Zero activity in website after launching first ads

Hi all,

I recently tried to launch a new product, with the idea of reaching our first customers through Facebook Ads.

The price of the offer is really cheap and the onboarding is really simple, I expected maybe a 5% conversation, as long as it brings in relevant users and they go through the flow with the correct intent.

The problem: The traffic that came from facebook was really shitty. The ad is decent (I have another product where I run ads, so I can see performance), but for $50 / day it brought in maybe 1-2 people who clicked even the first button. Never signed up or did anything. Eventually I felt like I'm just throwing money on garbage traffic and paused it, it felt like my account is banned from decent prospects who may want to use the service.

Any ideas on what to improve?

Facebook claims $5 CPC. The first attempt was targeted and I saw really shitty traffic, zero activity in the website, all spend going on bad Facebook placements and none on Instagram stories, very old audience etc, so i closed it and tried another one which is instagram only, CPM was $300 which seems crazy to me. We tried both video ads and image ads, multiple messaging, and advanced vs. kinda targeted. It wasn't even close to try and improve it.

Thanks