Facebook Ads bidding strategy seems to be a misunderstood thing that even seasoned marketer at times have difficulty grasping. At times it is can be tricky even for me especially when you do not have a clear objective to the campaigns you are running.
That is why the people who have worked with me and attended my consultation sessions know that we must always be clear on what is the main objective of the campaign. And the conversion goals that it must achieve with the clear objective.
For example, objective is to make $5000 sales revenue just doesn’t cut it. As far as I am concerned, an objective that is clear is to make $5000 sales revenue with a maximum monthly ads budget of $500 for the next 6 months. From there the process of market segmentation, bidding strategy, split testing, sales copies and marketing collateral will fall into place much easier.
With the main objective clear, you will be able to set your Facebook Ads strategy to be in line with your main objective.
Bidding strategy is part of the Ads strategy which will determine the type of conversion you want to achieve with the Ads.
Hence you will know which type of Facebook Ads bidding is suitable to achieve your desired conversion goals. Most of us are framed that CPC is the best and only way to achieve the desired goals. It is not wrong but ask yourselves whether it suits the goals you are trying to achieve with the campaign.
The article shared gives you a clear indication on when to use which bidding strategy for what type of campaign. Many of us failed to see that CPC can be most cost effective but is it achieving your desired goal of getting more sales? When you are running ads for people to click to your website as your conversion goal but instead you get hundreds of Likes to the post. Are you goals achieved? I don’t think so.
The article gives a brief but conscience explanation to each bidding strategy for what type of objective.
I am a fan of oCPM where Facebook will show my ads to the people that is highly likely to be interested in what I am offering. You might not get the reach you think is substantial but it is quality leads that is important in Facebook marketing. It is not a numbers game.
So take time to read the article and digest it. Most importantly use it where applicable to your campaign objectives.