Let’s talk a little bit about WHY your advertising spend & budget are SO important…
Budget Pacing is an important part of managing your advertising, preventing you from wasting valuable money, and utilizing your spending to match your goals.
Knowing your spending patterns and setting a PACE for your advertising spending gives you the powerful ability to see and prevent problems FASTER than your typical advertising reports.
Without this information, however, you have to rely on the ad providers’ data, which is often shown after you’ve spend the money, resulting in wasted dollars before you even see a problem. (Sorry, Facebook and Google, but time is money!)
Most successful businesses gather as much information as possible about their ad performance for a holistic (aka big-picture) view, including how much money they CAN and DO spend on ads each day.
Setting up a specific budget pace allows you to not only spread out your budget, but more importantly, it allows you to see problems with your ads as the money is being spent! (This gives you real-time prevention!)
Let’s get more specific with a quick example:
There is a new ad you want to run, with a 3.0% conversion rate goal (meaning that 3% of ad clicks will result in a sale).
You tell the ad platform that you have a budget of $500, and set your ad running for 30 days.
On day 10, however, you notice that while you were initially getting a LOT of clicks on the ad and things were going good, it suddenly dropped to almost no clicks.
What happened? You check your ad platform and see that you’ve already spent $450, and ad impressions have gone wayyyy down as the platform spends the last of your ad budget.
Since you’ve gotten plenty of clicks already, your natural instinct is to add more money to the budget.
-BUT- Here’s the problem:
Most ad platforms learn as they go- meaning that if you spend your budget too soon, the platform hasn’t gained enough information on which clicks are actually converting. Basically, your ad hasn’t been optimized yet.
You’re spending all of your ad money before you know if your conversion goals are being met. There might have been some initial sales early in the month, but now you’re back where you started and the ad budget is gone.
That’s why we wanted to simplify things for you, and make pacing your advertising spend a no-brainer.
Here’s why this is so cool:
The dashboard we’ve built for you helps you see a few valuable key points of advertising data-
- How your ad spending is going day by day (the main point, of course).
- Easily see if you’re spending money too quickly (or too slowly) at any point of the month.
- Quickly find anomalies (such as a day of unusually high spending).
- Get an estimate of how much you will spend for the month’s total, based on your current spending trends so far.
- Make adjustments to match your spending to your ideal budget.
- and more!
This is all automatically calculated based on a few bits of info, for a truly personalized view of your ad spending!
(Psst… combining this dashboard with our Return on Ad Spend dashboard gives you an advertising info powerhouse!)