5 tips on using your budget wisely

13. 6. 2017

Successfully managing profitable campaigns on Facebook doesn’t have to be a difficult task. Following are 5 suggestions that you should follow to help you ensure that you won’t waste your budget.

Know your audience

People who haven’t pinpoint their target audience tend to target too broad or too narrow. Both cases can hurt your budget and/or your results.
Do it right: Use any customer lists you may have and create a custom audience or a lookalike audience based on them. You can utilize Facebook’s Audience Insights feature in order to get ideas on who your target audience is and which are the demographics they belong too.

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Create engaging, eye-catching ads

Not giving proper attention to creating eye-catching creatives can result in low CTR and relevance score which will in its turn result in wasting your budget.
Do it right: Try to woo them. Show them how they will look in or with your product or the feelings they will get when using it. Help them complete the image you are trying to create. Has your imagination run dry? Be sure to check Facebook Creative Hub and draw inspiration from some of Facebook’s big players and create perfect thumb-stopping and mouse-clicking ads.

Bad landing page

It can happen sometimes that either the landing page isn’t the correct one either there’s an error displayed or there is no natural flow between your ad and the landing.
Do it right: Keep your ad copy and landing page consistent with each other and check that the page is being displayed correctly. Did you check those checkboxes in your ad creation list? Then move on to the “deliver what you promise”- the step before taking live your ad and chances are that you are on your way towards creating meaningful, engaging ads.

Separate placements

Not knowing the value of each placement and how it can work towards your end goal can really hurt your budget.
Do it right: Use mobile newsfeed if you are promoting an app or you have a mobile-friendly website. Have in mind that the right-hand column is good for retargeting, and costs less. If you have no idea which placements perform the best for you, create a test campaign for a limited period and add all placements. Set a small budget and see the initial results. Based on those you can determine the winner.

Have a clear goal

An easy way to spend your budget is to have no clear understanding how much you are willing to pay in order to acquire a customer or an action of theirs, such as viewing a key page or product, adding a product to cart or even filing in a lead-ad form.

Do it right: Take the time to calculate how much you are willing to pay for an action. While an X amount of money for a purchase might make sense, the same amount for a lead-ad might be too high. Knowing what the average customer lifetime value is, the right bidding strategy to use or even choosing the most suitable objective are factors that you also consider since they will help you to spend no more than what a conversion is worth to you.

Conclusion

Before starting your next campaign make sure that you know your audience, have a clear monetary goal for their actions and create ads that are engaging and aligned with your landing page. Utilize Facebook’s analytics report to get insights, spot patterns and make educated guesses. Doing so will definitely help you get a higher return on your budget.

Renata Ekine on Linkedin
In Business Factory, I work as a Facebook Marketing specialist helping both Czech and international clients to enhance their Facebook advertising efforts. For you, I wear my data-glasses and creative ideas-hat and share with you the tips, suggestions and tutorials that will help you step up your Facebook marketing game.

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