Facebook prefers broader audiences these days – if you already have run good data through your pixel, test running ads to a super broad audience with no LLA or Interest based targeting. For instance – if you know your audience is largely men between 25-44, run an ad set targeting all males in the US between those ages and nothing else.
You may be surprised to find that particular audience outperform any of your lookalikes or interest based audiences.
> Also, I have a low daily budget at the moment $350p/day. Would you guys run 3-4 campaigns or focus the budget on 1-2?
I am assuming you have separate campaigns up for retargeting? You should have a minimum of three campaigns. One for bottom of funnel (I usually run DPA ads here), one for the middle of funnel where Ill have multiple ad sets for a variety of different retargeting audiences and then one for the top of funnel cold audiences.
With that said, I usually have at a minimum 2 campaigns for TOF – one for testing and one for scaling.
With a $350/day budget, I would say (depending on the size of the audience) that 10% should go to BOF, 20% to MOF and 70% to cold audiences.
Of course all of this is just general – if you want to share more about your situation I can be more specific.