We’ve discussed previously that by increasing the sample size of your target audience the more likely the probability its mean gets closer to the average of the whole population. This is referred to as the Law of Large Numbers (LLN).
Oftentimes I see companies wanting to spend such a small amount toward a large audience size. When running digital campaigns your budget determines your reach. In other words if the audience size is 10 million in size and you spend $5/day, you may only reach 1000 people of the overall population of that audience type.
A small amount may be suitable if the sample size is realistic toward the goal. It depends on your industry, audience size, content groups that may reach the different marketing groups within that audience, etc…
There is no one formula to be honest…
There are many different aspects that should be investigated to decide the total amount you should spend per day in order to reach a decent sample size of a target audience.
Granted you should spend a small amount, but that small amount should be defined by what has been discussed. From there, with Facebook ads for example, you would have to have at least 500 of one behavior type in order to truly implement conversion rate optimization.
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