Facebook Ads Domination Course
Facebook Ad Budgets
You can set your own budget on Facebook Ads. You can go as low as £1 per day, a few hundred pounds, or go as high as you want. However, if you really want to get the best conversion rates and reach the right audience, then you’d need to shell out more than a pound per day. You also don’t want to spend too much, even if you have the cash to burn, because it’s simply not a very good business decision.
In fact, for smart business owners and marketers, the reason you’re advertising on Facebook is so you can get the highest conversion rates at the lowest possible price. If you think you’re spending too much and you’d like to know how you can lower your overall Facebook Ad budget, then you’re reading the right module in this Facebook Ads Domination series.
How to Make the Most of Your Facebook Ad Budget
Before you set up any advert on Facebook, you’d need to have some rules in place first. You need to identify your campaign goals, your target audience, your ad schedule, and so much more. You need to have some key metrics in place as well, so you know whether your campaign is profitable or not.
Ideally, you should know where every single pound of your ad spend is going so you’re not throwing away money. If your campaign is in the red, you need to figure out how to optimize your campaign, so you’ll end up in the green.
Here are a few techniques to help you make the most of your ad budget:
1. Set a target revenue.
Revenue means tangible and real pounds. It does not mean page likes and comments on your ad that went viral. While ad engagement is a useful metric, at the end of the day, you want to get enough revenue to make a healthy profit.
For example, if you want to make a £10,000 revenue for your week-long campaign, and your product price is £100, then you need to make at least 100 sales in 7 days. You can then work your way backward and estimate how much your ad budget should be to make at least 100 sales.
2. Set up the Facebook events pixel code on your website.
If you want to track what your web visitors are doing after they go from Facebook onto your website, then you need the pixel installed. Set up the events you want to track.
For example, if you want to track how many people have purchased your £100 product, then you can track the Download or Thank You page. Every time someone lands on that page, the pixel will record that as a lead or sale. Knowing this data lets you adjust your budget as your campaign progresses.
3. Plan out your ad campaign.
Use the right campaign objective so Facebook can help optimize your ad for you. The Facebook algorithm is advanced, and advertisers can use it to help maximize their investment in the platform.
Some objectives will result in higher conversion costs while some may result to lower conversion costs. Set the right objective to help you work within your budget.
4. Monitor your results and adjust your campaign as needed.
Your ad budget is not set in stone. You can adjust it anytime you see the need to. Facebook’s reporting tool is accurate and happens in real time, so you know you are making business decisions based on time-sensitive data.
If you see that you’re underspending, then you might want to scale your ads or increase your audience size. If you’re overspending, then double down on ads that are returning a profit for you and deactivate the rest.
+ Module 1
+ Module 2
+ Module 3
+ Module 4
+ Module 5
- Custom Targeted Audiences
- The 5 Types of Custom Audiences
- What is a Lookalike Audience
- Using Custom and Lookalike Audiences
- A Word of Advice
+ Module 6
+ Module 7
+ Module 8
- Dynamic Ads
- Getting Started with Dynamic Ads
- Create a Dynamic Ad Campaign
- How Dynamic Ads Boost Your Profits