Facebook has introduced a new form of budgeting for advertisers, which enables to control how ad spends will be managed over the life of a campaign rather than a daily budget.
Facebook has described the feature as follows:
Lifetime budgeting is very similar to a daily budget but instead of putting an amount to spend per day, you put in a lifetime budget to spend across the finite lifetime of the campaign.
The benefit with lifetime budgeting is the system will also pace your ad spend. For example, if you specify $100 USD to be spent for a 10 day campaign, each day theoretically will need to spend $10/day. If the campaign only spends $8 on the first day, the system will try to make up the missed amount at a later date within the campaign.
This feature is most useful for those who either tend to forget that they have ad campaigns running as well as those who have a specific budget that they’d like to allocate for each campaign. While I’m not sure that this will dramatically impact ad spend one way or another, it’s definitely great that advertisers have an increasing number of controls to manage their Facebook ad campaigns.
Thanks to Helen Todd for pointing this out to us!