Advertising budget is a factor that advertisers need to consider as it affects the distribution capability of the campaign. When setting up a Facebook Ads campaign, there are two budget options: lifetime budget and daily budget. Each budget option has distinct features suitable for the needs of each advertiser. You have set a lifetime budget for your advertising campaign and want to change it. In this article, Optimal FB Agency will guide you on how to change your lifetime budget to daily budget on Facebook quickly and easily.
Understanding Facebook advertising budget
The Facebook advertising budget is the amount of money you are willing to spend to run ads on this platform. Depending on your advertising plan, you can set a daily, weekly, or monthly budget, etc. The budget will affect the reach and frequency of ads on Facebook. When setting up a budget, you need to determine the cost per impression or cost per click. Determining a reasonable budget is crucial to ensure cost-effectiveness for the Facebook ad campaign. There are two types of budgets for Facebook ads:
Daily budget
This is the average amount you want to spend on an ad set or campaign each day. It is not a limit on the maximum amount of money. When setting a daily budget, you set the average daily spend for a week. This budget setting option is useful when you want to spend roughly the same amount each day to achieve consistent daily results for your campaign or ad set. The amount spent may fluctuate as the daily budget is an average daily spend over a week.
Lifetime budget
Unlike the daily budget, the lifetime budget is the total amount of money you are willing to spend for the entire duration of the campaign or ad set. The lifetime budget is the maximum limit and not an average. It can be useful when you want to exceed a certain spending amount. This budget works best when you have flexibility in how much you want to spend each day.
You can set a lifetime budget for the overall campaign using Meta’s Advantage campaign budget or for individual ad sets. Setting a lifetime budget is a suitable choice when you don’t want the total spend to exceed a certain amount. This budget will work best if you can be flexible with your daily spending.
If you are using standard delivery, Facebook will try to spend the budget evenly throughout the campaign or ad set duration. To get the best results for your budget, Facebook may spend more on days with better opportunities and less on days with fewer opportunities. If you have specific spending goals for each day of your campaign or ad set, the daily budget is the best choice. At that point, you will want to know how to change lifetime budget to daily budget on Facebook. In addition, please see more information about: How to pin products on TikTok live as a moderator?
How much should you set for a Facebook advertising budget?
Determining a Facebook advertising budget depends on many factors such as the business sector, target audience, and advertising objectives. Each industry will require a different budget. The minimum budget to run ads on Facebook is $1. However, you should only set the minimum budget to practice setting up ad campaigns. Instead, you should set the advertising budget from low to high. Focus mainly on testing elements such as content, images, products, etc., and when you see effectiveness, increase the budget.
When setting up a Facebook ad campaign, you should choose a suitable budget type. If you want the amount spent each day to be roughly the same to achieve consistent daily results for the campaign or ad set, or if you want to test elements to select the best-performing ad sets to increase the budget and improve efficiency, choose the daily budget. If you want to control spending, optimize ad performance, and ensure the campaigns run smoothly, choose the lifetime budget.
You should know how to set a lifetime budget to ensure your ads run continuously without exhausting the funds before the deadline.
To set a lifetime budget for a Facebook ad campaign, log into Ads Manager and click Create to start a new campaign. Next, name the campaign, select the advertising objective, target audience, and ad placement.
In the Budget & Schedule section, select Lifetime Budget instead of Daily Budget. Next, enter the amount you want to spend throughout the campaign duration. Then, set the campaign start and end dates to determine the ad run time. Now, complete all ad details, review the settings, and click Publish to launch the campaign.
How to change lifetime budget to daily budget on Facebook?
If you have set a Facebook ad campaign with a lifetime budget and find the campaign is not achieving the desired results, you may want to change the lifetime budget to a daily budget to test ad sets and see which factors impact the campaign’s effectiveness, then make appropriate adjustments. Here’s how to change lifetime budget to daily budget on Facebook:
Access Facebook Ads Manager or Business Manager and navigate to the Ads section. Next, identify the ad set you want to change and click on it to open the ad set details. In the ad set settings, you will find the Budget & Schedule section.
In the Budget field, you will see the current budget type, which is likely set to Lifetime Budget. Now, click the Edit button next to the Budget field. In the Budget Type dropdown menu, select Daily Budget, then enter the desired daily amount for the ad set. Now, review the other settings and make any necessary changes, then click Apply to save the updated ad set configuration.
After making this change, the ad set will use a daily budget instead of a lifetime budget. This allows you to have more precise control over daily spending and ad pacing. Changing the budget can affect the campaign’s performance and ad distribution, so close monitoring is necessary.
If you find your ad set is not performing well with a lifetime budget, you need to know how to change lifetime budget to daily budget on Facebook. When making changes, closely monitor and make appropriate adjustments to ensure the Facebook ad campaign achieves the best results.
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FAQ
If you want to set a lifetime budget for Facebook ads, go to Ads Manager and create a new campaign or select an existing campaign. Next, choose your ad set, then in the Budget & Schedule section, select Lifetime Budget and enter the total amount you want to spend.
You can adjust the lifetime budget even after the campaign has started. Access Ads Manager, select the campaign you want to edit, then click Edit and adjust the budget as needed. Significant changes may affect ad performance.
The daily budget sets a limit on the amount you spend each day, while the lifetime budget sets a limit on the total amount you spend throughout the campaign. The lifetime budget allows Facebook to optimize your ad spending over the campaign’s duration. This budget type is more flexible in ad distribution. It is particularly useful for campaigns with a specific timeframe or event.
