25 Sep 3 Things You Need to Know Before the Facebook Campaign Budget Optimization Migration
Facebook is giving time back to media buyers by migrating all ad accounts to Campaign Budget Optimization (CBO) starting early next year. That’s when media budget will be set at the campaign level instead of the ad set level. For those not familiar with CBO, this setting, which is currently optional, automates campaign optimization by letting the system allocate more funds to top-performing ad sets to get you the most results possible. For buyers, this means less time monitoring and optimizing campaigns and more time focusing on social strategy and creative. Here’s what you need to know so you can prepare for the 2020 rollout.
Campaign Budget:
Similar to budget settings at the ad set level, CBO also lets you select Lifetime or Daily Budget. With Lifetime, you’ll never spend more than your indicated amount. With Daily Budget, you may spend more than your budget on some days and less on others. Whether you’re using Lifetime or Daily Budget, it’s good to also use Campaign Spending Limit so you don’t exceed your media budget.
Bid Strategy:
With CBO, Campaign Bid Strategy is also set at the campaign level. This will be where you tell Facebook how to bid for you in the ad auction. There are two control options to consider: no cost control and cost control. With no cost control, Facebook will spend your budget to get the most results. With cost control, you tell Facebook the maximum your willing to spend per result. Since Facebook takes this into account when distributing your budget among ad sets, make sure to select the bid strategy that makes sense for your business goals. If you’re interested in learning more about bidding options, check out What You Need to Know About Facebook’s New Cost Cap Bidding on the Ignite blog.
Optimization:
Facebook also takes into account your ad set optimization when distributing funds, so make sure your optimization matches your goals. For example, if you’re looking to garner the most website purchases at the lowest cost, optimize for website purchases and not add to cart. When you select add to cart, Facebook will allocate funds to top performing ad sets based on add to cart and not website purchases. Selecting the optimization that meets your goals will help set your campaign up for success, which can help you spend more efficiently.
If you’re not using CBO, now is a good time to start testing this functionality so you’ll be prepared for the 2020 rollout. If you’re interested in learning more about how Ignite can help you build your Facebook buy with CBO, contact us here.
