The most important thing you will need to decide when allocating a budget for your Facebook ad campaign is your end goal. How many impressions do you want to see in your advertisement by the end of the day? How much money are you willing to spend to get to that large number of impressions?
These questions should make you think about how big or small your business is, how many customers you receive or how many product purchases are made in a week, and the type of organic advertising methods you are currently using. This can help you narrow down your needs and set a budget for the ads you want Facebook to deliver to a specific audience.
When setting the budgets tool in Facebook’s Ad Manager, it allows Facebook to control the allotted budget you set. Do not let that scare you though. Although Facebook is using your budget, you still have full control over scheduling your campaigns, the delivery of your ads, and whether or not you want to continue advertising your content. Ad Manager is pretty straightforward to follow.
After you complete the campaign set up process, you will get into the more detailed part of the budget and scheduling process. Here are a few steps to help you understand setting a Facebook ad budget:
Once you have an amount in mind for your advertising budget, you will then need to choose between two different budgeting options: daily or lifetime.
Lifetime ad budgets are a little riskier to work with because this a sum of the budget you want to use throughout the entire run-time of the campaign. Facebook will decide how much of the budget it is going to use every day instead of you telling them what to use. Setting the amount yourself that you know will be used every day might make you more comfortable throughout the campaign process.
Your bid amount/strategy is what you determine next. Depending on your objective, Facebook will automatically default set your bid strategy as the “Lowest Cost,” which will give you the most post engagements for your budget. Otherwise, if you have the option to type in your amount manually, you will choose how much you will spend per impression or click. The objective I have chosen is Engagement, and I picked Post Engagement as my Optimization for Ad Delivery so that Facebook will show my advertisement to people they know will see it and are likely to click on it, at the lowest cost.
You will then schedule the length of your advertisement campaign. You have two options for this: Run ad all the time or Run ads on a schedule. The latter selection allows you to dictate what days and times your ad will run. All you have to do is click on the block representing the hours when you want the ad to run.
The last advanced budget tool to use is the delivery option. The delivery you choose will determine how fast your advertisement is shown. If you choose standard, that means Facebook will show your ad within the time you had set to run it. Choosing accelerated allows Facebook to run your ad right away and spend your ad budget all at once. It would be beneficial if you are just starting out to choose standard, so you can test which times work the best for your campaign before you immediately run out of your budget.
Understanding how budgets and scheduling works on Facebook’s Ad Manager will benefit the way you manage your advertisement. You can always try different budgets and delivery strategies to compare which method works best for your advertisements.
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