Watch the video, or read the Blog Post below.
Facebook Ads have never been easier! Read this post to find out more about what Facebook has done to simplify its Ad Manager and help you focus on the more important aspects of your business.
What is Power5?
The days of manually hacking your way to ad success are no more. Top direct-response advertisers are now leveraging a specific set of automated ad tactics to unlock new phases for growth. We call these tactics the “Power 5” and when used together, they have the ability to transform ad performance and scale across the Facebook Family of Apps.
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The Power5 is basically a set of features that Facebook is offering for those who wish to use their services and advertise on their platform. Basically, they are making it much more easier for advertisers to reach the exact type of audiences they want to connect with and show them the ads that they want to see.
Let's get to know more about these features.
You need to produce various forms of media that need to be mixed and matched beforehand and only hope for the best. There are even unavoidable cases where you had to stretch your ideas too far just to be able to expand on them. This results to irrelevancy in terms of your target audiences' interests.
With dynamic ads, all you have to do is to load up a bunch of creatives and Facebook will cycle and go through them to find the best combination based on your audience's interests. So if, for example, a potential customer visited a website similar to yours, Facebook automatically recognizes their want and interest in the products that they are promoting and just might advertise your brand to them in a flash.
Manual creation of ad sets was required for each and every placement, including external platforms such as Instagram. This results to a much higher average cost per sign-up.
With automatic placements, you can reach your audience through all relevant placements using a single ad set. This saves on both time and cost, as Facebook will work to optimize campaigns to deliver a cheaper cost per outcome across placements.
Campaign Budget Optimization (CBO)
Advertisers in the early days of Facebook had to manually allocate funds to their many different ad sets. There was no easy method to determine which of your ads are performing well and converting enough to be labeled as profitable.
Facebook automatically distributes your budget to all of your ads and sends most of it to the top performing one, regardless of how many you have, and thus increasing your Return on Investment (ROI). All you have to do is tell Facebook how much you want to spend on a campaign and the platform will do the rest. Now you can stop worrying about wasting your time and resources on something that is not making you money; in terms of efficiency, campaign budget optimization is definitely a bang for your buck.
You had to create a good number of ads and run a slew of campaigns and manually determine which of them is performing well and making you money.
Account simplification is basically the result of dynamic ads and automatic placements. In a way, you are helping Facebook's algorithm to learn from the data that you and your target audiences are providing it, making the process of ad placement and creation of dynamic creatives much more efficient.
Auto Advanced Matching
There were little to no software or tools that can accurately describe your buyer characteristics and interests. It all had to be done manually, and this often resulted to inaccuracy or redundancy in analyzation.
If Facebook can not acquire enough data to tag an event inside your pixel (let's say someone makes a purchase from your store), auto advanced matching will look at other characteristics about the purchase event and tries to match it to someone else who might also be interested in your product or brand and works its way to just gather more relevant data.
Back in the Day
So I just want to share with you my team's experience with Facebook Ads Manager back when Power5 was still not being implemented onto its systems.
In Facebook Ads, we create a campaign, and in it is an ad set, and in that ad set are our ads. Each ad set has its ow budget, and we had to manually manage our budget for our different ad sets. But again, inside those ad sets are ads, and ads have separate budgets that we need to be on the lookout for.
Moreover, you probably know that you cannot be satisfied with just launching a single ad; you had to create at least 3 variations and mix and match photo or video content with different ad copies to test which one would yield the best results. So we had to allot funds for those 3 variations and manually determine which one is top performing; this is a trial and error test wherein we turn one or two ads off and see if the remaining one would do well, turn the others back on and turn another off, and so on.
Going back to the ad set level, we had to increase our budget since we are doing test runs to the ads level. In conclusion, we had to keep track and manage a lot of separate budgets . And this is just for a single ad and a single product! There was a time when I had to manage around 300 different campaigns and it just really became tough and stressful for me to have to handle those.
You can probably envision it now: decreased productivity, inefficiency and just chaos behind the scenes. Thankfully, Facebook is now promoting its Power5 system; gone are the days of manual budget tracking and overall ad management complications.
Using the Power5 and CBO
Moving forward, one of the ways that I am going to use the Power5 and CBO for my business is by implementing what I like to call the Most Unique Purchases Method. This is a method that I use to take winning products and scale up their budgets fast. We're talking about a $100 initial budget and scaling it up to $500 by the next day, and in the next one up to a thousand dollars. We're not going to dive in too deep into this, but be sure to check out every once in a while for a post dedicated to this one.
I'm also looking to run a CBO campaign with around a thousand dollars a day. I am going to take away the low-budget campaigns and sort of have a master campaign with which I will try to find audiences and just let it run.
Let's Wrap It Up!
We are pivoting to a stage where Facebook is doing the majority of the work for us so we can save time and resources, and just make things simpler. Now, ad accounts are much easier to manage and we no longer have to go through the hassle of manually keeping track of all our different budgets and ad performance.
If you are still not using Facebook Ads to drive traffic to your website, I highly recommend that you do so because this platform is now, more than ever, quick and easy to use.
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If you have any more questions about Facebook Ads, The Power5, CBO, dropshipping in Australia or anything regarding this video, feel free to personally contact me via the Contact Form HERE. You can also leave your comments and feedback below, and our team over at WagePirate will definitely get back to you with a response. For more reviews, news and updates, do not forget to subscribe to my YouTube channel!