A Quora Crash Course
What happens when both the CTO and an engineer/manager from Facebook launch a company? You get Quora!
The question and answer site launched in 2009 with an ever evolving self-serve ad platform. We believe that Quora, for the right company, can be an interesting growth hack. While the masses are following Gary V’s LinkedIn advice, look to instead be the one striking new ground with Quora.
Background
Facebook, Google, and Amazon cover over 70% of online advertising spend in the US. Diversifying your budget away from the incumbents becomes almost by definition a growth hack. So where do you diversify digital budgets? There are the more traditional avenues, but those are generally laden with preferential rate cards or weak ad buying systems.
Step in Quora.
We like to think of Quora as having the ability to advertise on Wikipedia. As Jimmy Wales won’t launch ads anytime soon - here are some interesting statistics from Quora’s audience profiles. (LINK)
- Quora has 300 million monthly active users
- The site has a 43/57 female-to-male ratio
- Adult users who are 18 years and older with a household income greater than $100K spend 2x more time on Quora than LinkedIn
- It’s a mobile-first channel with the most impressions and click-throughs on Quora Ads
Now we have to note that this is not a platform for the masses. However, certain verticals, industries and businesses match these demographic triggers. E.g. B2B can play quite well here versus a CPG company looking to attract the younger generation.
If you are a frequent reader of our newsletter, you know that we often reference a key formula on social media platforms - CPA = CPM/APM. CPMs in relation to Action Per Million Impressions matter for a cost effective CPA.
We have been running ads on Quora for the last month and are seeing a CPM of $2.56! Clearly results will vary, but this is an insanely low CPM especially when you compare it to the latest FB average CPM of $12.59. This means FB APM has to be roughly 5x more efficient than Quora to have an equivalent CPA! That’s a lot of wiggle room to find a measurable and incremental channel to throw into your marketing mix.
Their Self Serve Ad Platform
For those familiar with Ads Manager, Quora will look remarkably similar. Ads are set up in a Campaign > Ad Set > Ad format. Ads can however contain much more text than Facebook as video is not currently available.
The most interesting feature of Quora is their approach to audiences.
As Quora is a questions and answers platform, advertisers can decide to have their ads show in relation to pertinent questions. This is an absolute goldmine for B2B advertisers! Think of this as a compliment to your search buy, but much more focused. The audience here is very high intent as they self-identified when asking the question, and are likely either the decision maker or a support component for the decision maker at a company.
Furthermore, Quora offers a barebones pixel to allow for tracking and conversion based bidding (versus pure CPC bids). Not only can you reach high intent audiences and be the branded source of truth for key questions, but you can properly measure the impact in the same way you validate your other digital buys.
How To Test
Learning new ad platforms is like learning how to swim. Yes, you can read a book on the subject but it’s impossible to learn how to swim without jumping into the water.
After the craziness of 2020 and Q4 subsides, our suggestion is to consider a test with Quora - especially if your business is in the FinTech, B2B, B2C, etc. type verticals. Testing here is fairly simple:
- Implement the pixel (Optional)
- Define a budget
- Identify a key audience or set of questions/answers
- Whip up some straightforward creative (statics only on the channel)
Read next
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.
