First of all I am sorry for such a long post. I need your advice on budget distribution and campaign objectives. I am confused as i've been suggested conflicting advice.
I am currently running an ad campaign on FB & IG with a pixel installed a few weeks back. The product is B2C but niche (medical). So I dont have much data to create a lookalike audience (long story).
Budget I exchanged to USD so you get the idea of the cost
1st Ad = 1 Lead (Traffic Obj. to landing page, A/B testing, Saved Audience,3 Days, USD 24)
2nd Ad = 3 Leads (Lead Gen Obj., Winning Copy, slightly refined Saved Audience, 5 Days, USD 36)
3rd Ad = 0 Leads (Traffic Obj. to landing page, A/B Testing dual languages, slightly refined Saved Audience, USD 36)
I've been following a few Digital Marketing groups, and a lot of people seem to suggest running Conversion + Landing Page View Optimization (C+LPV) for cold funnel instead of traffic. For my other product, I've tried Conversion for cold funnel, but for sending messages not LPV. While FB did suggest some numbers of conversion when I set the ad, but when I ran it, the numbers changed to 0, so I changed back to traffic.
Should I still run C+LPV on the Cold funnel even if FB suggests 0 conversion?
I understand the logic of getting traffic from people who would likely convert for Custom Audience and then using them for Lookalike Audiences. So Traffic or C+LPV for cold funnel?
I have never run a big budget campaign before so I am anxious about spending a lot of money.
1. What are the indicators that you've spent enough money on the Cold campaign? So what should I look out for at minimum? 10k engagement on the ads or landing page view before moving on to consideration and conversion funnel?
2. How should I distribute the budget across the funnel (Cold, Consideration, Conversion) is there a guideline such as percentages etc?
3. With a smaller budget (no more than 50 USD per ads for a few days) should I focus more on a single city, instead of states or country wide? Does it make a difference?