Ahhhh….Facebook ad budgeting, one of the greatest wonders in the world. In fact, I believe it was Socrates himself who said “The only true wisdom is in knowing how to budget for a Facebook ad campaign.” After all, sounds like something he would have said right?
Ok, all kidding aside, getting value out of your Facebook ad campaign requires two things: time, and effort.
Lets break it down into different parts:
When setting a daily budget, the biggest trick is to start slow.
This will prevent you from initiating a campaign, blowing the budget early and having no ads shown for the rest of the campaign cycle.
Here is the best way to determine how slow you should start:
- Create one master ad. This will be the ad that you make subtle differences to for your A/B split testing.
- Once you are set on the content and photo in your master ad, find three other photos to be used for your ad campaign.
- Create three additional ads for your campaign by replacing the photo in the master ad with the three other photos you found. Therefore, giving you 4 ads to run in total.
- Run each ad with a maximum bid of $5.00 per day.
- After each ad reaches $10.00 in ad spend, review your results. Look for the ad with the highest click through rate, lowest cost per click and the lowest cost per conversion.
- Continue with the best performing ad based on the metrics above and pause all other ads.
- Double your maximum bid to $10.00 per day.
- Create your ads for A/B split testing. This time change the content of the ad for example, change the headline, description etc… Aim for creating three additional ads for testing based on content changes.
- Review the performance of your ads when each reaches $20.00 in ad spend.
- Repeat! Double your ad spend for the ad that performs the best, create new ads for A/B split testing and review the performance of the ad.
Keep in mind that even an ad that performs well today, can perform poorly with time. Every ad has a cycle, but you never know how long that cycle is without monitoring it closely.
The key to Facebook ad management is trial and error. You will never know what works until you test that campaign by running it.
No related posts.