Its been a weird past couple of days. By now you already know that Donald Trump won the US election. What you might not have heard, is that the dollar is slowly coming down, at least for a short while. Mostly because the world isn’t sure what’s going to happen now, but expect it to come back sooner than you think.
Thing is, now everyone is waiting for the bank rates to drop too, so they can do some quick shopping. But for some of us, we’re looking to pay just a little less on our ads. And not everyone knows how to do that.
Same goes for when you start off a new marketing contract. You can’t tell your clients that their actual costs might vary as the dollar fluctuates, so you usually would give the prevailing dollar rates + some buffer. Which also doesn’t always work, we’ve seen major jumps these past few months. So here are a few ways to get an assured fixed cost on your ads payment for the most popular platforms.
Option One: Pre-Pay for your ads at a fixed rate
On Google and Twitter, you can prepay for your ads as against using a post paid option. For Google, you can do this directly on the AdWords dashboard, and for Twitter, you can go through the Twitter partner for Africa, Ad Dynamo. Unfortunately, Facebook doesn’t allow prepaid ads at the moment. At least not in Nigeria. So this can only work for Twitter and Google.
Making Manual Payments in Google.
To make manual payments in Google, simply visit your billing tab and click on the “Make a payment” button.
Obviously, this can’t be refunded once paid, so I’d advise you pay on a per campaign basis. You can also easily switch back to automatic payments once you decide to go with the later. This can be especially useful for a short, one off campaign. I’ve also used this method to keep checks on accounts where access is share with other individuals. Maybe the client themselves, just so no one ends up paying more than planned for.
Making manual payments for Twitter through Ad Dynamo
If you’re running a Twitter campaign and need to make pre-payment, Ad Dynamo is a valid option. You can get invoiced for a specific ad budget and run on that till its exhausted. Now admittedly, this isn’t a good option for small campaigns (less than $500). But it can save you tons of money in fluctuating FX when you use this in running bigger budget campaigns.
Option two: Make payments with a dollar card
The second – and slightly more obvious – option, is to pay for your ads through a dollar account. This tends to ensure fixed rates on those ads. The major problem here would be that most SMEs and small scale ad agencies probably wouldn’t have one. But at this point, if you plan on doing online advertising for the long term, I’d advise you open one.
Before opening a dollar account though, I’d advise you check properly for information about the bank you’d like to use. A friend recently mentioned that her UBA card still had a dollar restriction. Please get proper information so you don’t waste time.
The good thing about using a dollar card, is that you can keep adding to it as you find sweet deals on the black market rates.
We’re likely going to be in this fluctuating FX regime for a while, so if you’d be advertising either for yourself or for other businesses. I’d advise you start taking into consideration long term plans to get your costs to be as low as possible. Let me know if you have any other tips on how to save costs on FX.
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