Estrids's is an online direct-to-consumer brand that primarily sells razors. You can sign up to a shaving subscription or buy razors and other products whenever you like from the website.                               Estrids's has been around for a few years. Since Estrids's is a direct-to-consumer website business, it has lots of 1st party data about its customers, including, but not limited to:   - How they first heard about Estrids's (from a post-checkout survey)             - Which, if any, acquisition marketing channel drove them to become a new customer in the first place       - What website pages they've visited                   - Whether or not they're on a shaving subscription                 - What products they've purchased                   - How much money they've spent with Estrids's across time                                           Estrids's Acquisition Marketing team is focused on acquiring as many new customers as possible at or below a strict target cost per new customer acquired (CPA) that's intended to match the lifetime value (LTV) of the average customer across a fixed period of time. The team is responsible for both prospecting and retargeting; not retention or re-engagement.                               Assume Estrids's target CPA for new customers (whether or not they subscribe) is £50.                                       Challenge:                       Estrids's needs your help figuring out how to acquire lots of new customers efficiently on Facebook & Instagram!                                   Assume the company has tried nothing so far (not a single £ spent), but that it's willing to provide enough budget and leeway for you to test whatever you want for a few months, and then from there, your ongoing budget is unlimited provided you're at or below the target CPA.                                                           Account structure / setup                     1) Present a recommendation for how you would set up your Facebook ads account for both prospecting and retargeting. Feel free to use whatever format is easiest.     In doing so, please be sure to answer each of the following questions and explain your thinking.           a) How many campaigns and what makes them different? Within each, how many ad sets and what makes them different?       Within each ad set, how many ads and what makes them different?               b) What is your rationale for this setup? Why not something different? What are some tradeoffs you considered?       c) Assume we're optimizing for conversion events. For each ad set, what conversion window would you use? What bid strategy?       If applicable, what specific targets would you put in the bid settings knowing our target CPA is £50?          d) What if anything are you doing to achieve targeting or exclusion of specific audiences, devices, platforms in this setup?                               Testing                         2) Assume you decide to move forward with your proposed account structure. Answer the following questions related to testing, imagining resources are unlimited.     Note: please do not feel the need to be exhaustive here, but rather, present a finite set of good ideas and your rationale.     a) What ad creative concepts would you want to test and why? (Note: changes to copy, imagery, ad formats all constitute "ad creative concepts").       How would you test these?                     b) What landing page experiences would you want to test and why? How would you test these?         c) What audiences would you want to test and why? How would you test these?             d) What else, if anything, would you want to test?                                           Reacting, optimizing, and scaling                     3) Please answer the following questions related to managing, optimizing, and scaling your Facebook ads account. Describe your thinking.     a) Imagine you launch a new ad inside an existing ad set and within 6 hrs, it has spent £1,000 with 0 sales. Why might this have happened?       What would you want to look into? If you still believe this ad could drive efficient sales, what do you do next?       b) Imagine, instead, that you launch a new ad inside an existing ad set and within 6 hrs, it has a very strong CTR, CPA well below target, but isn't picking up spend.       Why might this have happened? What would you want to look into? What would you do next?         c) Please describe what metrics you would want to look at in reporting in order to identify opportunities to optimize performance. Why these metrics?     d) Please describe the set of actions that you believe are important to do on a daily basis in order to efficiently scale. Why these actions?     e) In as few words as possible, what do you think the key to success is when it comes to direct-response advertising on Facebook?