Hello,
I have recently decided to focus on FB primarily and have had semi-decent results.
So far my approach is to go WH for eCommerce products (I get $'s when advertiser's product get's sold). It is a COD product so the way it works is person goes through blog type prelander to the landing page which is the sales page. Enters in details and call centre then calls to confirm with them. I get notified when the lead first comes in and once it's confirmed it is a conversion for me. Conversions value ranges from $8-$20 depending on geo.
The problem is it's often hard to tell how it's going. I might see 5 leads and know it could result in $100 (5X$20) but all of those leads might end up being cancelled if the people don't answer or change their minds.
My strategy so far has been to set conversion goal for page view first to the pre-lander, after about 25 or more, change it to the landing page and after 25 or more on landing page, change it to the actual conversion. I haven't done any targetting just females 18-60 with the goal of letting FB optimise it better than I could by trying targetting settings.
If i'm getting a positve ROI I then either duplicate the ad-set and increase daily budget or/and increase the current ad-set's budget a few % each day but this is slow especially if the budget started off at $10.
Today, for example, I'm currently sitting at $50 spend on FB, $45 in sales and a further $100 or so in potential leads that could all back out. Should I duplicate my ad-set again and double up the budget for tomorrow? Do the duplicate ad-set's keep all the learnings of the adset I'm duplicating?
I am not big on Facebook but one of things probably you could do is segment your massive 18-60 block into smaller chunks to see if you see trend. E.g. COD could be a general rule for delivery in 2nd and 3rd world countries, or it could be preference of modern world's more senior members. The old-school so to speak.