Introduction to the Marketing Lyfe Podcast Ep. 141
Episode, one 41 of the marketing life podcast. This is Taylor Timothy, your host. And today, guys, we’re gonna be talking about the lifetime budget inside of Facebook and Instagram versus the daily budget. So I’ve been doing some tests here and I’m about to share with you guys. So let’s not waste any more time dive right in.
Lifetime Budget v.s. Daily Budget
So obviously there’s pros and cons right away with the lifetime budget versus the daily budget.
The lifetime budget. Basically you have to say, Hey, Facebook, this is my budget. I want to spend this much money in this timeframe. And the daily budget.
1. Run On A Schedule
Basically you tell Facebook, Hey, Facebook, I want to spend $5 a day, $10 a day. And basically it just runs and it will run forever. The lifetime budget. It will end in that timeframe. So let’s talk about some of the pros and cons with this. So the lifetime budget, like I said, you can run it on a schedule. So if your business is open from nine to five, and you have someone that can follow up with those leads from nine to five.
2. Ads Will Eventually Stop, Must Restart Ads
Then basically that’s when your ads run. Um, but one of the cons of this is like I said, they eventually stop. And so why is this an actually, why is this a con? So let’s say you set up this campaign for a month and it’s producing really good results. Well, the truth is if you restart this campaign potentially, and hopefully it will continue what it was doing before, but it might not. And that’s the catch. Sometimes I’ve seen when you start ads back up or a campaign back up, sometimes it doesn’t leave off where it was. So that’s one of the cons to the actual lifetime budget.
1. Your Ads are Always Running
Now the daily budget is always running. So you tell Facebook, Hey, I want to spend this much money. Your ads might be performing super well at 3:00 AM when you’re asleep. Um, potentially they aren’t even running during your business hours. So that’s, that’s how the daily budget works. You just tell Facebook how much you want to spend and it spends it.
2. Lower Cost Per Result
But what I have found with the daily budget is that there is a lower cost per result. Um, why that is, I’m not sure, but in comparison, basically Facebook daily budget for messages, for one of the campaigns I’m running is getting anywhere around from $3 to $5 per message. But when we were running the lifetime budget, our cost was actually around seven to $8. So it’s a slight increase in your cost per message.
3. Never Stop Running
So if you’re looking for more volume, obviously you’ve got to run the daily budget and all, all the daily budget campaigns, they never stop running until you turn them off. So if that campaign is working and it’s running, it’s going to continue to run. If the results are still there, they’re going to continue to flow and the campaign will never stop.
What Types Of Results Do You Want?
So those are some of the pros and cons when it comes to the lifetime budget and the daily budget, the truth is both of them produce results. It’s just what types of results are you wanting? How much are you wanting to spend per conversion or message or whatever it is. That’s something that you have to decide for your business. Now, if you say, Taylor, what do you recommend? And the truth is I personally recommend the daily budget because I’m more about volume. Let’s get the most leads at the lowest cost coming in. Obviously, yes, we want qualified leads, but the, the more messages you come that come in, or the more leads that come in, basically the more you’re going to close. And that’s just how I look at it. More volume, more cells. That’s just how I look at it. Like I said, okay.
Conclusion to the Marketing Lyfe Podcast Ep. 141
So if you guys have any questions about the lifetime budget, the daily budget, Facebook ads, Instagram ads, Google paid ads, or whatever it is, feel free to reach out to me. If you guys want a free marketing strategy, you guys can click the link and basically we’ll go to my website and I will give you a strategy of how you use your business. So I’m sure to help you to help people and get their business where they want it to go. So thanks guys for listening or watching this episode, episode 41 at the marketing life podcast. Thanks guys. And peace.