Yes, Facebook Ads are still insanely hot in 2020.
And yes, you should increase your budget, whatever you sell.
Let me tell you about a phenomenal tactic, not so many people use (or even know about).
As our elders like to repeat for almost any topic,
"It was better back in the days."
There was a time; you were pushing targeted traffic to any beautiful and highly-converting funnel, and revenues were accumulating while you were sleeping.
Targeting the right audience was easy. Sales scripts in funnels were straightforward.
Let's say you were selling Mortgages.
You simply had to write a good copy, add a nice visual hook, and a decent lead magnet before asking Facebook to show your Ad to any adult interested in: Mortgages in the United States.
They were ending up on your funnel, giving you their name, email, and phone number in exchange for your free white book titled "The 10 dirty little secrets lenders don't want you to know about".
People were so naive in the old times... back in 2018.
Don't get me wrong.
It still works, but the conversion rate is not even close to what it used to be.
The main reason is that everyone was using the same targeting strategy:
"Adults in the United States interested in Mortgages."
That audience has been targeted so many times with the same tricks that we have washed it and exhausted it.
Guess what, they learn and don't give you their contact information that easily anymore.
So here's a tactic you want to try when it happens to you.
I'm dead serious. Just stop.
First, make sure that the Facebook Pixel on your website or your conversion funnel is installed correctly and tracks the relevant events.
Then, set up a campaign for your mortgage offer with your amazing lead magnet, and target, well... everybody in the United States.
If you have a $1,000 budget, run $280 on that campaign for at least 28 days ($10 a day), and let the algorithm work its magic.
At first, you won't transform a lot. It's OK.
For every costly lead, you are going to get, trust the Pixel for doing its job.
At the end of that campaign, build an audience based on the people the Pixel has identified as Leads (the ones who gave you their contact information anyway).
Ask Facebook to build a lookalike audience based on that primary audience you have just created.
Run the same campaign against that lookalike audience again, investing $10 a day until you have exhausted your budget. If you have not messed it up, the conversion rate will be spectacular.
Why does it work so well?
Facebook knows a lot about you, but not everything.
When you don't target anyone, it shows your ads anyway to people and starts learning from there based on the results it gets. Day after day, it identifies patterns in the people who convert, so it adjusts and targets similar people. It's far from being perfect, but at least, it learns and improves.
Your primary audience created by the Pixel thanks to that first campaign is pure gold because most of these people never told Facebook they were interested in mortgages.
It means that your competitors and yourself have never targeted them. They are not washed and don't know your conversion tactics yet.
When you build your Lookalike audience, you expand your targeting to millions of people interested in mortgages too, based on the fact that they are similar to your primary audience, not on the fact that they have being identified as interested by mortgages.
Bad people would call that "The Fresh Meat strategy"... but not us because we are good people, right?
Tell me what you think about it when you have a chance. The passcode for those who have read this post to the end is "fresh meat."