The Top Facebook Advertising Formula for 2023 (Over $12.56M in Profit Discussed)

Are you looking to level up your paid advertising strategy? Facebook is still a powerhouse platform to reach your audience and drive sales with over 2.8 billion monthly active users.

However, with the ever-changing landscape of Facebook advertising, it’s crucial to have a proven formula in place to maximize your results and stay ahead of the competition.

In this blog post, we will discuss how to advertise on Facebook and show you our top Facebook advertising formula for 2023 that has generated over $12.56M in profit for our clients.

Get ready to unlock the secrets to successful Facebook advertising and unlock the potential of Facebook advertising!

One of the key elements of a successful Facebook advertising strategy is audience targeting. Understanding your target audience and reaching them with the right message is critical to driving conversions and maximizing your return on investment (ROI).

We’ve found that the sweet spot for hand picking audiences is looking for relevant key terms with an audience size of 2m – 5m people.

Find 5-10 of these audiences by researching Facebook’s targetable interests or create Lookalike audiences using your leads, booked calls, and / or sales data from your CRM.

We used a specific audience targeting strategy to help our client, Making Relationship Work, scale their account from $92k per month to $336k per month in just a few months.

Before Making Relationship Work joined us in March 2021, their Facebook advertising metrics were underperforming. Their click-through rate (CTR) was 1.81%, cost per click (CPC) was $1.97, cost per lead (CPL) was $47.19, and opt-in rate was 4.18%. Their gross revenue was $120,800, with a net profit of $92,770.17.

After working with us and implementing our audience targeting strategy, Making Relationship Work’s results skyrocketed. In August 2022, their CTR was 1.12%, CPC was $3.48, opt-in rate increased to 11.03%, and CPL dropped to $31.57. Their gross revenue jumped to $618,345, with a net profit of $336,026.30. That’s an impressive 3.62X increase in profit!

Once you have a solid audience targeting strategy in place, the next step is to scale your campaigns for maximum results. We used a 3-phase scaling methodology to help our client, Internet Profit, take their account to the next level and generate $267,700.30 in net profit in Q1 2023, equivalent to $21,000 per week.

Phase 1: Creative Testing

Creative testing is the process of experimenting with different ad creatives to identify the most effective ones. We followed a structured approach to creative testing, systematically testing different ad images, headlines, and ad copy to find the winning combinations that resonated with our target audience.

Phase 2: Audience Testing

Audience testing is the process of testing different audience segments to identify the most responsive ones. We followed a strategic approach to audience testing, testing different demographics, interests, behaviors, and custom audiences to pinpoint the segments that showed the highest engagement and conversion rates.

Phase 3: Scale Campaigns

Once we identified the winning ad creatives and audience segments through testing, we scaled our campaigns to reach a larger audience. We used a data-driven approach, closely monitoring the performance of our campaigns and making data-backed decisions to optimize our ad spend, bidding strategy, and campaign structure for maximum results.

Now that you know how to structure your account for optimal testing, optimization, and scaling, let’s dive into some more advanced strategies to help you take your campaigns to the next level.

Every click matters when it comes to optimizing your advertising campaigns. That’s why it’s crucial to take advantage of advanced strategies like using post IDs in your Facebook advertising.

One of the biggest mistakes you can make is not using Post ID with your ad creatives.

Not using post IDs in your Facebook advertising campaigns can result in missed opportunities and costly mistakes. Without post IDs, it’s challenging to track and optimize the performance of individual posts within your campaigns accurately. This lack of granularity can lead to suboptimal results and lower CTRs, resulting in wasted ad spend and missed potential customers.

Additionally, without post IDs, you won’t be able to identify which posts are driving the most engagement, conversions, or revenue, making it difficult to make data-driven decisions and improve your campaign performance.

To highlight the importance of using post IDs, let’s take a look at the results from a campaign without post IDs. In a recent campaign for Ascent Empowerment, we initially didn’t use post IDs to track individual post performance.

As a result, we had limited visibility into which posts were driving the most engagement and conversions. The lack of post-level insights made it challenging to optimize our ads effectively, resulting in lower CTRs and higher ad costs. When we implemented post ID’s we saw a significant improvement of our CTR’s which increased by 35.4%.

Without Post IDs, crickets will be chirping on your ads…

Let’s set up Post IDs to get hundreds of likes, comments, and shares like you deserve.

Setting up post IDs in your Facebook advertising campaigns is straightforward.

