Did I fail because of the channel or lack of product/market fit?
So I did Facebook Ads, drove close to 500 visitors and had 0 conversions.
This is a dilemma I have every time I promote a product...if a marketing channel doesn't work, is it due to a lack of product/market fit or the fact that channel isn't driving converting users to my page?
It is impossible to determine from this amount of information. It can be both. It can be either. It can be something else. It can be these and more.
Look, as a rule of thumb, don't start using paid media before you nailed others (owned, shared and earned) and your fundamentals (positioning, segmentation, target publics, funnel/journey/flywheel, unique selling proposition, etc). You will only throw money down the drain that way.
"You only fail when you give up"
Jokes aside. I don't endorse this or suggest to spend more on ads.
https://www.indiehackers.com/post/i-created-a-simple-5-000-month-income-stream-on-autopilot-06cfe909f0
If I remember correctly, the video suggests that facebook ad platform takes its time to optimize for the best audience/results. I don't know if you've spent that much time and I don't know if that's how it really works. It was just something that I kept in mind.
It's hard to say but it's possible that the page/offer may converts less than expected.