With platforms like TikTok on the rise, it may be hard to believe that potential customers are still tapping Facebook to learn about businesses like yours; however, the Meta-owned company is the most popular social platform in the world, pulling in 2.91 billion monthly active users. According to data collected by social media management platform Hootsuite, Facebook's ads reach 64 percent of all Americans over age 13. And thus, your target audience might just be one Facebook post away.

Leveraging Facebook ads is one of the best ways to set your brand apart from the rest—especially if you're on a budget, says Courtney Spritzer—co-founder and CEO of Socialfly, a full-service social media agency. Spritzer acknowledges that there has been a negative shift in the perception of Facebook as an effective marketing tool over the years, but Socialfly's success speaks for itself. "I don't know where else you can reach your target audience for less than $10 a day," she explains on the latest episode of the WorkParty podcast. Standing out on a limited budget is, "all about content, leveraging influencers, and investing in Facebook and Instagram ads," says Spritzer. (Socialfly has been named one of Inc. 5000's fastest-growing private companies two years in a row, FWIW).

Facebook itself recommends spending at least $1 per day on ads. However, if using its cost-per-result goal bid strategy—which helps maximize conversion volume while keeping your ad spend low—your daily budget should be at least five times the amount of your cost-per-result goal. So, for example, if your cost-per-result goal is $5, your daily budget should be at least $25. Once your ads have exited the learning phase (the amount of time it takes Facebook to learn about your Target audience once a post is live), Facebook tries to keep spending around your cost-per-result goal. Pretty smart.

Spritzer also mentions micro-influencers as a budget-friendly way to advertise. When you work with creators, you're not only reaching a new target audience, but your brand is receiving a piece of user-generated content (UGC) that can be reposted on your company's channels. Micro-influencers, who often have a niche, hyper-engaged audience, are known to charge $100-$500 per Instagram post. (But, of course, rates increase from this range based on factors like the influencer's reach, engagement, and scope of work.)

For more on budget-friendly ways to expand your audience, take a listen to this week's episode of WorkParty, where Jaclyn Johnson interviews the co-founders of Socialfly and Entreprenista, uncovering their secrets to building a business with your best friend and even more insights on digital trends for small businesses.