Bid testing begins with winning Ad sets so that we can squeeze the most out of them, it’s another technique to horizontally scale your ad sets and improve our ROAS.
Madgicx automatically selects your winning ad sets which have a big enough audience to test out.
- Select an ad set to start your bid test (Madgicx will show you your potentially winning Ad sets from the last 30 days to choose from)
- Choose where to launch your campaign:
You can select the Madgicx default setup (which we highly recommend as it’s the most efficient way to analyze your bid test results)
You can launch your bid test into an existing campaign (we don’t recommend this as it’s harder to keep track of your results and how they compare to your other ad sets)
Another option is to create a completely new campaign ( if you’d like to rename your campaign without the Madgicx stamp for example.)
Choosing the right budget:
There are two Components necessary when bid testing
- Bid test Budget
- Campaign budget
Bid Test budget
When selecting which campaign budget to go with, we usually base this on your amount spent, we then multiply our amount spent by the amount of bid tests that we wish to perform *We recommend starting out with 3 bid tests.
As shown in the photo below, you can see all the relevant information pertaining to your selected Ad set.
In this example below the Amount spent =1,004 and Cost per purchase = 502
For the campaign budget, we will multiply the amount spent by the amount of bid tests we want to conduct and divide that by 30 (days).
As per the example below, this would be 1004 X 3 divided by 30=100.4
You can round up or down the number you get.
In this case we'll set the budget at 100 and Madgicx will automatically divide that budget by the amount of bid tests you decide to do in the following step.
The second part to take into consideration is your bid test budget, we want to try to run different bid tests so we can cover one end of the spectrum to the other as we try to reach the cheapest conversions from this auction and at the other end with higher bids we’re trying to outbid competitors and reach more expensive audiences. What we want to do is to test different directions on top of the auction.
We recommend that you test half your Cost Per Purchase, double your Cost Per Purchase and triple your Cost Per Purchase when running a bid test.
-As per the example above, Cost Per Purchase=502
and therefore the test would be (rounding to a full number)
- 250 ( Half CPP)
- 1,000 (double CPP)
- 1,500 (Triple CPP)
How many days should you run your bid test experiment
Bid testing is an experiment that you usually launch for 3-5 days to get the most accurate results over time.
As the Madgicx default option, you can run a bid test when it's completed you can:
Remove the minimum daily minimum spend from all ad sets and remove all ad sets with a ROAS below X.
In this case a bid test turns into a scaling strategy as Madgicx will select your winning ad sets and distribute your budget to these ad sets and scale up the winners after the bid test is completed, turning your bid test into a scaling campaign.
Overview of your bid test performance
Go back into the Bid test dashboard and you can see exactly how your experiment uplifted your campaign, and assure your test has been profitable compared to the original ad set.
-Can’t edit bid test (even if there’s option for that, we’re in the process of tweaking some features)
-You can’t turn on and off running tests