Alright guys, this is quite a bit of fun here.
This is budgeting strategies, alright?
So when it comes to your marketing campaign, there's lots of different ways that you could
do setting your budget.
So I've just chosen three particular classic strategies that I, you know, I kind of use
and I think you might find yourself at home in one of these strategies or you might decide,
oh, I'm going to create my own vibe, alright?
So strategy number one, I call the hunter-gatherer, alright?
The hunter-gatherer, it's basically a set budget.
You create an ad and one of the things that you've got to be aware of when you are budgeting,
when you're setting how much you're going to spend on your ad, you have to be aware
of how big you've set your targeting, alright?
Now I recommend when you're setting your targeting, don't go too small a group, right?
If you're in too small a group, like I've done it before, I had quite a niche group
of about 65,000 or so people but I was having a really great campaign, I was actually using
the go-big-or-go-home strategy and that, a group of about 65,000 people which meant what
I did, I'll jump to this one, I'll come back to the hunter-gatherer but the go-big-or-go-home
strategy is, what you do is you set your budget and if your ads return double, like if your
income is double your ads, then you double your investment, right?
So I think I started on like $50 on ad spend and then if it went over $100 return, then
I upped it the next day to $100, alright?
And so I did this, I hit $100 and then I was like, wow, this is exciting, it was one of
my first times and then the next day it returned over $200, I'm like, yeah, this is great,
so my ad budget the next day was over, it was $200 and then it returned over $400, so
the next day my budget was $400 and then it returned over $800, so the next day my budget
was $800 and then it returned over $800, so I set my budget to $1,000 and then it didn't
quite double it and then, so I left it at $1,000 for the next day and again, the next
day it didn't double it, it still made money every day and then the third day I think at
about $1,000, it still made money but after a while I was like, oh, actually I brought
it back down because what I realised had happened is my niche group was quite small and every
single person in that niche group had probably seen my ads three or four times in that one
week, so what I realised is I'd burnt out that whole group because I set my targeting
too small, so that's why we'll probably recommend that when you set your targeting, keep it
at a bigger audience, you know, a million or more people like that, if you can do that
then if you decide to go with the go big or go home strategy, which is quite fun, you're
not going to burn through your entire audience in a week like I did, so all I had to do then
was just reset my budget and go, okay, right, I'll try a different strategy, so what I did
is I reset that and with that particular one, with that particular product that I'm advertising,
it's not like this, this product is more broader but that product was quite niche, so I had
to re-target but I changed my strategy from a go big or go home to a hunter gatherer,
so it's more like that one, drip feeds, I know that it harvests for me every single
day and it doesn't burn through that audience but every day it produces returns and it does
a great job for me each week, so the hunter gatherer strategy is just setting the budget
that you want and then kind of living off that, so that money that I have off my hunter
gatherer campaigns, if it's a hunter gatherer campaign, usually what you're doing is you
make a profit and you spend it, it's like, cool, I made a profit off that, you've got
a regular investment that's going in, a set amount each day and you're making profit and
then you're taking that profit and putting it into living expenses or whatever you like,
so that's the hunter gatherer, you're eating your fruits as you go and you might want to
mix this up with different types, so that's the hunter gatherer, this is the go big or
go home, double it or just increase it as you're going and you're seeing like, okay,
my ads are doing well, I'm going to increase the budget, so you are scaling up as you go.
Now the third strategy is the long term strategist, all right, now this one requires the most
discipline, okay, requires the most discipline but it enables you to scale like crazy, now
this strategy seriously is massive, what you have to do for this strategy is you have
to commit.
to, not just to not spending any of your returns,
but you have to commit to taking all of your returns
and then dumping them all into ad spend, okay?
So what it looks like is,
one thing that's critical in the long-term strategist
is you set a monthly budget.
So you've got a monthly budget.
That monthly budget means that, you know,
every week or every month you're gonna spend this much
regardless, so you might say I'm gonna set
a $200 monthly budget,
which in Facebook world is not huge,
but you know, when you start out,
that might be all you can afford.
You know, okay, sweet, about 50 bucks a week or whatever.
So you just set that as your minimum spend,
and then what happens is,
so month one, that's how much you spend,
but then all of the profits that you get
get dumped into month two, okay?
So month two is 200 plus all of your profits.
So say you made, you know, maybe you made $2,000 that month,
then it becomes 2,200, all right?
And then if you make $5,000 this month,
then the next month it's gonna be, you know,
that's gonna be 7,200,
and what you do is you just set the budget
and you have to be really disciplined
to stick to this strategy,
but this is by far the fastest way to scale,
but I will say that with that strategy,
it doesn't enable you, it doesn't allow you
to take any of the profits out
and use them for anything else.
It's a really strict one,
but it is the fastest way to scale,
and people get crazy, crazy results
from the monthly budget,
but you're probably, from this long-term strategist option,
probably what I suggest when you start
is, you know, maybe a bit of a combination.
You might choose to maybe even go with
like a relaxed version of the go big or go home,
or when you start initially,
it might be something like,
okay, sweet, I'm just gonna start with a hunter-gatherer,
get my, like, kind of find my feet around it,
but just, you know, like, when you start out,
you just kind of need to, yeah,
find your feet around what's working for you,
and what I will say is,
just something to be aware of with your budgeting,
if you're testing an ad out at $5 a day,
and then you're like, wow, this is great,
I'm getting really good results from this,
and then you bump it up to, say, $50 a day
or $100 a day, you'll probably notice,
at that point, you'll probably notice that
Facebook will give you better results
on your $5 a day ad.
It's kind of like, when you're at $5 a day
or a lower budget,
they actually give you better results
because they're trying to tempt you out, right?
They're trying to tempt you to go big or go home,
so you just gotta be aware of that,
that when you do bump up,
your results might be a little bit less
than when you were just starting out and testing it,
so just be aware of that.
Other than that, feel free to ask any questions
in the Facebook group,
or, you know, just share your results with us.
We're really excited for you,
so let us know how you go.
Feel free to use any of those strategies
or make it up yourself,
but find your fit, find your groove,
find what's working for you,
and we're here to help if you need it.
Bless you, and we'll catch you soon.