Today I want to talk to you about how to save money on your Facebook and Instagram Ads. It's no shocker that as business owners, we're terrified about wasting our money on ads. We don't want to just run ads and wonder what the outcome was of those ads, and we also want to make sure that our ads are converting.
So ultimately, this all boils down to ensuring we’re responsible with the money we're spending and knowing that we’re only spending money on ads that are working best.
If you're trying out a couple different audiences and you have an image + ad copy combination you really like, that’s fantastic. You rock.
Now make a second ad.
You can do this many ways, but some of my favorites are doing this through trying different ad copy, image/graphic, and call to action. Here are a few ideas of how to get started with this:
In the end, what you’re doing is finding some way to create a slight variation on your original ad so that you can see if option A or B resonates better with your audience. Let the results dictate which you leave running long term, but give multiple versions a try at the beginning!
You'll be able to see within a couple days, for example, that that one ad may be converting at a cost of $2.00 per email subscriber and the other ad is costing $0.65 per email subscriber. I guarantee there will be a difference in your cost! Shut off what isn’t working and spend your money on what is working best for your business!
So many people try to squeak away with spending a couple dollars/day on an ad, but my rule of thumb is I recommend spending $10/day/ad set. Even if you're running 3 ads in the same ad set, don't worry, Facebook + Instagram will still spend a max of $10/day and split it between the ads you have in the ad set. If you don't' spend enough money, the risk you take is that your ads won't stand a fair chance when they go to auction. Your ads are competing with everyone else's ads in the same space. If your ads aren't converting as well because you're not spending as much money and Facebook + Instagram isn't favoring them as much, your ads will lose against your competitors.
My recommendation is to set aside a budget, just like if you know you have some copy that needs to be written for your website, or just like you know you need to hire your developer to work on your website. Know that this month you're going to dedicate X dollars this month to experiment with ads and know if this is a long term strategy for your business' growth.
This goes back to my first point. If you're testing out a few different ad variations, after a few days, you'll be able to tell pretty quickly which one is gaining more traction and at what cost to you it's gaining traction. For example, maybe you're selling a product and some product is costing you $6 per sale and another ad is costing you $13 per sale. Shut off the one that is costing you $13 per sale!! This is why it's important to test out multiple variations so you can ensure you're getting your best cost per conversion.
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