Holiday shopping is an important time for any ecommerce business and the perfect opportunity to drive traffic to your website. People are usually looking for sales, savings, unique products, or the perfect gift. You’ll need an ad spend strategy to succeed.
With ongoing quarantines across the globe, many are looking towards ecommerce even more to safely complete their shopping. You will need the perfect ads to stand out from your competitors and move your audience towards conversions.
Of course with every ad comes a cost, an amount which increases during the holidays. For success, you need to budget wisely to ensure you’re maximizing profits and not spending too much money on one particular type of advertisement.
Let’s take a look at how to set up your ad spend strategy leading up to any holiday and what tools you can use to make budgeting easier.
Creating the perfect ad spend strategy
During holidays it’s important to have a plan and start advertising early. This will help to save money since ad costs will be lower, all the while you will be promoting your brand, generating leads, increasing traffic to your website, and more.
Then, when your holiday is nearer, you can retarget the audiences you initially advertised to at a lower cost than attracting new prospects; especially during a time of heightened ad costs and competition from similar brands.
Let’s walkthrough an ad spend strategy that will help you during any holiday:
- To start, your initial strategy will be focusing on prospecting. This should begin at the first of the month before your holiday. Your budget should be allocated for 80% prospecting and 20% retargeting.
- During the second half of the month before the holiday you’re advertising for, your budget should be allocated to 80% prospecting and 20% retargeting
- At the start of the month your holiday is in, edit your budget to be 70% prospecting and 30% retargeting
- The following week should be decreasing your budget to 60% prospecting and increasing to 40% retargeting
- Mid month, your ad spend should be split down the middle, 50% prospecting and 50% retargeting.
- During the week of your holiday your budget should reflect 30% prospecting and 70% retargeting. Since this is the end of your strategy, you should be emphasizing retargeting in an effort to convert warm audiences into customers.
Easily allocate your budget across the funnel with these tools
Now that you have a good ad spend strategy, it’s time to develop your budget. You’ll want to visualize and consider how much you will spend at each stage of the marketing funnel. The Brainity app makes this process as seamless as possible. Our new update allows you to choose from an automatic monthly budget allocation across the funnel or an advanced budget configuration.
Let Brainity do the balancing work when you choose an automatic budget
With the automatic setting, we configure your budget for you; no need to spend time adjusting it. Simply set the amount of money you want to spend, and our app will intelligently balance your budget between campaigns to get you the best performance as possible.
When you set your monthly budget, Brainity uses it to calculate your daily spending. Every day Brainity checks how much you want to spend and ensures you spend the right amount to stay within the set budget, while distributing spending between your campaigns.
This means that if you set your monthly budget to be $500. Brainity will spend roughly $17 a day, and distribute the spending to maximize performance throughout your entire funnel (Top, Middle and Bottom).
The money in your budget moves depending on the conditions of each funnel. If your bottom funnel is performing well, money from the top funnel might be allocated there, and vice versa.
If you decide to change your budget at any time, Brainity will recalculate your daily budget based on the new figure, and restart the 30 day distribution. For example, if you increase your budget to $1000, Brainity will begin to spend approximately $33 a day. And if you reduce the monthly budget to $300, Brainity will begin to spend $10 a day.
Try a more hands on approach with our cool new advanced budget configuration tool
The manual setting, also known as advanced budget configuration, puts your budgeting into your own hands. This new tool allows you to quickly move your budget between the top, middle, and bottom of your funnel with ease.
This feature allows you to drag and drop your budget along the balancing line, manually edit the percentage of your budget, and manually edit monthly ad spend. Whenever you make a change to your numbers, this reflects on the balancing line.
On your dashboard you can find your spending breakdown. This is where you can see your budget based on your shop’s performance and each campaign’s results.
This method is less complicated than the traditional way of just entering numbers into an ad spend application with no insight. The advanced budget configuration allows you to visualize your budget at each stage and adjust accordingly.
Become your own ad expert
Preparing your ecommerce business for the holidays is time consuming, and advertising contributes greatly to that. You want to make sure you’re putting out relevant ads that reach the right people and it’s not always so simple. There’s the ad copy, determining what part of the funnel your consumer is at, finding the right sequence, budgeting, and much more.
Sound stressful? No worries at all! Brainity helps you build intelligent Facebook and Instagram ads that increase engagement and traffic to your website with minimal manual oversight. Try Brainity risk-free for 14 days and save time and effort advertising during the holidays.