This is a great question and one that is often discussed with clients during panning and strategy sessions.
My agency works with both high level and smaller clients, so we have experience with companies who just have large budgets as well as with helping smaller clients who might be just getting started.
There are three key aspects to consider when you are looking at how much you want to spend and over what timeframe.
First is your overall budget. You have to have a budget in mind to start that you are comfortable with as an investment.
Next is your time horizon. If you are building a long term business and the offer you are making with the ads is evergreen (keeps running), then you have time to test over a longer period.
If you are doing a launch or having a special sale, you make have to even accelerate your spending to reach more people in a shorter period.
- The more budget you spend the more people you reach, the higher you can bid for ad placements and the faster you get data to make adjustments.
- A smaller budget over a longer period seems like it will work the same as a larger budget, but it affects how much Facebook will automatically bid for you.
- Alternately spending a larger budget in a very short time (for a day vs a week) may reach more people and get data faster, but you won’t have time to make adjustments and learn.
From my perspective, having run ads for a number of companies spending anywhere from $5 to $2500 a day, there is a mid point, where you can spend fast enough to get data, but not so fast that you can’t make changes.
If you have the time, its better to let Facebook optimize the ads and make changes once the ads become stable, which usually happens in 3-5 days. (See Learning Phase)
For this specific case, spending over a month is probably the better choice as long as your daily budget isn’t too low. You usually can’t spend $1 a day and expect good results. You will quickly see how much it costs to get a click and start to understand how many clicks you need to accomplish your goals.
I much prefer looking at a month or longer budget if possible. This gives you time to let the ads stabilize, make adjustments, stabilize again. You can confirm that you ads are working with a month. In a week, you might think they are working, but you won’t be sure. In a week you might think they aren’t working, but had you made a few tweaks, they could have.
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