By far the most recommended way to set your ads up is to use Facebook’s auto-bidding feature and let them optimise your CPA for you. But sometimes a campaign calls for a little more control over what you’re paying. If you’ve tried manual bidding but can’t quite get the results you want try one of the following strategies.
There are 5 main methods
- Start mid range of suggested and increase/decrease as necessary
- Start low, slowly increase
- Start high, slowly decrease
- Start really high and never change it (2-3x suggested)
- Start really high and after a lot of spend drop it super low for cheap clicks
Our favourite has to be number 4!
This is what we call “The Best Bucket Method”
Facebook puts people into ‘buckets’ depending on how likely they are to become a ‘conversion’ for you. So say you are bidding for purchases of hair products. Facebook puts people into buckets like “Most Likely to Purchase”, “Likely to Purchase”, “Somewhat Likely to Purchase” and so on.
If you set a low bid then the people who see your ad will be the people who are in the ‘somewhat likely to purchase’ bucket, and if you bid high your ad will be served to people in the ‘likely to purchase’ bucket. However when you bid really, really high then you will hit the ‘most likely to purchase’ people and they should convert far better.
This tends to make your campaigns much more consistent on a daily basis. Once you’ve hit 100 sales and you make your lookalike audiences, they’re based on the best users rather than the ‘somewhat likely’ users. Doing this usually means that your ad will be shown at the best time for the user to actually click through and buy, rather than when it’s in-convenient to them. As well as this, it can keep competitors out because they’ll most likely be bidding much lower. Auto-bid tends to be the mid-range and that’s what most people use.
A word of warning
This strategy isn’t for everyone, or every situation. But it’s well worth giving a go. It will require higher budgets than you’re used to and what will usually happen is that the first day will cost quite a lot, but the cost comes down on day 2 and even more on day 3.