#KeepingCRESocial By Sarah Malcolm: How Much Should You Spend on Facebook Ads?
BLOG POST BY SARAH MALCOLM, CHIEF DIGITAL STRATEGIST AT THE NEWS FUNNEL
You’ve got the spreadsheet out and you’re working the numbers, wondering how much dough should be spent on your marketing. One of your top questions should be how much of the budget you want to allocate to Facebook ads. Why? The average person spends about thirty-five minutes on Facebook every day. That gives a real estate professional like yourself plenty of opportunities to get in front of their face with an ad that will speak directly to them and their CRE needs.
Facebook allows you to create ads that target a zip code, age range, income, type of home ownership--basically whoever you need your audience to be. Do some decent research beforehand and you will be well on your way to banking through Facebook ads (insert falling money GIF).
Budget The Bills
For the sake of frivolous spending, you need to know your goals before you reach for that credit card. This holds the same truth for when you do that late-night online shopping as it does for marketing. Advertising is how you get the word out about a listing, promote your brand, and so on. You want to measure the number of leads, cost per lead, and so on, across the platforms before you decide where you want to invest your money.
Then, decide how much you have in the budget and how you can make that amount sustainable over the month. For example, if you have $225 per month for Facebook ads, that’ll be about $7.5 to spend per day. The consistency is what makes it sustainable because Facebook ads can only function to their max if they have time to optimize.
Optimize the Bang for Your Buck
Facebook “learns” over time who is interested in your ads, how they perform, and where to send them. This takes about 72 hours to kick in, which is totally not the speed we expect from a social media platform usually serving us nothing but a steamy side instant gratification. So the only thing to do is relax. Don’t tweak and check stats every day--just let it do its thing.
A good place to start is letting an ad run for ten days. Ten is long enough for the algorithm to run through its course through everyday of the week plus the weekend. You can use the data to decide what is going good and what could be better without blowing through the budget.
Make it a Marathon
You should really work to have an ad running at all times. Of course, organic content is great, but Facebook ads are like a sidekick marketing ninja. Why wouldn’t you take full advantage of them? If you have a small budget, a good way to get the best bang for your buck is a short video that will really capture your audience and then running a post-engagement campaign for a small fee. It’s a way to get super cheap views and build brand awareness.
This should be so obvious, but if you have an ad that is on fire, don’t be the one to shut it down. Know a good thing when you see one--feed the fire and let it run its course. You aren’t shelling out money for nothing if it’s getting the attention you’re aiming for!
When you spend time planning your marketing strategy, remember the traffic and attention Facebook ads receive. They are a cheap and effective way to target a specific audience, gain leads, and build the brand of your agency.
To read more #KeepingCRESocial posts, click here.
Need help with your social media strategy? Contact Jen@thenewsfunnel.com to learn more. We manage some of the BIGGEST brand’s social media in CRE and more importantly WE GET RESULTS. Can I get an AMEN!?
If you are interested in booking Sarah Malcolm as a speaker feel free to reach out directly at firstname.lastname@example.org.
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