Despite some in the marketing world being worried that Facebook is losing users, the social media giant is still the world’s most popular social networking site. In fact, Facebook actually saw an 11% increase in monthly active users year over year in 2018. The popularity of the site coupled with the growing ad options means that Facebook is still the go-to social site when it comes to marketing and advertising.
One thing that sets Facebook apart from competitors, aside from user base size, is that the social network continues to grow and expand its marketing tools and offerings. This is not only true of ad formats and placement. Facebook is also working to help you get the most out of your money on their site with their new budget optimization tool.
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Facebook has always strived to come up with new ways to help marketers on their site. From Facebook ads and expanding ads to Facebook Messenger to the Facebook Pixel and now with campaign budget optimization.
Essentially it’s a tool to help you figure out the best way to allocate your spend on Facebook and get the best return. For marketers this means instead of setting budgets for individual ads, they can now set a budget for a campaign that features multiple sets of ads and Facebook takes it from there.
With campaign budget optimization you allow Facebook to control how the funds are allocated to each ad placement. The idea being that as the website monitors the multiple ads within the campaign, Facebook can tell what’s performing better and can adjust to push the more successful ads and reduce spend on underperforming ads.
Here’s a handy-dandy illustration straight from Facebook to show you what I mean.
Source: Facebook Business
The set up is fairly straightforward. You choose a daily or lifetime spend amount for your campaign. Then you choose which one of the two available bid strategies (lowest cost and target cost) you want to use. And . . . that’s pretty much it. Sit back and enjoy having one less budget to constantly fret over and manipulate.
Don’t want to go it alone? Our performance marketing wizards have employed these same kinds of strategies for years. If you’re not sure of where to start and think you may need a hand getting your Facebook marketing strategy worked out, they can help.
The bottom line is, using campaign budget optimization allows Facebook to take the guesswork out of your marketing.. The budget optimization functions in real-time to allow for the most effective distribution of campaign spend. That means the more effective ads receive more of the budget and you get the most value and performance out of your campaign. And isn’t that the whole point of marketing?