how about trying out another marketing channel? How about SEO, another social media, email marketing or else?
Regarding Facebook ads, they changes have huge impact on the performance and therefore, you will need to test what works and what not (campaign objectives, optimization, more compelling ad copies...)
Different strategies are working for different accounts. It's a case of testing what does and does not work for you and reviewing how you measure, estimated roas is becoming more necessary.
Make sure your account is set up in lien with Facebook's recommendations - verify your domain, set up AEM and ensure CAPI is turned on.
If you have successfully used lookalike audiences in the past, there is a need to rebuild and retest them against well targeted interest based audiences.
I am still seeing success retargeting, but only on larger audiences, so try retargeting grouped warm audiences.
Good luck and I hope this helps.
Just from my REAL experience and you can consult it. I have used FB ads and IG ads before when I started my business. And the bad thing is I didn't have any sales within 4-5 months. I didn't know which was the point I got wrong. As you know, NO MARKETING NO SALE. So I tried to change my plan into affiliate marketing solution. You can go to Shopify app Store and find the app to support you. I am using UpPromote: Affiliate Marketing for my Shopify business. The reason I used this app cause they offers FREE PLAN and all basic features are useful. So it helped me a lot within my first time.
At first, I tried to find my qualified affiliates through this marketplace. I listed all my offers in there. I was easier than I thought. Because some affiliates found me. I didn't need to find them. And then, I started to build my team, created commission programs. You should use this app cause it supports me a lot in tracking and managing my affiliate team. I only paid for my team whenever they bring orders for me (per product sale, or per sale %, it up to you). The affiliates help to promote my products greatly. My sales performance have positive result since I used it . So if you are a small business and don't want to spend too much for marketing plans, you can consider about affiliate marketing. Good luck!
Hey there! I agree that you can try to look for other marketing strategies in order to boost your business even more. However, it is important to prioritize which strategy you might want to focus your attention to. SEO is great as it is (based from personal experience) the most promising and effective, yet most laborious, of all strategies. You can also explore other social media platforms, especially Instagram and Twitter, to make your presence known there.