BONUS: Quadruple Your Marketing Budget Using Facebook & Instagram Ads with Rick Mulready

We all know that Facebook and Instagram ads can help get the word out about our products, help build our lists, and even sell products. Yet, many of you have unanswered questions. That's why today we are answering your 10 burning questions about Facebook and Instagram ads. Those who know me, know that I'm not an expert on this, but my Regis to my Kathy Lee, Rick Mulready is here today to answer all of those questions and more.

Today, we did our first live training in Momentum. The training ran over, and I had no buffer between that training and this call with Rick. We chatted a bit before recording, and Rick helped put me at ease. Rick has a huge heart. When he comes to my events, he ends up with a big long line of people wanting to ask him questions about ads and marketing. Even when he’s not a speaker. He opens up his computer, takes his time, and really gets into it with them. He holds court with them, and that’s what we are doing today.

This podcast is specifically for online experts or people who sell a course, product, or coaching. It’s for people who want to build their list and increase their sales, but haven't quite started using ads yet. It’s also for those who have started using ads, but maybe they aren’t working out as well as you thought they would. 

1. [05:09] What objective do I choose to get people to register for my webinar? You have to choose between lead generation and conversion. Conversion is having people click on your ad and go to your webinar registration page. The thank you page is used as custom conversion tracking. In Facebook ads use the conversion objective not the lead generation objective. 
2. [07:14] What's the most effective ad type? You have to test things out. Any ad can be effective. It's about testing to see what works for you. Using a Facebook Live as an ad is a great video option. Try an image, video, and carousel ad and see what works best. 
3. [09:50] Should I target other Facebook pages or cold audiences? Warm audiences are people on our list or website visitors. Prioritize warm audiences first, and then create lookalike audiences to cold target. 
4. [13:27] People often don't understand their target customer. You need a holistic understanding of your target customer to do well with ads. Once you know your target customer create sub segments. Don’t have one conversation for everyone. 
5. [19:54] Why are ad costs rising? They are more advertisers than ever. More competition equals higher ad cost. It's also the holiday season. There's an election coming up. 
6. [23:08] What's CBO or campaign budget optimization? This will be the default way to set budgets. Set the budget at the campaign level. The algorithm divides the budget by ad performance. You can still set minimums at ad set level. 
7. [28:33] How do I know my ads are working? What's the cost per lead? You want at least 20% converting. Tools like Leadpages will tell you the conversion rate. Leads divided by landing page conversion. Focus on increasing rates and the consistency between the page and ad. 
8. [35:25] What's the deal with video? Create ads with mobile in mind first. Create video for areas where people consume video. People who watch a certain percentage are engagement audiences. 
9. [37:44] Why are my ads getting disapproved? This happens to everyone. Review ad policies and keep up with changes. Don't make promises or insinuate people are struggling with certain things. Speak to positivity and transformation. 
10. [40:39] Do I need to run ads when I'm not launching? It's a better strategy to consistently run ads and build engagement and your list. Facebook rewards consistently running ads and that reduces the cost of your launch. 
11. [43:23] Bonus tip: Mindset around testing. Keep testing until you figure it out and you will win. 

Now if you’re feeling extra loving, I’d be really grateful if you left me a review over on iTunes, too. Those reviews help other people find my podcast and they’re also fun for me to go in and read. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!

Links mentioned in this episode:

• Entrepreneur Experience
• Rick Mulready
• The Art of Online Business with Rick Mulready
• Facebook and Instagram Ads 101 - Free Masterclass