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.

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