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In episode 20 of the podcast I was delighted to welcome Peter Carter on to the show to talk about Facebook advertising.
Facebook is such an important channel, and if done correctly will generate you tens, if not hundreds of thousands in revenue quickly. It is important to remember though that you can’t just stick some ads up and watch the money roll in. You’ve got to optimise the customer journey, get your CRM and marketing automation strategies in place, and most importantly, have a product people actually want to buy.
Get these right, and you’ll build an incredible business, get them wrong and like many others out there, you’ll throw money away.
Peter’s been running Facebook ads since 2013. Built and sold 2 of his own brands (one of them did $175,00 in month 2 after launch). He’s been out to Facebook’s offices in Austin, Texas. Run campaigns for brands as large as Subway restaurants. Lived in Barcelona/Thailand building ecommerce brands and running/consulting on Facebook ads. Have taken a skincare brand from $17k/mo > $500k/mo in 4 months, and recently has just taken a brand from $0>$20,000/day in sales in 3 weeks.
06:47 - 10:58 - Peter talks about Facebook as an ad platform - Facebook’s become much tougher and more expensive than it used to be when he started. You do need to place a lot more focus on CRO and LTV. Peter suggests using a much more funnel like approach, and video has become more and more important. As long as you have a good strategy, and a good product though, you’ll be fine, and a good way to start is speak to a good consultant. Don’t use Facebook groups.
11:14 - 20:40 - Myths & Misconceptions - A big one is that you have to lose or break even on the first purchase and make money off the backend (I believed this to be honest). Peter’s helped people make silly money through new customer conversion ads. Likes is another big one, you don’t need to pay or put much effort into getting them, they’ll naturally appear. Facebook isn’t prohibitively expensive, and you don’t have to have a complex setup either. Finally, traffic ads are great for your existing audience, but almost pointless for new customers.
20:47 - 24:48 - How Peter starts with a new client - Gets into their ad account and dives into the data. What are their best selling products, is there a core audience already, where are the quick wins and obvious campaigns to switch off, what creatives have worked well and what hasn't in the past, what audiences have been set up (cold, lookalike, existing customer etc), and look at getting something like Klaviyo setup to feed new customers into a Facebook audience. Then just constantly learning and optimising from there.
25:03 - 32:15 - Most important things to consider when getting started - Speak to a consultant, or at least find out who the best people are to learn from. Stay away from Facebook groups, and make sure you do due diligence on any freelancers. Make sure they have actually run ads themselves and aren’t just rehashing someone else's course content.
32:28 - 38:54 - What are the biggest mistakes people make? - Running the wrong type of objectives ads without the right strategy for them. So running likes, traffic, engagement or even add to cart campaigns but on cold audiences. Running purchase ads is simply the best way to do things. Not using a funnel, so not splitting out your cold, warm, and hot audiences. And looking at the wrong data. Looking at the purchase intent data is much more important than your CPC or CPM.
39:02 - 46:37 - Big trends for the next year - Using more AI and algorithm technology to build audiences, tools like Faraday.io. Then maybe the use of voice shopping to remove even more friction from the purchase journey. Finally, more focus on sustainability, being eco-friendly or socially responsible. Companies who genuinely do this will be on the rise.
46:48 - 49:50 - Peters Pet Peeves - People who answer questions with a definitive ‘this is the right answer’ regardless of context, industry etc. This normally happens in Facebook groups, with people answering questions with a generic answer as if its gospel, but doesnt take into account the person situation, audience, products etc.
49:57 - 53:17 - What Marketing Tactic Will Peter Kill Off? - Gurus who use youtube advertising to interrupt Peters video watching with rubbish webinars for free training which isnt training, its just a sales webinar. These people have always gone through hell as well to get where they are and it’s literally just the same story repeated by different people.
If you’d like to hear more from Peter you can find him on LinkedIn.