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If you’re going to scale your Facebook and Instagram ad campaigns, you want to ensure that you’re promoting the best, most impactful ads in your arsenal. Because it’s not uncommon for digital marketers to have questions as they try to grow their campaigns, we’ve decided to address some common issues our customers have come up against. Read on to learn which tactics, tips and Nanigans features can help you expand your ads to a wider audience.
Seasoned advertisers know that attracting high-value, long-term customers is crucial to growing a business – and Predictive Lifetime Value is the key. With PLTV, you bid based on the amount of revenue or profit a customer is likely to drive over time. Though you may end up paying more to attract these kinds of customers, you will also generate more revenue. For example, a mobile gaming company could pay 20% more to acquire a new user who spends 500% more on in-app purchases than the average new user.
Run a creative test to find out which image and copy combinations are best suited to drive your desired results. When you run an automated creative test, the least successful ads are paused down so you won’t waste your budget pushing out ineffective content. Once you identify which creative is best at driving results, you can create ads with a similar style and expand to new ad units, audiences or channels.
Stop Loss ensures that none of your ads stray from your defined performance goals during a campaign. This automated feature pauses down ads that are exceeding your target CPA or aren’t meeting your yield goal. You can also indicate how far you’re willing to go beyond your goal before pausing an ad. For example, picking 20% on a CPA goal of $3.00 means any ad with a CPA over $3.60 will be paused. For Stop Loss on a yield goal of 200%, entering 50% means any ad with a yield lower than 150% will be paused.
Cohort Analysis can help you surface the most important aspects of campaign performance by visually illustrating patterns across the lifecycle of customers. Using Cohort Analysis gives you perspective on what creative, targeting and other attributes you should use to you scale your campaigns, and also tells you which elements didn’t perform well, so you know not to use them next time. For example, you may discover that ads perform best when targeted to mobile devices, or that your video ads see better results than your link ads.
Not all bid types are suited for driving large-scale results. A good way to find the ideal bid type is through simple A/B testing. Segment an audience into two groups and try out different bid types for each, keeping the creative the same. The results of this test will help you figure out what the best bidding strategy is. For example, if you’re optimizing your bids for lower funnel website conversions, you may not be getting enough traffic to reach your spend goals. Switching your bid type to something higher up the sales funnel could help you target a wider audience.
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