FB Ad spending has increased more than double since mid 2019. What used to be a higher audience reach and relevance score for just a couple of bucks is now harder to come by.
Reason behind this are companies who aren't using the platform to provide Ads with value for both consumer and audience are getting priced out by the bigger more mature companies who have the x factor product, content, service and audience.
To stay in the game you need to be prepared to:
Become more creative
Ensure you give value and not just advertise
Measure your ROAS against customer lifetime value instead of one time engagement
Try other ad strategies
An example of an alternative ad strategy hack is using the unicorn method:
Basically, the idea here is rather than only targeting correlated interests (e.g. marketers with middle-management job titles), we’re going to target two completely different interests: for example, liberals who watch Star Trek Deep Space Nine.
If you get it right thru numerous ABCD tests you can hit the jackpot. (thousands of views and even likes and inquiries)
But be prepared to spend more once you do if you really want to get into the facebook media buying game.
As Dan Kennedy Says:
"The Business That Can Spend The Most To Acquire A Customer—Wins"