How to decide on a budget for Facebook

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One question that we all face at some point before establishing our goals for social media marketing in Sri Lanka is ‘What should my budget be?’ And in truth, it is only the goals that can ultimately help us determine on the budget. For example, consider the following scenario:

You or your client wants over 50,000 fans on Facebook and 5,000 new e-mail subscribers but before figuring out how to achieve this, you need to first establish how your present Facebook presence is.

To build 10,000 highly engaged Facebook fans who will go on to buy your product is extremely hard and more so if you are looking to achieve this kind of a response within a short period of time. On the other hand, if you already have a good Facebook presence, then you fans will be ready to interact and purchase from you. To achieve this, you have to dedicate good resources such as having a competent person who is in charge of community management, content creators who can create engaging content that your audience want to share and so on.

On the flip side, if you don’t have an established presence, then you need to work hard on setting the correct expectations. If you Facebook page is nothing but a platform for non-fans to sell and drive traffic, then it will not have the same effect as building a community that trusts you. Every business needs to understand that building a community takes a lot of time, effort and patience and it will never happen overnight. But as with everything in which effort is expended, the rewards are truly more than satisfactory.

Understand your industry dynamics

The industries that have the greatest advantage on social media networks are companies in the digital or entertainment industry. On the other hand, companies such as law firms and insurance agencies will naturally have a tougher time on social media since many people see it as a ‘boring’ industry. So, if your business is a boring, non-digital one, then the budget should be adjusted accordingly.

Understand your service or product buying percentage

When you sell a product, there are numerous factors that contribute to it success in actually selling it. Identify if your product is a high-end item or if it is something that people are not likely to purchase online. Verify if there are multiple steps required in order to complete the purchase and consider if it is a seasonal product that people will buy only for a certain time period.

These are factors that determine the efficiency of sales with Facebook ads and it is very important that it is considered carefully when working on a budget.

Identify the success of your website

Is your website designed well? Does it attract solid traffic from your target audience? Is it optimized for mobile devices? Is the content updated on a regular basis? All of these are things that matter a lot.

If you have established website traffic, then you have build a solid platform for your target audience. If your website is designed poorly, has no content and attracts very little traffic, then your website is naturally headed to a pitfall, no matter what social media marketing agencies in Sri Lanka might promise.

Having a well-designed website will made your job as an advertiser a whole lot easier and if you happen to have a poor website, you could be in for a near impossible mission. Therefore, adjust your budget accordingly.

A sample budget

As a general rule of the thumb, you can expect about $0.5 to $1 for every Facebook fan and even this will depend on various factors such as brand recognition, your niche, established presence, country and so on. Particularly, in a country like Sri Lanka, a like can go for as little as $0.004 depending on the quality of your artwork and content.

The bottom line, however is that nothing matter more than the quality. If you want to reap the best rewards out of your social media presence, then you have to work hard on building the quality of your brand/service.

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