Bid Testing is best suited for people who have already set up a full funnel campaign on Madgicx using our ARR audiences. If you are just starting out, you can still try, however you may want to stick with a Cost Cap strategy Bid Test, as the flexibility it provides would help assure delivery. Once you’ve setup Madgicx automation tactics, Ad copy insights, optimized your creative strategy using Creative insights, and as a result you have positive uplift in your Acquisition prospecting Ad sets, this would leave you in the perfect position to truly experience the full functionality of Bid Testing.
With the release of our updated Bid Testing, our users will now have the ability to choose from a variety of different bid strategies, allowing you to customize according to your specific needs. Each bidding technique is set according to your end goal. Bid testing should be used by Advertisers who want to determine their lower cost opportunities, while reaching a desired outcome. There are four different bid testing strategies that are currently compatible, and we will continue to delve into which strategy is right for who.
The 4 Bid Strategies we offer in Madigcx
- Bid Cap - Prior to the update, this was the only bid strategy that we offered on Madgicx. Bid-cap is a strategy in which Facebook will attempt to obtain the lowest price bid, while not allowing the cap to be surpassed. This is great for people who have low priced products and cannot afford a high cost per purchase, or for people who just want the absolute lowest possible bid price. Keep in mind that you “get what you pay for.”
- Cost Cap - This is a great strategy for people who may need a little bit more flexibility than the Bid Cap strategy provides. With Bid Cap, delivery may be affected since the bid is limited by the cap. In Cost Cap however, Facebook will still try to generate the lowest cost bid, but will not be limited by the cap, in order to assure delivery. If your performance is not exactly where you want it to be, the extra flexibility this strategy provides might be a good option.
- Target Cost - While the two previous strategies are great for low cost bids, Target Cost strategy is better suited for people who are more focused on quality bids. Facebook will not try to optimize for the lowest possible cost, but rather, tries to stay within a thin margin of the targeted cost. If you have a niche or expensive product, this may be a good option for you.
- Value - All of the other strategies listed above take cost per purchase into consideration, but what happens if you have multiple products with different pricing, wouldn’t the cost per purchase be irrelevant in this scenario? This is when the Value strategy comes into play. With Value, Facebook will instead optimize bids based on ROAS, making it perfect for people who have many different items that they sell.
Do you think that a Bid Test can help your needs? If so, now is the time to get started! You can follow our useful pre-built process in order to reveal the most profitable bids for your most valuable audiences, by checking out this step-by-step article HERE