I've spent several hundred dollars recently on FB ads. Our product is a Bluetooth speaker for stand up paddle boarding (Getdrifter.com). We saw the best results wih attractive women on paddle boards targeting men 45-55 whose interests were paddle boarding (or similar) in the US. A lot of traffic at $.02-.05/click. Our average time on our website went way down. It did correlate to more products added to the cart but little sales success.
We started using Facebook ads last week. We're running about 10 different tests to different demographics with the United States only. Traffic has been strong for the most part. Conversion rate is also looking quite good.
I think it really depends on what message you're sending to the viewers. For example, if you sell a product that costs $100 but your Facebook ads don't suggest this, you may get people clicking to your site who have no intention of spending that amount of money. Then it just makes the conversion that much harder.
If you choose to run Facebook ads, do your best to convince the viewer that yours is a product they need even before they click to your site. Then once they click, the site should only substantiate their decision.
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We have also put in quite a bit of money into ads and recieved a ton of clicks but maade very few sales, Ive figured out that fb ads are only really effective when you have configured a retargeting campaign. We produce womens fashion footwear, so we usually try 5-6 images as soon as we get new models and pick 2-3 that are favorites till we get something new in.
I also have had limited success and it depends on the product of course. I have used Adespresso which helps fine-tune your target market and provides constant feedback as to wich ad and target market is working best. Even then, the actual buys seem really low. for example I can target Paddleboarders and Stand Up Paddle Yoga, and it will tell me which market is getting more clicks and can break-down the age, sex and location so you can spend less on markets that aren't working. Seems the consistent message here is everyone gets a lot of clicks, but not much buy through.