Do you wonder if you can spend $5 or need to spend $500 to see results? The answer is yes, to both! It really comes down to what you want to achieve. Here are 5 tips that every small business should follow to achieve their marketing goals:
Tip #1: Set a Goal
Always, Always decide on your marketing goal first. In Facebook, marketing goals are called ‘campaign objectives’. Facebook has three categories for campaign objectives.
1. Awareness such as brand awareness by interest, or reach to be seen by a maximum amount of people.
2. Consideration such as more engagement for your posts, more likes for your business page, video views, or sending traffic to a website.
3. Conversion such as store visits, conversions to paying customers, or product sales.
The campaign objective lets Facebook know what your ultimate advertising goal is, and they will automatically optimize who sees your ad for best results.
Tip #2: Setting a Facebook Ad budget
If your budget is $5 a day, you will maximum spend $6. Facebook allows your budget to fluctuate upwards +20% of your spend if your ad is performing well based on the goal standard you set.
You can set your budget in Facebook on a daily or lifetime basis. Your daily budget is the average that you will spend each day. A lifetime budget is the total you will spend during the timeframe you set your advert to run.The benefit of a lifetime budget is being able to manage the hours your ads are shown on Facebook.
Tip #3: 4 Settings that affect ad cost
1. The audience you are targeting (Competition to target your specified: Age Group, Interests and Location you chose)
2. The quality of your ad (Text+Image+Offer)
3. The time of year (ads are more competitive during holidays when users are more inclined to purchase)
Bonus Tip: If you want to test ads, $10 a day for each ad is a great place to start.
Tip #4: Creating your first campaign
Fact: Facebook likes robust campaigns, with lots of ad groups and ads. The best format is:
Layout for each Campaign:
1. Select 1 Conversion: An example would be a Lead
2. Create 1 Campaign: An example would be All Lead Funnels
3. Create Multiple Ad groups in your 1 campaign: An example for 3 different ad groups would be:
#1 Ad Group: Women 45-54, UK
#2 Ad Group: Women 45-54, USA
#3 Ad Group: Women 45-54, Canada
4. Create 4 AB test Ads per Ad group.: An example would be testing different headlines for the same image:
#1Ad: Image 1, Headline 1
#2 Ad: Image 1, Headline 2
#3 Ad: Image 1, Headline 3
#4 Ad: Image 1, Headline 4
“The type of ads to create depends on where your user is in the buying cycle”
Every potential customer or client is at a different point in the buying cycle – some may be just becoming aware of your business, some may be considering buying, and some are ready to purchase. Each group will need different types of ads, to match where they are in the buying cycle.
Getting good results from a small Facebook ad budget is as much about the marketing behind the ad, as the ads and budget themselves.
Tip #5: Let your tests run, you need data
You need to run each ad for at least 3 days so that Facebook can optimize your campaign. Facebook automatically delivers your ad to different groups of people to find the best ones for your goal.
This means that for $30 for each ad, you get just enough data to see if it performed well or not. You can adjust from there. Facebook advertising requires constant testing and adjusting.
After you have ads that are performing as you want, you can start to scale your ad budget. The rule of thumb is to scale at 15-20%.
If you have any further questions on interests, time of day to run, best audiences, or any Facebook ad questions feel free to drop us a message. We always get back to our readers within a few hours: contact us today.