You’ve created your page and chosen your target audience. Now it’s time to set your budget.
Before we begin, I want to give you a forewarning: I don’t have all the answers as to how much your particular advertisement is going to cost. It all depends. But, that being said, I do have the answers as to how you can make the most of your budget (whatever that may be) so you, as integrators, can effectively promote your product or brand to the fullest extent.
How much do you want to spend?
Hopefully in this marketing endeavor, you’ve already established a budget. This budget will dictate how long your advertisement is going to run. You can set a daily budget, this will decide how much you want to spend per day. Once that money has been spent, your advertisement will no longer be available for that day.
Take our hypothetical “Kayla’s Business Page” example: Let’s say I set my budget for $100 per day, and I’m only planning on running my advertisement for a week: ideally I’ll be spending $700. (I’m on a college student budget, remember?) Notice how the budget and timeline work hand-in-hand: I’ve decided that I will only spend $100 per day for seven days. I might not spend the full $700, but I definitely will not spend more.
And if you recall, my objective is to promote my page. Ideally, my $700 budget is going to help me gain more “likes” for my page. I will be able to do this by setting a schedule for my advertisement.
Why determine a set schedule for your ad?
Scheduling your advertisement keeps YOU in control of the budget. By setting a start and end date for your advertisement, along with determining your daily budget, you have total control of when your advertisement is being run and how much of your money is being spent per day. If you have the money to spend and are indifferent about how long you want your ad to run, you do have the option to set your schedule as “continuously running” the ad until you decide to end it.
Additionally, under “Advanced Options,” you’ll notice some additional choices for scheduling your advertising objective. Optimizing the objective allows a bid to be placed on your ad: Facebook will analyze data to optimize your ad campaign’s delivery to people who are more likely to complete the desired objective (in our example, “like” Kayla’s Business Page). You will be charged each time the ad is served in this way.
You can either let Facebook determine the amount necessary to optimize the ad or you can set the highest amount you’re willing to spend for the objective. Note: Just like actual bidding, Facebook will start with a low price but go up to your maximum amount if necessary to display an ad at any given time.
I recommend that you use the standard settings for “ad scheduling” and “delivery type” for the actual execution of your advertising objective on Facebook. You’ll notice that unless you do a lifelong budget, you don’t have the option to run ads on a schedule. These standard settings are the easiest way to ensure your objective will be shown at optimal times and receive efficient coverage.
The next and (almost) final step gives you the opportunity to be a little more creative. As AV integrators, you’ll be aiming to get your advertisements to reach your a specific audience, but what’s going to get their attention? This step in creating your advertisement involves trying out different visuals and creatives to determine what works best.