make money online. She’s also one of the kindest people I have ever met.
In her talk, Amy reaffirmed how important list building is to growing your business. And it turns out Facebook ads is still one of the best ways to grow your email list. (If you’re not sure why or how you should be growing your email list, check out our recent webinar about List Building).
Amy spoke on the importance of using Facebook ads to drive traffic to a lead magnet, to build your list. She gave several examples of great lead magnets such as checklists, webinars, blueprints etc. Her main point was, your lead magnet should be so informative and valuable, that it creates a “quick win” for the person accessing it. This means when they access the checklist or blueprint, they’re able to learn something or take an action right away that gives them an Ah-Ha moment or makes them feel like they’ve achieved something.
7. Be Generous
This is a major theme with us at Mamas & Co. We believe wholeheartedly about the power of generosity and we’re not alone. One of the speakers at FBA LIve was the incredible Pat Flynn. Pat has an extremely popular podcast called Smart Passive Income where he interviews some true business geniuses. Pat is one of the most electrifying, positive people I have ever met and his talk was so inspiring I really wanted to share my biggest take away from it, and here it is:
Give your best stuff away for free!
Pat says not to worry about giving too much away for free in your content (such as your blogs, videos, webinars etc.), because even though you’re giving away immense value, people will still buy from you. In fact, they will buy MORE from you. We’re going to be discussing this concept even more in our upcoming webinar on Creating Content.
And while not related specifically to Facebook ads, the final thing I learned this past weekend was to get out of my comfort zone. I love my Mamas & Co. community so much and want to help this community thrive, so I spend a lot of time with the members and my own coaching clients. That said, I believe we all need to consistently expand beyond our existing networks if we want to grow.
This past weekend, I not only met a stellar team of online business gurus, I also met fellow students of Rick’s from all over North America and beyond doing incredible things. I want to encourage you all to find ways to connect with new people beyond your immediate communities so you too can challenge yourselves and grow in new and exciting ways.
Lianne Kim founded Mamas & Co. in November 2014. She has since grown the community to 300 members across Canada and beyond with the help of fellow co-leader Emma Rohmann. She also runs Think Big Consulting where she helps entrepreneurs achieve sales and business success.