Marketing Maxims
Between Apple and the FTC, this is going to be an interesting year on social media.
The team at dysrupt has seen and helped manage first hand over 50 different companies' spend across every social platform. Some of these advertisers spend $1 MM a year and others $100 MM a year on Facebook alone.
Here is a list of gut checks, maxims, guide posts, heuristics, aphorisms, and principles developed over the years.
Folk wisdom from the frontline.
Signal is Everything
The Facebook pixel is the link between your business and the platform. If this link is weak, you can expect your advertising to have weak results. The first step to optimization on the platform should always be to ensure all best practices and data transfers are in place. This can be anything from pixel QA all the way up to building for Facebook’s Conversions API (CAPI). But at the end of the day, if you are feeding bad or incomplete data to an algorithm it will produce bad or inefficient results. Feed the machine the best data you can… because we guarantee your top competitors are!
Go Through Your Flow
It’s amazing how many marketing teams have never gone through their own purchase flow. No shame if you haven’t, you can start right now! Before you begin make sure to turn on some sort of pixel tracking plug-in. Explore around the site as if you were coming in through the homepage, click on an ad and go directly to a landing page, add multiple items to cart, input PII, create an account, etc. Do all the steps a standard customer would take. Did it seem like a lot? Were you losing interest or finding points of unnecessary friction? Now do the same thing on your competitors site. Track, compare, and see who’s flow you prefer.
Retargeting new customers is usually 2 - 3x more efficient than prospecting on new customers
If your business falls out of this norm, there should be a clear and concise answer as to why the difference exists. If retargeting is 10x more efficient than prospecting, then there are probably some improvements to be made on prospecting. If prospecting is on par or more efficient than retargeting - we’ve seen it happen - then there may be an investigation around the product’s pitch, website, user flow, etc.
Lookalikes should work better than interest targeting
The smartest engineers in Silicon Valley spent many years to ensure this is the case. If lookalikes are underperforming interest targeting, it’s time to examine what seed list is being leveraged to create the Lookalikes.
Broad targeting is the goal
The largest advertisers on Facebook use broad targeting. Having broad targeting work for your business means that Facebook’s algorithm is tuned to search the masses for your next best customer. This only can happen when signal fidelity is high, account structure is lean and creative is following best practices. In short, this can take time but is a great goal to achieve.
Make and maintain a catalog
The more data the algorithm can ingest, the more of a competitive advantage you will have as an advertiser. One often overlooked aspect of signal fidelity is the catalog. If you are selling multiple SKUs, it is critical to set up a catalog so Facebook can learn who is looking at what type of products on your site. It also unlocks a different campaign objective to test!
Only do Alphas/Betas if you can retain access to them after the test
Alphas and Betas are great but can also cause a lot of extra work on the advertiser side. To offset this cost, ensure that if the Alpha or Beta is available after the testing period as an option to leverage so that the research cost is offset with a gain over those who didn’t gain access.
MMM is great for the brand team, MTA is great for the data science team and Finance doesn’t understand or believe in either
In the past decade of interacting with clients, about 95% of them have dictated budgeting via last click measurement. Of those, around 50% have pursued some type of MMM or MTA model from one of the top tier providers in a move to leave last click measurement. 0% of this cohort changed their behavior after they were implemented. While those models may be intriguing to the marketing team, at the end of the day Finance is dictating budgets and Finance is looking for consistent metrics that can be easily repackaged for C-Suite or a Board. Build marketing systems that align to the purse strings of a company (also known as the real KPIs).
If the CEO can’t explain the test to their mom, it has no shot in transforming the company
Testing is great but the results have to be simplified to their core for them to have a lasting effect. Consider the game of telephone before starting a test that requires a lot of explanation and moving parts. Is the test able to produce a result that can be explained and implemented easily? Does the test bump into any cross functional teams that will be positively or negatively impacted by the results? Don’t forget that companies are just people, and every organization has its own unique set of internal politics.
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Photo by Markus Spiske on Unsplash
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Facebook Ads Bidding Strategies can either make or break your advertising campaign. If you've been struggling with getting the best results, understanding the benefits and drawbacks of each strategy can save you both time and money. The right bidding strategy can help you reach your target audience more effectively and get the most out of your advertising budget.
Each bidding strategy has its unique benefits and challenges. Some are great for maximizing visibility, while others prioritize cost-efficiency. Choosing the right one depends on your specific goals, whether that's more clicks, better engagement, or higher sales. Knowing the pros and cons of each strategy will help you make informed choices that benefit your business.
This article will guide you through five key Facebook Ads Bidding Strategies. You’ll learn about their benefits, drawbacks, and how to pick the one that suits your campaign objectives. By the end, you’ll have a clear understanding of which strategy will help you achieve your advertising goals effectively.
Understanding Facebook Bidding Mechanics
Facebook bidding is essential for advertising success. It involves auctions where advertisers compete for ad placements. Understanding key elements like Auction Dynamics and Different Bidding Strategies is crucial.
Auction Dynamics and How Bids Work
In Facebook's auction, ads compete based on bids, estimated action rates, and ad quality. Bid represents how much you're willing to pay for a specific action (like clicks, views, or conversions). The Cost Per Result adjusts based on competition.
