Facebook launched campaign level budgets in the mid of 2019. Initially, I was skeptical but I’ve started to like CBOs a lot. By using campaign level budget, I can now test 5-10 adsets in the same budget that I needed before to test 1 adset.
Facebook simply spends higher budget on the adsets within a CBO that are more worthy of my budget and spends lesser budget on adsets that are more likely to burn cash.
There is always a risk of missing out on a potentially winning adset but the reward overshadows the risk. In addition, you could still define minimum spend per adset within a CBO to ensure that each adset gets a bare minimum spotlight. Although, I generally advise against that.
My only problem with CBOs thus far is the organizational structure. Prior to CBOs, I only had to create 1 campaign per product. My campaign could then have hundreds of adsets.
Now I’ve to create multiple campaigns per product with each campaign grouping similar adsets together. Because of this, I’ve to create 10s of campaigns per product. The downside is I can’t group together data for 1 product without using filters which is just an added inconvenience
If Facebook introduces something which is above the campaigns level only for sake the of categorization, I’d really like that.