You read our last post about different ways to find your audience with Facebook ads. You’ve got a Lead Generating PDF/offer at the ready. You’re really going to start that sales funnel. Only…
How much should you spend?
For a lead generation campaign (the beginning of your sales funnel) the math is pretty simple.
Cost Per Lead x Number of Leads You Want to Generate = The Amount You Should Spend
If you’re not sure what your CPL (Cost Per Lead) is...estimating between $4 - $7 should be sufficient.
ATTN: I’m about to throw a word problem at you so I apologize in advance for the math class flashback here. 🙂
Say you sell hair care products and your CPL is $4. You’re offering a coupon for 10% off any product in your store--and you want to use that to capture 200 leads with this campaign. Your budget would be:
$4 X 200 leads = $800
I know, I know. It sounds like a lot of money, right?
But! If just one in 12 of those leads end up buying $30 worth of stuff at your store you’ve already made your money back and you’ve got 200 qualified leads who might purchase from you in the future.
Please note--this is not the math you would use to launch a product. It’s not the math you would use to run an ad informing people about your shop. This is specific to having a lead generating PDF or coupon to gain new, qualified, leads.
If you need assistance developing a lead generating PDF, we’d be happy to help.
Amy Mertz is our Creative Director, StoryBrand Certified Guide, and copy writer. When not in the office you can find her chasing down her toddler, searching the land for great coffee, or espousing the current books on her nightstand.