Mortgage brokers often ask what the minimum required budget is to run a Google Ads campaign for generating mortgage leads.
So, in this article, I’ll tell you what I think the minimum budget should be and provide some practical tips for maximising your results even if you only have a small budget for Google Ads.
How does a Google Ads budget work
When you create a campaign in Google Ads you have to give it a daily budget - for example, £20 per day.
On any given day, your campaign may spend less than this amount or it may spend more than this.
However, what Google will do is ensure that over the course of a month you don’t spend more than your daily budget multiplied by 30.4 (because 30.4 is the average number of days in a month).
So, if you set a daily budget of £20 per day, the most you’ll spend over the course of the month is 20 x 30.4 = £608.
The minimum budget for Google Ads
In theory, you could have a budget for Google Ads as low as £1 per day.
However, in reality, you'll need to allocate a bigger budget than this if you want to see meaningful results from Google Ads as a mortgage broker.
Although there are no hard and fast rules, I usually recommend mortgage brokers budget at least £500 per month for a Google Ads campaign. So that means setting your daily budget to £16.45 per day.
If you go for less than £500 per month then you'll get very few clicks in an industry like financial services where the cost per click is relatively high. And if you get very few clicks, that means it will take a long while to generate any leads or gather the data you need to improve and optimise your campaign.
How to run Google Ads with a small budget
If you’re a mortgage adviser with a limited budget, don't despair! You can still make Google Ads work for you.
If your budget is less than £500 per month, I suggest you run your ads for a portion of the month instead of the entire month. Otherwise, you can end up spreading your budget too thinly.
So, for example, if you only have a £250 per month budget, my advice would be to allocate that spend to a two-week period. So you'd run your ads for two weeks with that £250 budget and then pause them til next month.
That way, for the period they are actually running, you'll be giving your ads a decent chance of success.
Also, at the end of that two weeks, you may well find you're comfortable investing another £250 for the remainder of the month based on the results you've seen so far.
How to setup Google Ads for mortgage leads
Want to know more about how to set up a campaign to generate mortgage leads from Google Ads even if you only have a small budget?
Click here to access some free training.