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What should my facebook adset budget be?

People always ask me this question  and me, myself sometimes lose confidence in which budget to set.   But today, I noticed something while looking over stats inside Business Manager..

The adset when it receives 50 conversions, it will change from Active (Learning) to Active – Initial Learning Complete.

People always said “FB Needs 50 conversions in a week (if you have that window set) to start optimizing. What optimizing means is to show your ad to people that look like the ones who converted…   I was lime mkay, cool it needs that, but only now I realized what that is in reality thanks to these little footnotes FB now provides.

So what should your adset budget be?

Let’s say your offer payout is $35.  You want to make 100% ROI on that.  That means your CPA you want is $17.5 – since FB needs 50 conversions to optimize,  your budget in a week to properly test this would be 50 * 17.5 = 875 / 7 = $125 per day for the adset.

Real Life Case Studies – Mortgage Leads on Facebook

I’m part of a super awesome FB Group owned and operated by my friend Tim Burd on Facebook named Facebook Ad Buyers.    Someone just posted an interesting question,  where they ask what could be going wrong, they spent $200 on advertising on FB, laser targeted yet no leads.     We run a lot of lead gen and here’s my answer that will def help solve their problems.

The original post said

“Running this as Lead Generation to New Jersey homeowners for mortgage leads.

Age 25 to 55, income $50K to $250K, full state of NJ, narrowed to homeowners.

About $200 into the campaign with zero leads.

Relevancy score of 5.

Any thoughts or ideas are welcome and appreciated.”

Here’s the ad:

 

Here’s my advice on what to do, to run a profitable mortgage lead gen campaign on FB:

This is what I’d do.

1. I’d get an awesome article written on the benefits of refinancing your mortgage.

2. I’d run an add targeting people in New Jersey for broad keywords on google/bing and get them to click and visit the refi article on website; where i’d place the FB Pixel.

3. After I get enough hits, (minimum 100 from New Jersey) I’d generate a lookalike audience.

4. Next I’d come up with two different angles and 3 different images. 1’d throw them into 1 adset, so I’d have an adset with 6 ads, which I’d duplicate 3x total. So I’d have an adset with 18 ads in it (3×6 same post ID) – Now I’d target broad in new jersey, and lookalike audience I generated.

I’d run this for 72 hours, at $100 per day to see which ad gets the best result.

Since FB optimizes at an adset level, i’d run at this budget to get enough data… once I know which ad gives me leads I’d continue to find related images and or even try video ad made from related images, or one of those cool cartoon animations.

Try that let me know if it helps; this method works well for us (we do a ton of lead gen in finance and insurance)

How to Create Custom Audiences for Facebook Ad Manager/Power Editor with Ease

You may, or may not know that the Facebook Audience Insights tool is total crap.     It doesn’t let you target every interest that comes up in it; plus there’s many interests that you may add to the left side bar, but when you go and create an audience, you just cannot run ads (add them to your interest targeting keywords).

To be sure of what to target, most people would just go into ad manager, and use the fields there – however there’s a better, more efficient way to create audiences.     This is perfect if you have a team, and you trained up someone to be a master of creating highly passionate audiences like I have.    Why?   well, they can get access to this page without ever needing to hop into ad manager/power editor and create all kinds of custom audiences your VA or real life assistant/media buyer can simply select from a drop down when they are ready to put some campaigns online.

Here’s why you can create custom audiences with ease.

  1. Make sure you have business.facebook.com account setup.  The facebook business manager or FBM for short.
  2. On the top menu click  Asset Library > All Tools > Audiences

  3. On the Audiences screen, click the Create Audience blue button, then click Saved audiences

  4. Name your audience whatever you want (if you have a system for naming stuff so your media buyer(s) can follow, use it here);  and then setup your audience as usual:

  5. After you are done, click the CREATE AUDIENCE button and that’s it.

Now when you, or your media buyer, or VA go and create Facebook Ad Campaigns they will be able to select the right audience in a click of the mouse rather than having to enter it every single time!