Want to see how much your cost per lead is in Facebook? Watch the video below to find out how!
Our recommended price is between $20-$30/lead. If yours is at this range or lower, great! If it's higher, we suggest a few things:
1 - What's your Budget?
If your budget is lower than $40/day this could be increasing your cost per lead. Facebook acts kind of like a billboard service. If you live in a large town, and only have payed for one billboard, chances are it's not going to do well. Now if you've payed for 100 billboards, your chances of people seeing your ads are going to be much better.
If you lowered your daily cost because you want to stay in a budget, consider this strategy - Find out how much you want to spend on advertising in a month, divide that by 40, and let that number be the number of days you run your ad for. For example, if you only want to spend $1000 in a month, then you would run that ad for 25 days. It's much better to run your ad at a higher amount for less time, than at a lower amount for more time.
Final note, if you decided to increase you budget, turn off your existing offer and relaunch a new one. This is because Facebook's algorithm is already making decisions about your current underperforming offer. Because of this, there's a high chance that your offer won't perform well even if you do increase your ad spend. Our recommendation, turn it off, relaunch in Patient Stream with your new budget, and give it 2-3 days. After that time, check your cost per lead again to re-evaluate.
2 - Check Your Offer
What offer are you running? Is it a recommended offer? Or a different one? Are there other people in your area running that same offer, or maybe a better more competitive one?
A word about our recommended offers vs our non-recommended offers. Our recommended offers are what we call control offers. These have been thoroughly tested and have produced consistent results regardless of your demographics. The non-recommended offers are great offers as well and have also been tested, but they are a bit more dependent on your surroundings. They work great in some areas, and underperform in other areas. So, if you're cost per lead is high, and you're using a non-recommended offer, we suggest changing to a recommended one.
A good idea too is to do some digging in your area to see what offers are out there, which ones are getting attention, and then finding similar ones or more competitive ones in Patient Stream. Here's a great webinar Sam did to walk you through how to investigate that: https://youtu.be/6XiOp9VIn5Y
And finally, does your offer give more than just a consultation? If it doesn't, try an offer that gives something to your leads. Like a discounted service - $47 for 2 knee treatments for example.
3 - Understanding Facebooks AI
Facebook's AI software is darn right amazing! But it does have some quirks. If it see's your offer starting to perform poorly, it will then give it less support, causing your offer to really perform poorly. This happens on occasion even if all of your parameters are setup just right. Right budget, right offer.
Sometimes, the best thing to do is to simply turn off your ad, and relaunch the same one. The AI doesn't know it's the same one so it's going to treat it with all of the possibilities it has to offer. Give it 2-3 days to get results and then reassess your cost per lead again. If your budget is good, and your offer is good, this fixes most problems.