Today I want to share with you Facebook ad strategies you can use to reduce your spend by 335%, which is the actual reduction in ad cost that we’ve achieved recently (as you’ll see below).
A few weeks ago I showed the founders in our mastermind two different ads. They had the exact same headline, the exact same ad text and the exact same call to action.
The only thing different about the two ads was the image. The first ad was getting leads for $4.66. The second ad, however, was getting leads for $1.39.
That’s a 335% reduction in cost per lead and therefore ad spend.
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Leads From Facebook Ads For Less Than $2 Each
Imagine if you could get leads using Facebook ads for just $1.39 each. How much money would you spend on ads?
(Your answer should be “a lot!!!”…)
One of the biggest goals we had at Insane Growth this year was to add 100,000 people to our email list. We will hit that goal before the year’s out, because we’re spending less than $2 to get a new subscriber via Facebook ads.
Imagine the impact an email list of 100,000 subscribers could have on YOUR business. Most people agree you can expect to make $1 per month, per subscriber from your email list.
That could mean an extra $100,000 per month — or $1,200,000 per year — in your business. That’s not chump change, even if you’ve got a big business already.
Despite what people say, email isn’t dead. It’s alive and well, otherwise why would we (and millions of other businesses) be investing so much on Facebook ads to grow our list?
Sure, open rates and click-thru rates are down. But that’s why you put people into automated emails sequences and help them with your content — so they white list you in their address book and look forward to your emails.
A 335% Drop In Cost Per Lead – How We Did It
So… how did we get our CPL (Cost Per Lead) down from $4.66 to $1.39? Great question! Let me give you the four Facebook ad strategies we use.
But before we get to those, I want to mention something really important.
Don’t just create a Facebook ad, set it live and cross your fingers. When you go to create a new ad, duplicate that ad four times, so you can test 5 different images.
Why? Well, the image is responsible for 80% of your ads performance.
What we always do before launching a new ad (and this is even more important than copy testing or headline testing) is test it with five different images to a small audience first.
For one of the tests we’re currently running, the image that performed the worst was a really terrible photo of me training in Gold’s Gym at Venice Beach:
This image brings in leads for $4.66 each. Not a great Cost Per Lead — and definitely not one that we could make a profit on.
I was very reluctant to test the second image for this ad, because it’s really cheesy. It’s a photo my wife took of me when we were traveling to Dubai on Emirates first class for our honeymoon:
I don’t normally let my team run images like this, but they were convinced it would do really well.
And they were right.
This image is the single reason our ad is getting leads for $1.39 each — and I’m confident we can get that cost down as well.
How? Well, we’ve just finished the initial learning phase through Facebook, where their algorithm optimizes things and decides who is most likely to convert and click on the ad.
Now here’s the important thing: if we launched with the image of me in the gym and were getting leads for $4.66 each, I would have told my team that turn the ad off.
We would’ve considered it a failure. And rightfully so.
I don’t want to pay more than $1.50 per lead, because we’re bringing in tens of thousands of leads every month.
That’s the acceptable CPL I give to my team and the lower our CPL the better.
The more people we get on to our email list, the bigger the impact we can have and the more founders we can help. Of course, the flow on effect is that we make more money as a business too.
Pro Tip: If you go to Facebook’s ads library, you can see the ads any of your competitors are running. Just search for their page name.
Hopefully now you can see just how important choosing the right image is. To help you get it right (remember, you still need to split test 5 images!), here are the four image strategies we use to give our ads the best chance of success.
Strategy #1 – It’s Got To Look Organic
Don’t go out and buy the latest Canon camera or use fancy lighting. Don’t hire a photographer. Get your mom, your dad, your husband, your wife, etc to take a photo of you that looks like a regular photo you’d see on your friend’s Facebook or Instagram feeds.
Don’t have the time to take photos of yourself? Just go into the camera roll on your phone and choose one of those instead. Easy, right?
The more “real” the photo looks, the higher the chance that people will stop scrolling and check out your ad.
If the photo you use has fancy text, a logo or borders, people will scroll straight past it because it triggers the sales response in their brain and they think “Ugh, this person is trying to sell me something”.
Strategy #2 – It’s Got To Be Interesting, Weird Or Unexpected
The photo I shared earlier of me flying first class on Emirates is something you don’t expect to see in your Facebook feed as you’re scrolling, so it’s unexpected.
It worked incredibly well because it’s also interesting to our market (business owners). They see first class travel as aspirational, which compels them to stop scrolling and read our ad.
Finally, the ad is weird, too, because I’m in pyjamas, I look tired (because I was) and I’m looking at the camera with a confused look.
The perfect trifecta 🙂
Strategy #3 – It Should Include (Or Relate To) A Person
We’ve run a lot of ads — and the photo of me on Emirates first class is our second best performing ad ever:
The best performing ad we’ve ever run (which was getting leads for $1.04) was of the house that I grew up in. It’s now derelict.
We found a photo of it on Google maps and went to street view and found how it actually looks today:
This image does so well because it relates to me and the story we tell in the ad.
The actual story (which we use as the ad’s text) is about 700 words long. I talk about how I was obsessed with becoming an entrepreneur as a teenager. I also share some struggles and key lessons I learned along the way, so it’s a very relatable ad for most people.
It’s a proven fact that people relate to other people, so it makes sense that when you ad includes faces of people (ideally you!), it will perform better.
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Strategy #4 – It Should Relate To Your Ad’s Copy
The only job of the image in your ad is to create curiosity, which gets people to read your ad’s headline text, which appears below the image.
The job of your headline is to create more curiosity, so people want to read your ads text, which can (and should be) long.
Our ads are normally 400-700 words long, because we’re telling a story.
Story-based ads work the best when you’re running ads to a cold audience (AKA people who don’t know you or your business). Ads with just 1 or 2 sentences do work, but only for warm audiences (fans, followers, customers, etc).
Ideally, there should be congruence between your ad’s image and it’s copy. When you look at the image then read the copy, you should think “Yep, these two things relate to each other”.
Final Thoughts on Reducing Your Ad Spend With Our Facebook Ad Strategies
So there you have it. They are my four image-based strategies you can use to reduce your Facebook ad spend by up to 335%, just like we’ve done.
There are so many variables you can tweak when it comes to Facebook ads, but always remember that the image is responsible for 80% of your ad’s success, so start there.
Once your Cost Per Lead or Cost Per Click is within an acceptable range, THEN you can start testing the ad copy, Call To Action, targeting, etc.
If you’re looking for an end-to-end Facebook ads strategy, make sure you check this post out. We’ll show you how to turn $1 into $5.