With the holiday season comes a lot of time to reflect on the past 12 months and also think about the next 12. For many of us, it is looking back at sales and seeing where we are compared to last year and where we should be improving.
Many believe the best way to budget a marketing plan is to look at the entire years sales and depending how aggressively you want to grow next year, take a certain percentage of it, and dedicate that to marketing. Below 4% being more focused on stability, 8% being extremely oriented to grow your business through marketing.
One of the most popular topics for making a digital marketing budget is Facebook Ads, and with how much Facebook is growing, 2017 will be a breakthrough year for businesses on Facebook. So, you must be thinking…
How much do I spend?
Well stop. Before you begin thinking budget, first think…
Where am I now?
Think about your current presence on Facebook and how your current followers are engaging with your content.
If you have a large following but your engagement rate is low, then you know it isn’t that you need to reach more people, but your content isn’t what they want to see OR your posting at the wrong times.
If you don’t have many followers and your engagement rate isn’t that good, then focus ads towards getting more “likes.”
Now evaluate this…
What are my Facebook goals?
Just like anything in marketing, there needs to be a way from you to track your progress.
Do you want followers? More likes? More shares?
Before you try to put a price to your budget, try to understand what the budget is supposed to be accomplishing, because that will be a big factor in it.
What is my timeframe?
Be realistic with this number as well. If you want to gain 10,000 likes, don’t give yourself a one-week deadline for it. Unless you have a nice sized budget…in which case, shoot for the stars!
Some say that you should be investing between $0.50 and $1 for every new follower. Now again, a lot of this goes back to where your presence stands on Facebook now, and also your timeline.
If you are focused longterm, then your yearly budget may need to be large, while your weekly budget may be much smaller. However if you are looking to gain a following in a short period of time, you may need to have a larger weekly budget, but your yearly budget wouldn’t need to be as aggressive if you are only paying for ads every quarter for short periods.
End of the Day
Your goal & timeframe are going to be the leading factors in how much you are needing to invest in your marketing campaigns. However where you are now has a lot to do with it too, because it is point you are starting at and dictates how much you need to invest to get to your final point.
Other Tips for 2017 on Facebook?
- Videos are expected to be the leading content.
- Local ads will continue to rule your market, make custom audiences.
- Everyone is experiencing ad overload already and it’s only getting worse, STAND OUT!
- Go live! Professional videos are cool, but try to document rather than create!
- Set up auto-respond for Messenger. Increase your response rate & let people know you’re listening!
2017 is your time to break out of industry standards! Click here to get started!