I've run literally many hundreds of thousands of dollars ($200,000+) of Facebook Ads, and I'm still experimenting.
Yes, I have a formula that works well... and it's called "experimenting".
See, even the most successful mix of target, photo, image, link, landing page, etc... that works this week will lose its effectiveness over time (sometimes in a matter of weeks!)!
So, what I do is religiously experiment... to do this right, I change just 1 variable at at time.
The hard part: measuring actual effectiveness.... to do this: I try to look not just at clicks, but also at conversions. There is a fine balance between conversion rate and click rate. Generally you want to optimize for conversions, but on Facebook, getting a click often means getting viral impressions as well.. and that can lead to 'pseudo-organic' conversion that you don't realize came from viral impressions...
Anyways, for those of you out there experimenting with Facebook Ads.. don't give up. Experimentation is the name of the game.
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