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Time:2023-12-26 18:25:20 Source:www.crownsoft007.com
Optimizing Facebook ad bids is an advanced element of account management, and if you want to market your Facebook higher and stronger, you'll need to fine-tune the settings to make your ads more effective. Here are some suggestions for optimizing your Facebook ad bids:
1. Choose the bid amount
Choosing the bid amount is a critical step in Facebook ad bidding. You need to optimize towards the ultimate conversion goal and set the bid at the true value of the conversion. (True value is the average lifetime value of a one-day post-click conversion, i.e., the average value of an ad-induced conversion excluding browse attribution.)
- The bid amount should be the highest amount you are willing to pay for any one conversion in your target audience, not the average cost of all conversions.
- The maximum bid should be the average lifetime value of the user you get to convert to maximize placement and profit.
- Utilize Facebook's Vickrey-Clarke-Groves auction system to ensure this is the best option for all advertisers.
- Adjustments to the bid amount should consider the ratio of conversions to all conversions in the day after the click to keep the bid effective.
2. Select bid optimization target
The second step is to choose a bid optimization goal, where optimizing for the final conversion goal usually leads to better results. Although the general rule of thumb mentions that getting 30 conversions per day may lead to better oCPM bidding, the specific choice needs to take into account the particular circumstances of the ad set.
- Optimizing for the final conversion goal usually leads to better results, even if only a few conversions are obtained per day.
- Avoid over-optimizing goals for intermediate steps, such as link clicks or add-to-cart, which can lead to fewer purchases and higher costs.
3. Choose an audience and budget
When optimizing Facebook ad bids, it's important to consider not only the bid itself, but also the choice of target audience and budget in conjunction with it. Audience selection can have a significant impact on true value, so bids need to be adjusted to the lifecycle value of different audience segments.
- If audiences have different lifecycle values, ad sets should have different bid amounts to better optimize conversions.
- Increase audience size or combine multiple ad sets, but avoid unnecessary splits as Facebook can use this data directly in predictive calculations.
- Increase budgets and optimize allocations to ensure ad sets are well calibrated.
- Consider increasing bid amounts and changing bid optimization goals to better align with true value.
By taking these factors into account, Facebook ad bids can be optimized more effectively to improve the effectiveness and ROI of ad placements.