When I first learned to ride a bike, I remember being afraid. It was an overwhelming process because she had never done it before and was terrified of falling.
In fact, I remember feeling similar when I started getting involved in paid advertising campaigns at the marketing agency I worked for. The first time something is done, it can be an intimidating process.
But as a marketer, it’s important to understand how to set up your paid ad campaigns to get the most out of your budget.
To do this, you can use various types of bidding strategies for different types of ads.
Next, let’s review the bidding strategies that will generate results when using Facebook Ads and PPC / Google Ads.
Lowest Cost (Auto Bid)
You won’t have a lot of manual work to do With this strategy. In fact, Facebook is the one who sets the offer automatically.
If you want to spend your entire budget, this is a good option for you. It’s a hands-off strategy and you can get more out of your investment while spending your budget.
So how do you know if this is a strategy you would like to implement?
Bid Cap
This is a good option if you want more control over costs. In fact, with this strategy, you may not even spend your entire budget.
This type of strategy works for the same types of ads as the lowest cost strategy, it is more manual and gives you more control over your spending. Plus, it can help you increase your competitiveness against other advertisers.
Target Cost
Another semi-automatic option, this strategy will allow Facebook to choose the offer while you set a target price. This is the price you would like to fight for, but Facebook could spend a little more or less.
If you want to keep costs constant, this is a good strategy to consider. You can predict your cost and get as many conversions as possible at your target cost.
However, it is important to note that you could miss out on other cheaper options.
This is a good strategy if your ad’s goal is traffic, lead generation, or conversions.
Highest Value
If you want to spend the entire budget and get the highest ROAS, this is a good bidding strategy.
It is hands-off, which means that Facebook manages the offers. You can spend your budget, while achieving higher value results.
This is a good strategy if your ad is targeting app installs, conversions, or catalog sales.
Now that we know more about Facebook ad bidding strategies, let’s dive into the strategies you can use with pay-per-click (PPC) ads, whether it’s through Google or another search engine.
