Okay, several unexpected developments to report:
First, the good news: you can change the optimization options (or any of the other ad criteria) within an FB ad; you don't have to recreate the whole ad.
You simply click on the ad in your FB's ad manager, click on --> the AD SET link -> click on the name of your ad --> CLICK HERE under Targeting, Placement, and Optimization
FB will throw the ad back into review after you make this change, but the other good news is that it only took less than an hour for the ad to be approved (as opposed to almost 7 hours for the ad to be originally approved by FB).
Now, the unexpected development:
UPDATE: 12:15PM PST ---> Day 4
Total post engagement: 39
Total reach: 1287
Total cost-per-engagement: $0.37
Total link clicks: 62
Total Other clicks: 35
Total direct post likes/comments/shares: 10
Total spent: $2.04 of a total $5.00 daily budget
So what's the unexpected development? The ad has done nothing -- almost NOTHING -- despite changing the optimization from clicks to post engagement. It's continued to under-perform the original PAGE POST ENGAGEMENT EXPERIMENT and it's cost-per-engagement rate is still a whopping $0.37.
What does this means? Perhaps it means we got lucky the first time, and our first ad was a super-star, and we didn't know we had a good thing until it was gone.
Right now, it seems as if the change from optimization from clicks to optimization to post engagement is doing nothing to help us. And overall, the ad is continuing to under-perform.
That said, there is THIS lingering question: are the same people seeing this ad who already saw the first page post engagement ad? We used the same targeting criteria and the exact same "interest" keywords, so maybe we're exhausting the pool of viewers -- thus, lower engagement. The ads use different photos, but the same product is ultimately being advertised. We've seen FB marketing gurus talk about the important of ad rotation, but really, what the heck does that even mean? Maybe this is an example of what it means...
We're going to end this ad experiment tonight, and start fresh with a new ad and some new fresh "interest" keywords, just to see if we can replicate the awesome cost-per-engagement rate of the first ad as well as it's eye brow-raising engagement results.
We suspect nobody is following this experiment anymore because, quite frankly, this stuff is getting to be more tortuous than navigating the DMV.
But still, these posts are now reference for our killer Insider's Guide to $5 FB Advertising For Your Novel that we plan to write. And yes, Facebook -- we're obsessed with you. And we're not gonna stop until we make you our $5 ad slave.