Going through 52 leads/contract on Meta motivated seller campaigns; is this a targeting problem or just what cheap traffic looks like?
We have a partner running Meta motivated seller campaigns for us; we pay them a cut of closed deals, not per lead. However they told us their CPL is around $20 and we close about 1 in 52 into contracts.
My guess is the $20 CPL means they're casting a wide net (i.e., broad targeting, low intent, people who clicked but weren't that serious). But I don't run the campaigns and the partner keeps their cards close to their vest so I'm mostly just guessing.
Question for anyone who actually manages these campaigns: if we pushed toward tighter audience targeting (e.g., $100-150 CPL, just throwing a number out there), would we actually see better leads and a much higher closer rate? Or does tighter targeting on Meta just reduce volume without really improving who fills out the form? Curious to hear your experiences, thanks!