Bid Cap lets advertisers set a maximum bid. This ensures spending control but may limit campaign reach. Meta bidding strategies, like Lowest Cost and Target Cost, help optimize for specific goals, balancing cost and performance.
Factors influencing the auction include:
- Bid amount
- Ad relevance
- Estimated action rates
Exploring Different Bidding Strategies
Advertisers can choose from several Facebook bidding strategies. The Lowest Cost strategy aims to get the most results for the lowest price but may lack spending control. The Cost Cap strategy helps maintain an average cost while driving results.
The Bid Cap strategy is useful for high-control needs, letting you set the max bid per action but it might restrict delivery. Target Cost aims for a stable cost per action, ideal for steady budget planning.
Choosing the right strategy depends on your campaign goals, budget, and desired Cost Per Result. Evaluate each option to find the best fit for your needs.
Implementing Bidding Strategies for Campaign Success
Successful implementation of bidding strategies can drive better results and optimize ad spend. Key factors include setting appropriate bid caps, maximizing returns using ROAS goals, and balancing volume and value.
Setting the Right Bid Cap for Your Campaign
Setting the right bid cap involves determining the maximum amount you are willing to pay for a result. This ensures costs don't exceed the budget. Bid caps can help control spending and improve efficiency.
- Analyze past performance: Review historical data to identify the highest bid that achieved desired results.
- Adjust as needed: Be flexible to change bid caps based on real-time campaign performance.
- Consider the competition: Higher bid caps might be necessary in competitive markets.
Maximizing Returns with ROAS Goals
Use the Return on Ad Spend (ROAS) bid strategy to drive maximum returns. ROAS goals ensure that every dollar spent on ads generates a specific amount of revenue.
- Calculate target ROAS: Set a realistic ROAS based on past campaigns.
- Monitor and tweak: Regularly check ad performance and adjust your ROAS goals to meet revenue targets.
- Balance quality and cost: High ROAS might limit reach, so find a balance between cost and quality.
Balancing Volume and Value in Bidding
Balancing volume and value helps achieve the right mix of reach and profitability. Consider using both Highest Volume and Highest Value strategies.
- Highest Volume: Bids are set to get the most conversions, good for awareness and large-scale campaigns.
- Highest Value: Focuses on getting the highest-value conversions, suitable for targeting high-value customers.
By carefully implementing these strategies, advertisers can meet their campaign goals effectively.
5 Facebook Bidding Strategies: Benefits, Drawbacks, and Selection Guide
Static ads and dynamic ads serve different purposes in the world of marketing. Static ads are simple and stay the same at all times. They are easy to create and can be effective for straightforward messaging. But dynamic ads offer customization, changing their content to fit the audience's preferences and behaviors.
Dynamic ads might seem complicated, but they bring better results by targeting specific groups with personalized messages. This means higher engagement rates and more conversions. Static ads, on the other hand, are less effort to produce but may not capture attention as effectively.
Deciding between static and dynamic ads depends on the brand's goals and resources. Each has its strengths and can be powerful if used appropriately in a marketing strategy.
Understanding Static and Dynamic Ads
Static ads and dynamic ads serve different purposes in digital marketing. Each has unique features and benefits that cater to varied marketing needs.
Exploring Static Image Ads
Static image ads are straightforward. They are typically still images that do not change once created. These ads are ideal for conveying a clear, unchanging message or brand image.
A static image can include text, graphics, and logos, and is often used on websites and social media platforms.
Advantages of Static Images
- Consistency: The message remains the same, which can be useful for brand recognition.
- Simplicity: They are simple to create and often cost less than dynamic ads.
- Predictability: Once the ad goes live, what you see is what you get.
Unpacking Dynamic Advertising
Dynamic ads are more complex. They can change content in real-time based on user data and behavior. Unlike static ads, dynamic ads can alter images, text, and calls to action depending on who is viewing the ad.
Benefits of Dynamic Ads
- Personalization: Content can be tailored to each user, potentially increasing engagement.
- Flexibility: They can show different messages to different audiences without creating multiple ads.
- Efficiency: They adapt to user preferences, making the ad experience more relevant.
Comparative Analysis and Use Cases
Static and dynamic ads offer different benefits and limitations. This comparison will help you understand where and how to use each type effectively in your marketing strategy.
Static Images Vs. Videos
Static images are simple and quick to create. They load faster than videos, which is great for mobile users and slow internet connections. They allow for clear, focused messages without distractions.
Videos, on the other hand, capture attention better with motion and sound. They convey more information in a short time. Videos are more engaging and can demonstrate products or services in action.
Leveraging Opportunities for Static Ads
Static ads are useful in various scenarios. Billboards are a great example, as they need to be read quickly. Print ads in magazines and newspapers also benefit from static images. Online banners are often more effective when static, as they load quickly and are less intrusive.
Static ads are best when the message is straightforward. They work well for short calls to action like "Buy Now" or "Sign Up." Visually, they should be clean and uncluttered to convey the message quickly.
