All three help you with restricting the spend of campaigns and adjustment of budget. You can read below for more information on Spend Limit and Daily Budget and Lifetime Budget.
Spend Limit only works on campaign level. It limits the lifetime spend of a campaign and helps you with controlling the budget of campaigns. Let's say, you have a monthly campaign with a spend limit of 1000 EUR. When that campaign's overall spend reaches 1000 EUR (before the end date), the campaign stops serving. In addition to limiting the lifetime spend of a campaign, if the spend limit is about to be reached, you receive an email with a warning. This allows you to have more control over the campaign, you can think of your next action prior to reaching the limit and act without losing any time.
Please don't forget that the spend limit should be minimum 100 in any currency to be able to open a campaign.
Also, campaigns with Spend Limit should have at least 24 hours of time range.
Daily Budget is built to help you restrict the daily spend of campaigns. You can decide whether it'll be on campaign level or ad set level.
Ad Set Level: You need to have CBO activated for the campaign to be imported to the platform.
Campaign Level: It can be imported to the platform and Marvin can be used on campaign daily budget.
The minimum of daily budget differs regarding how you're charged and and the currency of the campaign.
An ad set or campaign with a budget in one of the following currencies (USD, AUD, CAD, SGD, JPY, NZD, TWD, EUR, CHF, SEK, HKD, GBP, ILS, NOK, KRW, DKK) is required to meet the following minimums:
If it gets charged for impressions, its daily budget must be at least $1 a day
If it gets charged for clicks, Likes, video views or post engagement, its daily budget must be at least $5 a day
If it gets charged for low frequency events like offer claims or app installs, its budget must be at least $40 a day
An ad set or campaign with a budget in other currencies is required to meet the following minimums:
If it gets charged for impressions, its daily budget must be at least $0.50 a day
If it gets charged for clicks, Likes, video views, or post engagement, its daily budget must be at least $2.50 a day
If it gets charged for low frequency events like offer claims or app installs, its budget must be at least $20 a day
For more information about minimum budgets you can click here.
Note: Minimum 24 hours should be selected as campaign duration for campaigns with daily budget and daily max spend limit.
It's the amount you're willing to spend over the entire run-time of your ad set or campaign. Lifetime Budget restricts the campaign's lifetime spent like the Spend Limit. So what are the differences? When lifetime budget is chosen, a start and an end date should be set for the campaign, unlike Spend Limit. Budget is divided into equal bits for each day in the date range of the campaign for the Lifetime Budget campaigns. When standard delivery is chosen, the division is made homogeneously by an algorithm so you don't have to think about the daily spent of the campaign. Keep in mind that, with accelerated delivery, as the aim is to spend the budget as quick as possible, the budget may be over before the end date of the campaign.
Lifetime budget also has two levels just like daily budget, ad set and campaign level.
Ad set Level: You need to have CBO activated for the campaign to be imported to the platform.
Campaign Level: It can be imported to the platform, but it's not possible to enable Marvin for campaign level lifetime budget campaigns.
For more information on Lifetime Budget, you can click here.
Note: If you would like to run a campaign with a lifetime budget, you have to set the end date for the campaign from the "Information" step. Otherwise, if no end date is selected, the budget that you set on the budget step will be "Daily" budget.