Using video on Facebook can be a cost-effective way to boost your business, but in order to get the most out of it you’ll want to set at least a small budget aside in order to maximize results.
How do you know how much to spend on Facebook advertising? We’ll dive in to answer this question, plus provide some tips for creating videos on a budget.
Determining a budget for social video
So how much should you prepare to spend? We’d recommend allotting $50 for each video you create for advertising. If you’re planning to make one video a week, that’ll come to about $200 per month.
$50 is an average and doesn’t mean you need to (or should) spend this much to boost every single video you publish. Test to see what videos do well and focus your spend to maximize results for the ones that are performing best. We’ll get into more about this in the next section.
If this sounds like a lot, consider what you spend on other marketing initiatives for your business and what you get out of them. Have you purchased brochures or flyers? How about paid search or pay-per-click initiatives? Have you purchased swag for a booth at a trade show? Think about what you got out of those and keep those numbers in mind as you start testing the waters with Facebook ads. We think you’ll be surprised by just how many relevant leads and potential clients and customers you’ll be able to reach with targeted advertising.
Knowing when and how to spend your budget
So once you’ve got your budget set aside, how do you know when and how to spend it?
Well, first things first, you may be creating some videos specifically to use as ads, but it’s also important to be creating videos to post organically, as unpaid promotion, on your social profiles too, to engage with your fans and followers. This will help you engage regularly with your fans and followers, as well as allow you to see what types of videos are getting the most engagement and reach so that you can spend against those.
The Mari Method
In an article on Social Media Examiner, Facebook marketing expert Mari Smith says, “To get more mileage from your paid reach, let your posts run for 1-24 hours to gain some organic traction before boosting them.” She shared tips for doing this effectively in our very first Social Video Marketing Summit in 2016. Check out the clip below and watch Mari’s full talk over here on our YouTube channel.
As Mari recommends, post videos organically to let them pick up some organic traction. Then, spend a bit of your budget at a time to give them further reach to the audience of your choosing. If you aren’t seeing results, don’t continue spending. This’ll help you get the most bang for your buck.
Saving on your production budget
You may want to set aside a small budget for creating videos as well. However, you really don’t need to invest in fancy production equipment to create great videos for social media. To save money you can create videos yourself with photos and video clips you’ve already got on hand, or shoot new footage with your smartphone, so most of your investment can be spent on getting your videos in front of the right audiences.
Looking for inspiration? Check out our blog post on 3 companies creating effective marketing videos with assets they already have.
Budget is just one aspect of putting together a strategy for using video on social media for your business. For more resources, check out our Social Video Marketing Toolkit and download our free guide to building a social video strategy for 2018.