Custom Stop Loss Automation on the Ad Set Level:
Stop Loss is a tactic used for pausing an ad set or campaign which has not justified the spend/budget allotted to them.
How the Tactic Process Works:
Every day, the tactic will check if the predefined conditions are met, and if they're not, the tactic will do one of the following depending on the settings you assign it:
Pause Ad Set (will stop the ad set indefinitely)
Note: Unlike Madgicx's standard Stop Loss Automation, which will automatically reset at midnight, the custom version of "Pause Ad Set," will stop the Ad Set until it's manually turned on again. To learn more about Madgicx's standard Stop Loss Automation, click here.
Pause Ad Set for Today (will pause the ad set today and reevaluate the conditions of the ad to see if it should be paused again the next day)
Step 1: Choosing an Event
In order to check if an event, such as a purchase, add-to-cart, or click, is suitable for the tactic, you should make sure that the average cost-per-conversion (the event) for Acquisition is more than the average ad set spend allowance.
When choosing the event for the Custom Stop Loss tactic to pause, it's crucial to pick an event that occurs at least once a day. It's even better to choose an event that happens more than once a day for a better optimization process. Additionally, make sure the event you picked indicates a critical trigger that the ad set performed poorly, such as add-to-cart, purchase, etc.
Step 2: Setting-Up Custom Stop Loss Conditions and Metrics
Select the type of Custom Stop Loss Task by choosing between Pause Ad Set and Pause Ad Set for Today.
Set the conditions for triggering the Automation by choosing a triggering metric, a time frame, and specifying whether the metric should be "greater than," "lesser than," or "equal to" the value you defined.
1. Task: Pause Ad Set for Today
2. Condition: AND
3. Triggering Metric: Website Purchases
4. Time Frame: Today
5. Greater than/lesser than/ equal to
6. Metric Value: 1
However, the tactic will only be complete when we define an event-related metric.
1.Triggering Metric: Spend
2. Time Frame: Today
3. Greater Than/Lesser Than/ Equal To
4. Metric Value: 10
To summarize the example above.
If there were less than 1 purchase on the Ad Set and the spend is more than 10, then the Ad Set will be paused for the day.
Step 3: Scheduling when the Automation should Apply
The automation will either run continuously starting from the moment you set it up or within a date and time range you set.
Note: The default setting is "Run Continuously."
Step 4: Assigning the Automation Tactic to Specific Ad Sets
There are two methods to select your ad sets: Manual Selection and Selection by Filter.
If you choose Manual Selection, the default will be "Apply to all Acquisition ad sets," which means that the Automation will automatically apply to Acquisition ad sets you to create in the future.
You always have the option to apply only to existing ad sets and not future ad sets by changing your selection from "selected and new ad sets will be added automatically" to "Selected."
The second option is "Selection by filter":
For example, as shown in the image below, you can apply the Automation only to ad sets that are currently active. As seen below. Furthermore you can save your filter selection as a preset by selecting the + Filter button.
To finalize the process, click 'Next.'
For more information on our Custom Automation tactics, check out this step-by-step guide here.
To see all our tutorials and articles, check out the App Guide on the Dashboard.
As always, feel free to reach out to our support team if you have any questions! 🧙♂️