When it comes to forecasting the cost for your paid social campaign, there’s more involved than you think:
- Creative/content what are running? There can be a cost involved in creating your assets.
- Media spend: You need to be realistic and have enough data to make an impact. Turn the dial.
As a rough rule of thumb, Facebook recommends you need a minimum of 50 data points per ad set per week to exit the learning phase.
To work out a budget using this logic, consider what your ultimate cost per goal is.
ie. CPA take that value x it by 50 and divide it by 7 to get your daily spend: £10 x 50 = £500/7 = £72 per day.
We can take this a step further and think about what our ultimate goal number is eg. 300 sales a month, and what is our target cost eg. £10.
You can even amend this to how may sales do you want to achieve (as long as it’s over 50) and it’ll give you a good steer on what your budget should be, it’s often bigger than you think!