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Meet Lead Gen’s Best Friend: The Hourly Bid Multiplier

Written by: Colleen Slyne, Campaign Management Team Lead

At Nanigans, we’re constantly taking in feedback and brainstorming better ways to optimize our ad automation software. Our lead gen clients asked for a way to capitalize on price fluctuations and purchasing behavior of their customers throughout the day, and Hourly Bid Multiplier was the result.

What is an Hourly Bid Multiplier?

All of Nanigans algorithms are trained to meet your KPIs. Depending on the bidding and budgeting option chosen, Nanigans will either spread out the dollars spent in your campaign throughout a given time period, or try to spend as much as possible within your given goals. This advanced feature allows you to increase or decrease bids within specific hours, or sets of hours, during a 24-hour period — without needing to make any manual adjustments to your overall goals. It’s a precursor to our Value Based Bidding model, currently in testing, which will take time of day into account automatically, as well as other features of your campaigns.

Why is it particularly suited to lead gen advertising?

The Hourly Bid Multiplier is a useful tool that can help clients bid higher during specific hours of the day that they know (through analyses of their own data) to be more valuable. Here are a couple sample scenarios where a lead gen customer might find this feature helpful:

  • Capitalize on the early morning hours when traffic tends to be cheaper to come by, by forcing the system to bid higher
  • Monetize leads (potentially through a call center) better at certain times of day
  • Every day from 3pm-4pm, boost all bids in a strategy group by 10% and for 9am-11am reduce the bids by 10%

What are the benefits of using the Hourly Bid Multiplier?

Users who are knowledgeable about how time of day affects their monetization or the value of the users driven to their sites can use this knowledge to enhance what the Nanigans algorithms are currently trained to understand. If used properly, the Hourly Bid Multiplier enables higher bids during the most lucrative hours of the day, and is customizable for each initiative an advertiser is running. We have seen this technique work for scaling up campaigns and keeping Cost Per Action (CPA) more even throughout the day.

I’m interested. What more do I need to know?

  • This feature will only work when using automated bidding and not manual bidding.
  • The Hourly Bid Multiplier is applied after all other bid-related calculations are applied.
  • If you’ve set a minimum or maximum bid within Nanigans, this will always be respected.
  • The hours used are based on your Facebook Ad Account timezone.
  • The Hourly Bid Multiplier can be utilized with multiple bid types and in conjunction with campaigns optimizing toward Yield or CPA.

If you’d like to use the Hourly Bid Multiplier, your dedicated Nanigans account team can assist you in implementing and monitoring performance.

 

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