•Not just spending money but getting data. Not too high to freak you out but not too low to take forever for data. Recommend $25-$50 a day to get data and testing.

•75% to 80% on cold audiences. 20-25% to retargeting warm audiences.

•Know your profit margins, cost, conversion rates, LTV, CPA, and AOV. Knowing these helps you know what to spend on ads.

•Expected and goal revenue and then apply ad budget based on goals.

Budgeting Mistakes:

  1. Lots of small $5 ad sets. Not effective. At least $10 per adsets.
  2. Not testing lifetime budget vs daily budget.
  3. Shutting ads off way too soon.
  4. Want immediate return. Gotta give it some time.
  5. Not realizing how a sale comes in.
  6. Not good at evaluating data. How much spend should be always be evaluated.

From Episode 235 of Next Level Facebook Ads Podcast