Facebook Ads are perfect for promoting Kickstarter and Indiegogo projects since they build awareness and drive engagement with your target audience. This type of exposure, in turn, can easily result in more backers. Here are a few things that you will want to know before you launch a Facebook ad campaign.
Establish your budget
Establishing your Facebook ad budget begins with first defining your total overall advertising budget for your project. When creating your ad budget, set realistic goals and establish realistic expectations about what you are hoping to achieve. For example, during the pre-launch phase of your crowdfunding campaign, you should be focused on collecting a predetermined number of email addresses from people who are interested in your product. That way, when you launch, you will already have a list of potential buyers.
We have found that the average cost per lead is around $1.50, so if you are trying to generate 5,000 leads, you should plan on a budget of $7,500 for your pre-launch Facebook Ads. We have also found it optimal for your pre-launch ad budget to be roughly 20-25% of your total ad budget. So if your pre-launch goal is to generate 5,000 leads, your pre-launch budget should be $7,500 and your total ad budget should be around $30,000.
Understand why cost-per-click (CPC) fluctuates
Your cost-per-click can – and will – fluctuate while your Facebook ad campaign is running. While ad publishers do not produce a full list of CPC pricing variables, these definitely include ad copy, ad images, the length of time your ad has been running and how specific your targeting is.
To combat increases in your CPC, it is important that you test each ad and ad set carefully. If your CPC rises higher than your budget allows, you may consider decreasing the specificity of your targeting, increasing the quality of your images or rewriting your ad copy from scratch. By doing so, you may be able to keep your cost per click within an appropriate range.
Find strategies to keep CPC down
After you have tested your ads, you need to analyze your results. By conducting a thorough analysis of your results, you will be able to identify what ad copy and images are performing the best, which can then help you chart your advertising strategy moving forward. For ads and images that perform extremely well, you will want to continue using them until you see your CPC increase. Once your CPC starts to creep up, you will want to perform the testing phase all over again.
While Facebook Ads can be perfect for crowdfunding, you must still be smart in your approach and embrace the advice outlined above in order to get the most “bang for your buck.” If you do, we can assure you that it will pay off for you in the long run.
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