Facebook and other social media platforms are “free” to use, but it doesn’t mean that your marketing will be free.
Being able to budget and run a fully optimized Facebook campaign will maximize your efforts.
In this post, we are sharing with you one of our best budgeting strategies for local businesses.
Are you ready?
Let’s dive in!
Budgeting for your Facebook ads
Facebook marketing tools are amazing. We can post on behalf of our businesses, engage with people, and showcase our services.
But if you want to skyrocket your business and make Facebook work for you, then you have to run ads.
Any business, whether you are a one-person-shop or large organization, needs to use ads.
Over the last few months, we have seen that platforms like Instagram will push sponsored content over organic. When you consistently run an ads campaign, these changes won’t affect you as much.
How much is too little or too much?
If you spend too little, your results won’t be as good. But if you spend a lot, and it doesn’t perform well, then you are in problems.
Hence you need to have a Digital Marketing expert to help you make the most out of it.
But what if there was a way to make sense out of a budget?
Luckily for you, there is!
It works to help you get started, and you can even continue to use it to see results.
The $10 per day campaign budget for Facebook
Can it be more or less?
Yes, it can 5,10,100,1000 or as much as you can afford.
Let us explain how it works.
Every social media campaign has 3 levels.
The first one is for people who do not know about your business. Let’s call it ‘Cold Traffic.’ It tends to be the most expensive audience to get, but you need it to increase your business awareness. For this audience, you want to spend $6 out of your $10 per day. You need this audience to continue to grow your revenue and business overall.
The second one is for people who have liked your page or visited your website. Let’s call it ‘Warm Traffic.’ It is less expensive than cold-traffic, but you need to keep them interested in your business. For this audience, you want to spend at least $3 per day.
Lastly, we have your customers. They bought your products and services, so now you need to bring them back. Let’s call it ‘Hot Audience.’ It is much cheaper to get returning customers than a new customer. For this audience, you will only spend $1 per day.
In total, you would have spent $10 per day. So if your budget is bigger or smaller, all you have to do is break it down accordingly.
Remember 60% of your budget goes to get new customers, 30% for people who are interacting with your brand and the last 10% for targetting previous clients.
This Facebook budgeting strategy like this seems simple, and it is.
It is also very useful, once your campaigns have been created right. In January, we will be conducting a Facebook Marketing Training, to help you understand better the way your campaigns need to be set up!