How Much Money Do I Need To Run Shopify Ads On Facebook?
In a previous post, I shared the formula for how you can grow a Shopify store with Facebook Ads. If you haven’t read that post, check it out here.
Now that you know the process required to build a Shopify store using Facebook ads, you’re probably wondering:
“how much money do I need?”
This is a great question and the simple answer is, it varies.
However, as a rough guide, you probably want to have at least a few hundred dollars to comfortably test with.
One of the things people rarely mention when discussing Facebook ads and Shopify is that you can very easily spend hundreds and thousands of pounds on ads and not recoup your investment.
Obviously, this isn’t what anyone wants when getting started with their ads but it’s important to be aware of the reality that many people have experienced this.
The truth is that building an online store with Facebook ads isn’t a guaranteed way to build a successful store.
But, if you figure out the right audiences to target and you have solid systems in place to convert your leads into buyers, it can be an extremely powerful way to build an online store.
In this post, I’m going to share with you a few simple, low-cost formulas you can use to get started using Facebook ads to build your Shopify store.
£3-5/ Day Method
This is perhaps the most popular method for testing Facebook ads and finding winning audiences, it’s also the least expensive.
The strategy works by following these steps:
➤ Test ONLY ONE keyword/interest or behaviour per ad set;
➤ Run these ad sets for 24 – 72 hours;
➤ Turn off the ad set if it hasn't garnered you any view contents, purchases or adds to carts; and
➤ Duplicate the ad sets that bring in sales to scale your winners.
You can also do this method using “flex targeting” which is a method where you layer keywords in the same ad set.
Some people feel that testing at £10, £20 or £30 per day will yield you faster results in your testing phase.
“I think it is only wise to test with higher daily budgets if you have a large budget to play with”
I think it is only wise to test with higher daily budgets if you have a large budget to play with and also if you have a somewhat seasoned Facebook pixel that has already been collecting data, particularly data on buyers, meaning that you already have winning ad sets running.
Overall, this is a tried and true conservative method for building up your store using Facebook ads. If you only have the budget to test one ad set at a time, then only test one at a time.
It’s much better for you to take your time researching your keywords and audiences that you’re going to target so when you go to run your ads, you have a higher chance of them converting into winners.
Also remember, that using ads to build your store should be part of your long-term business strategy but NOT your only strategy.
Many people approach Facebook ads as a quick way to bring in a lot of sales but it takes time for Facebook to gather data and build a solid foundation to have your ads converting for you all the time.
So don't be disheartened if the second you start advertising on Facebook you're not making it rain sales. This is just part of the Facebook optimisation process.
This is why it is important to keep testing different audiences and different ads in order to find out what works so your Facebook pixel can optimise. But that is a story for another day.
In the meantime, be patient and stick to the process.