Recommend starting budget for sponsored products?

I recently launched a new branded product line, in a highly competitive category. My competitors are big names and advertise. That being said, I’m currently running a sponsored product ad $20 a day and the conversion is very disappointing.

Is this just way too low? I’m afraid if I do $50 it’ll be the same, or do I just try it? I’m small, obviously, but need to get this going.

Fyi My product listing + photos are strong A+ content looking good