This Article is a Step by Step Guide to walk you through the Bid testing Tool from start to finish.
If you want to go through this tour Manually you can check out our Step by Step click through tour.
Madgicx recently upgraded our bid tests to include 4 types of bid testing strategies: Bid Cap. Cost Cap,Target Cost and Value Cost, if you want to learn more about each of these bid tests, learn more about bid testing strategies here.
You’ll only see the full Dashboard below if you’ve already run a bid test before. If you’ve never run a bid test, skip to Step 2 below.
Welcome to the dashboard where you can see the uplift of your performance on your bid testing campaigns. The Madgicx dashboard has 3 sections.
Last 14 days Bid Testing Performance
Compare your Bid testing performance with your non-bid testing performance over the last 14 days. Check out three metrics side by side to determine how your bid tests have performed overall.
Select the black arrows to view several different metrics. As per the example below we selected Revenue, ROAS and Website Purchases.
Bidding Performance Overall:
This section shows the overall results from each bid test according to the time frame. In the example below, the different bid test results are from the last 14 days.
- Select results from the last 7, 14, 28, or 60 days by selecting the black drop down arrow.
- View only Madgicx Bids by selecting the square box.
- See the Amount spent on a bid and what type of bidding strategy was used.
- Change the metrics to understand more about your bid performance.
- Look at the different cost per events, such as cost per Website purchase.
Bid Testing Experiments:
- View active or inactive campaigns
- See your completed experiments and ongoing experiments. The line represents the length of the experiment.
- See the amount of days the bid test has run, and the total amount of days the bid test will run in total.
- Pause and turn on your campaign.
- Once the experiment is finished “Experiment completed” will appear on the ad set.
Choose Your winning Ad set:
There are 3 requirements when you’re selecting your best Ad Set for a bid test:
- A large enough Audience
Madgicx will select two Potentially winning ad sets for you which you can choose from.
You may also ‘Select a different ad Set.’ and if so you can choose from any of your Ad sets that meet the above requirements. Once you’ve selected your Ad set, click on “Start a Bid Test” to begin.
Note: The Ad set you choose must be active however it doesn’t need to be delivering.
Set up your Bid test:
Define your bid type:
Magicx gives you the option to choose from 4 different bid testing strategies. Learn more about each of these Bid testing strategies here.
Bid cap - Set a bid cap and Facebook will not exceed this bid. The objective is to reach the most people without going above your set bid.
Cost cap - The general objective is to minimize your cost and maximize your conversion volume. Get the best results possible while staying within your desired cost per action.
Target cost - Target cost bid strategy. Facebook stays within this set bid amount, even if they can reach lower-cost optimization events.
Value: Get the most opportunities while you maintain a minimum ROAS.
Once you define which bid test you want to run Madgicx will automatically create a new campaign and the name will automatically include the type of bid you’re running. If you’d like you can also re-name your campaign.
Set the budget:
The budget should be set as per your campaign daily budget, keep in mind that this budget will be divided by the number Ad sets you choose to run.
Duplicate the Ad set:
Decide how many Bid tests you’d like to conduct and select + to add more tests or - to run less tests. The minimum budget will automatically be divided amongst your Ad sets according to your Campaign budget.
Set the Bid amount:
Madgicx will automatically select the best bids to use when conducting your test. This data is taken from your cost per event. You can change the bid amount if you’d like but it’s not recommended as our default system is proven to work efficiently.
Event: An event is automatically selected based on the Optimization goal of your selected Ad set. For example Purchase, Traffic, Brand awareness etc.
Minimum Daily Budget: We set a minimum daily budget because we want Facebook to give all of our ad sets a fair chance at succeeding.
Run the experiment:
- Decide how many days you want to run your experiment for. We recommend 3-5 days, you can adjust the amount of days by selecting the + or - sign.
- After selecting how many days to run the experiment for you then must choose what to do with your Ad Sets once the bid test is complete.
- Keep the minimum daily budget and then turn off all the ad sets that have a ROAS below X. Madgicx will select your ROAS based on your average ROAS performance, however you can choose a different ROAS value.
- Remove the minimum daily budget and turn off all ad sets that have a ROAS below X.
- Remove the minimum daily budget form the ad set and let Facebook Optimize. Meaning Facebook will disperse the budget freely inside the CBO.
Decide when you want to Launch your bid test:
We recommend that you let Madgicx optimize the launch time as this is a powerful way to see positive results as you run the test during your best performance hours.
As seen in the photo below you can
- Launch now
- Launch time optimization*
- Launch at midnight
- Create it now and schedule to start at your desired time.
Once you select Create on the top right hand side of the screen you’re all finished.
If you want further information about Bid testing check out some of our articles in the App guide. If you want to go through these steps on a click through tutorial, you can find that here.
If you have any further questions, reach out to our support team! We’re always happy to help!