23/02/2022
While it's understandable that running Facebook ads is indeed a 'trial and error' process, however, know that there's a way on setting up your ad budget RIGHT on the very first launch.
For eCommerce businesses, purchase conversion might be costly for some while average with others.
Thus, you need to at least do the following:
1 - Testing waters. Run the typical $5/day budget and monitor your COST PER PURCHASE.
2 - Once you have the idea how much your cost per purchase is, then you can now use the formula:
(cost per purchase) x (50) / 7 = daily ad budget
Note: Facebook is needing 50 conversions per week and we have 7 days a week.
Setting your budget that way simply let Facebook optimize your ad campaign in order for them to get you maximized results.
From here, you can start looking at how your ad performance is. Then you can decide your next steps moving forward.
How are you setting up your Facebook ad budget?