September will mark a major change for many of the companies who use Facebook as a marketing tool. The social media platform will be moving both new and existing campaigns to a revolutionary automated budget allocation system, in the hopes of optimising funds across all of an advertiser’s ad sets.
This means that rather than being able to budget at the ad-set level, only minimum and maximum spend limits will be in the hands of marketers. Although this has left many of those in the digital marketing sphere scratching their heads, it should actually prove highly beneficial to those who utilise Facebook advertising on a regular basis.
This is because campaign budget optimisation as it stands is pretty complicated. With the exception of major data firms who have a plethora of easily accessible information at their disposal, it’s really difficult to know how much money should be allocated to targeting any particular audience.
This new feature makes it a lot simpler. Designed with advertisers in mind, it works by automatically redistributing your budget to the best performing audience, to make your money go much further.
While we, therefore, view it as as a positive, there’s no denying that this novel system will have a major impact on how you’ll need to create and scale your Facebook ad campaigns. Necessitating a major overhaul in the approach of many marketers, it’s something that will undoubtedly require advance preparation if you want to be able to hit the ground running.
Luckily, we’re here to help. Let’s take a look at what you can do.
How businesses can prepare for the switch to campaign budget optimisation
Before we go any further, it’s important to point out that this change will not affect everyone. In fact, campaign budget optimisation has been available since November 2017, although many advertisers have opted not to use it, preferring to stick with what they know.
Even when it comes into effect in September, it will only become compulsory for selected accounts. These will all have been notified by this point, so if you haven’t heard anything from the social media platform, it’s fair to assume that this doesn’t apply to you.
If, however, you are one of the accounts that will be impacted, there’s plenty that you can do to prepare yourself, including the following:
1. Familiarise yourself with campaign budget optimisation now
Because campaign budget optimisation is already an option, you don’t have to wait for it to roll out before you can get to grips with it – in fact, you can start testing it right now. This is the case for both new and existing campaigns, so it might be time to handpick certain ad sets to see how it all works before it becomes compulsory.
2. Analyse your results
If you act now, you have an interim period to play around with campaign budget optimisation, which means you have the chance to compare the performance of your guinea-pig campaigns against those that are still utilising your existing approach.
If the former is underperforming, tweak your setup and see if you can work out where you’re going wrong. If you’re down to the wire and you still haven’t got it sussed, try not to worry: there’s nothing to say that you can’t keep on experimenting once September rolls around.
3. Work out how you can put your extra time to good use
Once you’ve done what you can and September arrives, relax in the knowledge that this change arguably means a lot less work for you. Setting a budget for your ad campaign’s audience should become a whole lot easier, with much of the legwork becoming automated. While this may take some getting used to, it will almost certainly benefit you in the long run.
Start preparing today to get the jump on this new feature, and your Facebook advertising strategy will no doubt go from strength to strength.