Playable Traits
We have a working theory at Dysrupt that when two disparate domains of knowledge share a commonality, it is worth investigating. The pairing should be natural and not succumb to a procrustean bed issue. When natural, often time it reveals deep truth.
Here is a warm up example that applies to finding success in stand up, tech start-ups, or the NFL - there is a where to success. If you want to be great at stand up, Boise, Idaho is not the place to do open mics... for that matter Boise, Idaho is not the place to find success with a tech start-up idea or the NFL either 😁
Here is our main example. As an added benefit let us save you 2 levels of study and $1,500 in class fees for an insight only delivered in Level 3 of a Groundlings' Improv class - a character should only have at most two playable traits. As Will Ferrel was a graduate of Groundlings, you can pick anyone of his characters to see this in action. For example, Anchorman's Ron Burgandy has two playable traits: narcissism and incompetence.
Notice that both of these traits inform how to play the character. Ron Burgandy has numerous non-playable traits that are distilled from these two choices. The audience can always understand throughout the movie that his character's choices come from these playable traits.
It so happens that every great brand has at most two playable traits. The great ones may just have one. Companies spend years and millions building these traits into the hearts and minds of consumers.
Here are some quick examples:
- Amazon - Selection
- PayPal - Trust
- Apple - Design
- Coke - Happy
- Volvo - Safety
Why the commonality between building a character for Improv and business? Because the art of improv is making the audience remember what is not explicitly stated. No one wears costumes and the options for what may happen are infinite. The audience needs simplicity to follow along. Ultimately, the jokes only land if an audience can track why someone is taking a specific action.
Similarly, a person is bombarded with complexity constantly. Forbes reports that the average person is exposed to 4,000 - 10,000 ads per day! The brands that can cut through the noise by adhering to their playable traits get remembered. Not only that but it can do wonders for a company's internal organization. People at Volvo know that any marketing ideas ultimately need to ladder up to the idea of safety.
At Dysrupt, we haven't spent millions on our brand but we landed on "Dysrupt" because we wanted to disrupt the agency space by being expert-driven. Expert is a fairly common word with many potential meanings but we defined "experts" explicitly as:
- People who have a deep knowledge in the space (e.g. know the real formula for Facebook's auction... hint it's not second price)
- Are able to foresee change in the market and for a client's business
- And most importantly can implement that change (e.g. turn theory into practice)
Ultimately all of these extra qualities derive from our playable trait of expert-driven. And the way we have evolved the business, the people we hire, the technology we're developing, and the way we engage with clients all ladders back into this playable trait.
What are your brand's one or two playable traits? Is this known within your organization or is there a lack of clarity?
*Fun fact, Groundlings has most likely produced at least one of your favorite comedic actors
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Thanks to Spencer Imbrock for sharing their work 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.
