In this blog, you will be learning Facebook bid strategies. After reading this guide you will be able to understand the bid strategies and you can use them in your overall campaign performance.
INTRODUCTION Facebook Bid Strategies
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Why your Bid Strategies Matter
Facebook bid strategies help you get the measurable outputs, such as increasing sale turnover, getting more potential leads or it also helps you in increasing your brand reach. Depending upon the outcome you want from the Facebook campaign, it is important to choose the right bid strategy that best matches your campaign.
To evaluate which strategy works best for your FB campaigns, you will need to first identify your overall FB ads objectives. Then only you can figure it out which strategy works best for you.
For example:- A flower merchant wants to increase his online sales, so he decided to use FB ads to drive online sales from Facebook. If he wants to focus on keeping his marketing cost low then his primary KPI could be the cost per purchase. Then he would go for the Cost Cap bidding strategy or also for Bid Cap strategy. Or if he wants to focus on maximising his product purchase then his primary KPI could be return on ad spend. Whichever KPI he wants to decide will determine the bid strategy he should choose.
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Types of FB Bidding Strategy
We have segregated the Facebook strategies in two parts, it will depend whether you want to control cost or not.
If you want to control cost then we will recommend you for Low-Cost Bidding strategy
Or if you want to control cost then you will have two bidding strategies
- facebook target Bid cost
- Facebook bid cap
A bid represents what you are willing to pay to achieve your goal from the Facebook campaign, however, the bid is not the cost of your campaign, if you want to control your bid directly then choose the cost cap bidding strategy.
Bidding strategy is our only approach of spending budget on the Facebook ad campaign, Our bidding strategies tell Facebook how to bid for the ad auction.
How to improve your Facebook bid strategies
- Know how much you want to spend on per conversion?
“If you want to improve your Facebook ad bidding strategy then you will need to know that how much you want to spend for a single conversion,” Says by Yaman Kumar a certified Digital Marketing Trainer at AIDM.
By setting up a bid cap for your Facebook ad, you will make sure that you don’t spend larger or much amount for conversion.”By using the correct campaign goal
One of the best and most prominent things is when bidding for Facebook ads is to make sure that you are using the right and perfect campaign goal for what your business desired to achieve.
- Create multiple ad campaigns instead of increasing ad spend to an existing campaign
Being a leader in Digital Marketing we have observed that when running Facebook advertising campaigns then it is more effective (in ROI terms) to create and test multiple Ad spent rather than spending more money on one Facebook ad campaign.
Interestingly, we ran an A/B test across multiple campaigns to further test this insight. Much to our surprise, we found amazing and shocking results, we have seen the tremendous result, 21% of our revenue has increased just by duplicating the Ad-set and campaign
Check Also: Top 10 digital marketing strategies
- Use higher bidding strategy
Many other Facebook ad expert and specialist said that, if you want to see the massive result then start using higher bidding strategy from the beginning of your ad. Because higher bidding strategy will deliver a better result than a lower bidding strategy. Higher bidding strategy ads will provide better engagement, better clicks and reach, or it will deliver a better click-through rate score, which in turn will lead to a higher rate on investment.
- Optimize your ad landing pages
Not many people witnessed, but the Facebook ad auction is not just all about the highest bidding, but also customer experience equally matters a lot,
Check Also: Basic Facebook guide
Facebook also counts the bounce rate you get after being clicked on the landing page. Lots of people bounce from your landing page due to slow site speed, and more. Make sure to have your standard pixel set up correctly to measure leads, and improve your site speed.