Balancing a marketing budget can be a meticulous task - figuring out how to spend and how to save. Luckily, when it comes to Facebook, we've got a few tips that can make the process of saving some serious coin a little less complicated.
1 | Bigger Is Definitely Better
Targeting - the strategy du jour on every marketer's menu. What you may not realize is that complex targeting comes with a heftier price tag, mainly due to the fact that it makes it much harder to find your end user, and there may also be a lot of other companies bidding on the same criteria. Expanding your audience decreases competition, and increases the likelihood that they will login during your campaign flight. And, since there are no maximum inventories on social like there are in display, feel free to go all out.
2 | Let Your Ads Take Flight
This may be the one case where time isn't money. In fact, the longer you extend the flight of your campaign, chances are your budget spreadsheets will be a lot happier. This is due to the same reasons that increasing audience size decreases spend in that a longer time span boosts the likelihood that users will login and see your ad. Extra Credit: Make sure your social marketing tools have their own optimization technology that can take advantage of longer flights.
3 | Size Matters
In this case, budgets that are too big and too small just won't do - it's about finding the right balance. If your budget is too small you can't optimize or drive cost efficiencies. And alternatively, if your budget is too big for your flight and target audience size, you run the risk of driving up the bids without increasing your reach. In this Facebook fairytale, you are Goldilocks and your budget size are bowls of porridge. Find the one that is "just right".
Are you sensing a theme here? Overall, casting a wider net (as long as it's not too extreme) for campaigns drives down pricing bids, increases reach and makes you shine as the money savin' social superstar you are.