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In the competition for impressions, clicks and purchase events, recently launched social media ads often get the short end of the stick. Facebook doesn’t know how likely it is that consumers will click on a new ad, so it gives preference to other ads that already have a track record of clicks. This approach makes logical sense, but it puts marketers in a chicken-and-egg spiral where a new ad’s odds of good delivery are low because there’s not enough data, but delivery is needed in order for the ad to get data.
Nanigans clients can bypass this issue with a feature that gives new ads more of a chance in a Facebook auction against seasoned ads. “Exploration Boost” allows Ad Engine to automatically boost up bids on new ads to help delivery, and then automatically ramp down bids as it collects enough data to make the boost unnecessary. As sufficient information is collected on your ads, the boosted bid amount will be decreased. Because the ramping up and down is done automatically using statistical techniques, Ad Engine ensures that marketers don’t overspend or waste time battling this common startup issue.
Users can specify the amount of boost desired. The most aggressive boost level is 100%, which will cause Ad Engine to double the initial bid from what it estimates as the ad’s true value. As clicks and conversions are generated, this boost will gradually decline. It’s important to note that the higher the ad’s conversion rate, the quicker Ad Engine will ramp down Exploration Boost. When data is being collected more quickly, Ad Engine can assess the ad’s true value much faster.
In the chart below, see how a high conversion rate ad (conversion rate = 0.5%) has an Exploration Boost that declines faster over time than a low conversion rate ad (action rate = 0.01). This is because more data is obtained earlier for the (action rate = 0.5) ad than the (action rate = 0.01) ad. As a side note, this does not mean that the lower conversion rate ad has a higher bid; the boost is only a multiplier on the estimated value. A lower conversion rate ad will have lower value estimated by Ad Engine.