Last year Facebook introduced value-based lookalike audiences in which advertisers could create an audience, based on their highest spending customers in order to maximise conversion value.
Facebook now has a bidding strategy in order to target a minimum ROAS (Return on ad spend) from your ad campaigns. This has been a long time coming as it has been a bidding strategy widely used through the Google ads platform and will give advertisers much better control when optimising Facebook campaigns which require a specific return on ad spend.
There are a number of other bidding strategies that can be utilised through Facebook, depending on the KPI’s such as optimising for link clicks or landing page views for generating website traffic along with a target CPA model to generate conversions at a set price which is useful for lead generation.
However, when running a successful digital marketing campaign there are many factors that need to be taken into account including ad images and copy, location, time of day and audience targeting. You can have the campaign set up on the correct bidding strategy however if the ads are not engaging and the audiences that you are targeting are not relevant to the service or product that you are trying to sell, then this will impact the performance of the campaigns.
Whatever your business needs are, Facebook has a dedicated bidding strategy to help you as an advertiser, get the best value for money when using paid advertising and is a platform that we at WebBox utilise alongside other platforms when creating a multi-channel digital marketing strategy.
If you’re looking for digital marketing advice, WebBox can help. Contact us today.