Setting a budget for your Instagram advertising campaign is much like setting a budget for anything else in your life – it involves trial and error and may need to be adjusted multiple times before you find the right fit. Different business sizes have different budgets and it is therefore important to factor this in when setting a budget. For example, a small business isn’t going to spend $100,000 straight away on Instagram advertising, if ever!. Instead, it’s best to start with an affordable amount that will get results without blowing your total advertising budget – after all it is likely that you will be advertising on other media in addition to Instagram.
Setting a budget
Setting a budget for your Instagram Advertising is the same process as for Facebook Advertising and involves choosing whether you would like to set a daily or lifetime budget. A daily budget it the total amount that will be spent on each day of your campaign with the minimum amount being $1/day. A lifetime budget is the total amount of money that will be spent over the duration of the campaign.
Once a budget has been decided on, Facebook uses this information to bid against other businesses with similar ads for ad spots. The below outlines the budgeting process you should follow when setting up Instagram ads:
- Create the ad
- Choose the audience
- Choose a budget and duration for the campaign
- Facebook will optimise your ad by default (no action necessary)
- Facebook will bid on behalf of your ad to reach your desired audience and make it as effective as possible. Alternatively, you can submit your own bid
- As people see the ad, your budget will be spent. Once your budget has been used or it has reach the end date (whichever comes first), the ad will stop
Maintaining and monitoring your budget
As discussed earlier, it is import to test different ads and budgets to work out the best fit for your business. The Facebook Ads Manager tool allows you to do this through being able to pause, add extra budget and so on to your ads. Therefore, if you find that an ad isn’t going as well as you would have liked then you are able to pause it, re-work the ad and resume. Alternatively, if you find that an ad is working really well then you are able to add more budget and let it keep performing.
If you are wanting to control your budget across multiple ad sets, you are able to create an entire budget for the ad account through an account spending limit. By setting an account spending limit, you are able to put a maximum figure on your total spend across multiple ad sets and ensure that you don’t blow your total budget.
If you would like more information about Instagram Advertising budgets or Instagram Advertising in general, Click Here and someone from360dmg will contact you. We’ll help create a personalised solution for your business.