The good news is that Facebook ads are relatively inexpensive. The bad news is that not paying attention to your ad spend could result in lost revenue. Facebook offers several spending strategies. For example, you can pay for ads by impressions or by link clinks. It’s a good idea to split test your ads with different bidding strategies to see what works best for you.
You can also be aware of when your audience is likely to be online and schedule your ads to only run during this time. The ads can be optimized for where you place them, for example in the news feed or using “in-stream” ads. Kingsford Charcoal was able to increase their ROAS by testing the best ad placement spots.
Finally, work on your targeting, lookalike audiences, and keywords. Your data will tell you the best and worst-performing demographics, this is valuable information you could use to optimize your target audience.