Here's Facebook's official best practices on how to optimize Automotive Inventory Ads for car dealers after you have launched their Facebook Ads campaign. Follow these useful tips whether you are a dealership or an automotive agency running ads for dealerships and you'll be on your way to getting better results for your social media marketing!
Optimize For Valuable Actions
Instead of telling Facebook to get as many clicks as possible, tell Facebook to optimize for valuable actions on the vehicle detail page, such as clicking the test drive button or submitting a lead.
Optimize For Conversion Events
Do not select the traffic goal. Select the conversion goal instead. Then you can tell Facebook the conversion you want to optimize for. When you optimize for clicks, you will get clicks for a very cheap rate, including many clicks that are low quality traffic. When you optimize for conversion events, your cost per click will go up, but that's okay. You want to prioritize people who are more likely to take valuable actions, such as sending in a lead.
Bid the True Value of the Conversion
Figure out your average cost per lead and set your bid cap to this value. That way, you are keeping your cost per lead in line. If you generate leads, but it is too expensive, it may not add up in terms of profit because your cost per customer acquisition is too high.
Set Large Budgets
You want to make sure your budget is big enough for the size of your dealership. A small independent lot with 20 cars will not need as much budget as a franchise dealer with hundreds of new and used units on the lot. An insufficient budget will cause your campaign to run out of budget too early in the day without capturing all the potential demand. Putting out a couple of hundred dollars on your Facebook campaign is like going to the gym once a month. You will not be generating enough volume of clicks and leads to be able to close anything.
Plan In Advance
If you set up your ad campaign ahead of time, even if it is not active yet and spending money, Facebook will still start learning and predicting how to deliver these ads to reach the goals you set. The earlier you set up and publish your campaign, the longer Facebook has to learn how to maximize your results.
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