Ah, budget for Facebook ads. They can be a fantastic way to reach your target audience and grow your business, but if you’re not careful, they can also be a black hole for your budget.
As someone who has had both successes and failures with Facebook ads, I understand the struggle of finding the ideal budget. So, let’s dive into how I found my ideal budget for Facebook ads.
First things first, before you even start thinking about your budget, you need to have a clear understanding of your goals and your target audience. What are you trying to achieve with your Facebook ads? Are you looking to increase website traffic, generate leads, or boost sales? Who is your target audience, and what are their interests and behaviours? Once you have a solid understanding of these things, you can start thinking about your budget.
When I first started running Facebook ads, I made the mistake of setting my budget too high right out of the gate. I thought that the more money I put into my ads, the better results I would get. Boy, was I wrong? I quickly learned that Facebook ads are all about testing and tweaking until you find what works best for your business.
So, how do you find your ideal budget? The key is to start small and gradually increase your budget as you see results. I usually start with a daily budget of around $5-$10 per ad set and let it run for a few days. During this time, I closely monitor the performance of the ad and make any necessary tweaks to the targeting, ad copy, or creative.
If the ad is performing well, meaning it’s generating a decent amount of clicks, engagement, or conversions, then I might consider increasing the budget. However, I don’t just double or triple the budget all at once. Instead, I gradually increase it by 10-20% every few days and continue to monitor the performance.
On the other hand, if the ad isn’t performing well, meaning it’s not generating any clicks, engagement, or conversions, then I might consider lowering the budget or pausing the ad altogether. It’s important to note that not every ad will be a winner, and that’s okay. The key is to learn from your mistakes and keep testing until you find what works best for your business.
Finding your ideal budget for Facebook ads is all about testing, tweaking, and learning from your mistakes. Start small, gradually increase your budget, and closely monitor the performance of your ads. And remember, it’s okay to fail. As Thomas Edison once said, “I have not failed. I’ve just found 10,000 ways that won’t work.” So keep on testing, my friends, and may the Facebook ad gods be ever in your favour.
Also note that there are other things you should pay attention to if you want to get customers for your business, things like email marketing and optimizing your site. You can see my checklist of things you need to do to get customers to your business in 2023.