The Message is the Medium
If you are unaware, in a week America will be glued to televisions, Twitter, and news feeds watching the 2020 Presidential Election. Biden has spent $92 MM to date on Facebook and the Trump ticket has spent $104.5 MM since January 1st, 2020.
$200 MM is an enormous budget but it is incredible to compare the front runners advertising cost to the total. Their combined election spending on Facebook equates to only 2% of the roughly 11 Billion that will be spent this election cycle!
Perhaps a more interesting story, between the 3 main pages of Facebook they have “spent” over $60 MM on their own platform this election cycle. Spent is in quotation marks as this is more aligned with the lines of an opportunity cost equation than a direct expenditure of cash on hand. Regardless, at an average CPM of $10 this means that Facebook Inc. has served 6,000,000,000 impressions since May 7th 2018 or roughly 6,637,168 per day.
We can profile several other large stats but we actually want to provide our readers with a very tangible opportunity to help their own marketing efforts.
One of the most powerful tools in the political vertical actually isn’t their ad spend, but instead is how they leverage tools like Facebook Messenger to build their marketing funnel. Specifically, it’s the ability to auto-respond in FB Messenger to any comments made by users in-feed.
Why is this so important?
For starters Facebook responses are public, Messenger conversations are private. This can be valuable for a variety of reasons, such as offering a unique discount to that one customer (versus everyone) or to address/resolve negative issues (versus airing it out publicly).
You can also tailor and collect information, drive to multiple CTAs based on the conversation flow, and have the consumer self identify key variables that can empower appropriate follow ups.
Take the example above. The question around committing to one candidate opens up five different response paths. Each of these has their own flow that takes a user down a different path.
- If you are already on Team Biden, then it prompts you with a question around Zip Code to help with local information on voting.
- If you are undecided, then the prompts you with a question around topics that matter to you and offers to set you up with a campaign volunteer for a live discussion.
- If you are Team Trump, then it just responds with a polite “Thank You” and on the backend likely will track you as someone to exclude from future targeting.
- If you are leaning Team Trump, then it prompts around key issues. Likely this funnel leads to a similar response tree as "undecided" with the ability to now inform the campaign volunteer with information the user freely provided (eg, this is now an in-market buyer).
So what does this mean for D2C and Performance Marketers?
This can be a game changer if used properly. We are living in the age of data where deterministic data is king. A proper Facebook Messenger flow can deliver self identified consumer information on a silver platter. Do they hate your brand? Great, tell us why and show us the path we need to take to fix the relationship? Do they love your brand? Even better, tell us how we can sell you more of our product and incentivize you to share it with your friends/family.
Let’s be real, User Acquisition can be a very expensive game to play (not even considering measurement). There are 8MM advertisers on Facebook and a large number of those are going to lose the UA game. So instead of trying to compete with the Wayfairs of the world on media spend, look to win over customers through a more engaged funnel.
If someone is taking the time to comment, whether good or bad, this is a person who is looking for a conversation. Are you going to be the brand that responds or ghosts?
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Photo by Parker Johnson on Unsplash
*If you are looking for more information, different 3rd party partners in the space offer different opportunities when it comes to enabling this feature. We have no relation with respond.io, but we found their blog helpful in explaining how to set up a basic automatic response system on Facebook Messenger.
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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.