When creating your ad, select “Use Existing Post” so that you can accumulate the engagement for each post across multiple campaigns and audiences.

This will increase your credibility and the likelihood of whether or not someone will click on your ad since it makes your ad look more like a viral post than an actual advertisement.

This level of insights allows you to optimize your ads more effectively by identifying top-performing posts and scaling them, while pausing underperforming posts. By making data-driven decisions based on post-level insights, you can improve your CTRs, lower ad costs, and maximize your campaign performance.

In our campaign for Ascent Empowerment, after implementing post IDs, we saw a significant increase in CTR by 35.4% compared to campaigns without post IDs.

Low quality leads is one of the biggest complaints of those running Facebook ads. So MQL is a quality metric that we use to gauge the quality of leads we are getting for our clients through paid advertisement.

Our 5-step MQL process has proven extremely valuable for the media buyers to optimize the campaigns. And our process holds all parties accountable for key results and performance.

Here’s an overview of what the process looks like:

Let’s go into more detail for each of these steps…

The ad click initiates our end to end tracking system, Hyros. We are able to see exactly which ad the lead originates from using these URL parameters on our ad links.

Additionally, the entire funnel is being tracked using the Universal Script from Hyros. This means we’ll be able to see the customer journey all the way from ad click to the sale.

The !MQL tag stands for Marketing Qualified Lead and lets us know which leads are qualified. We set this up through the application questions in the funnel.

Here is an example of exactly how we lay this out, if someone answers that they are:

● Working / thinking about work for 70 hours or more

● Highly successful or want more

● Could handle a $10k medical bill without stress

● NEEDS to overcome this problem

Then they are considered an Super MQL.

Another example, if someone answers that they are:

● Working / thinking about work for 70 hours or more

● Highly successful or want more

● Stressed or annoyed over $10k medical bill

● Motivated to overcome the problem

Then they are considered an MQL.

Lastly, if someone answers unfavorably in all categories:

● Work 40 hours or less

● Debating leaving their job

● Seriously stressed if there ever was a $10k medical bill

● Feel like things are going pretty great right now

Then they are considered an NQL.

The answers to the application questions along with all of the lead information are automatically sent into a custom Google sheet where we sort it.

We send all of this information from the Google sheet into Hyros. This allows us to see exactly which campaigns, ad sets, and ads are bringing in the most qualified leads.

A successful Facebook advertising strategy involves: targeting an audience size of 2-5 million people, using a 3-phase scaling methodology for optimal engagement and conversion rates, implementing post IDs to track and optimize individual posts, and using the MQL process to make sure you are getting qualified leads to your sales team. This approach, as demonstrated in a campaign for Ascent Empowerment, resulted in improved campaign performance with a 35.4% increase in CTR.

Audience targeting is a crucial element of a successful Facebook advertising strategy, with a recommended audience size of 2m – 5m people for optimal results. Researching Facebook’s targetable interests or creating Lookalike audiences based on CRM data can help identify 5-10 relevant audiences to drive conversions and maximize ROI.

To maximize results in Facebook advertising, we implemented a 3-phase scaling methodology that resulted in $267,700.30 in net profit for our client, Internet Profit, in Q1 2023.

The phases included creative testing, audience testing, and scaling campaigns, with a data-driven approach to optimize ad creatives, audience segments, ad spend, bidding strategy, and campaign structure for optimal engagement and conversion rates.

Without post IDs, tracking and optimizing individual posts becomes challenging, resulting in suboptimal results and lower CTRs. However, setting up post IDs is straightforward and allows for better insights, leading to improved campaign performance, as demonstrated in a campaign for Ascent Empowerment where CTR increased by 35.4% after implementing post IDs.

Our signature 5-step MQL process qualifies leads so that your sales team is talking to only the best leads that would be ideal clients and has an urgent need to overcome the problem that you solve.

When these four pieces come together, they produce great results. For the clients results discussed in this post, they have added a cumulative $12,560,583.97 in net profits by implementing this formula.

Now you know how to implement our top Facebook ad formula to put more dollars in your pocket and make the most out of your ad spend.

And if you wanna know how we could help you setup this process for your business

Including scripting all of your ads…

Putting together all of your videos…

And you want pretty much everything done for you by a high-class team of experts…

Then click here to book a strategy session with our team of experts to deep dive into your marketing strategy.

We’ll provide you with clear action steps you can take to make your marketing more profitable!

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