How to maximise campaign results alongwith facebook’s cost cap bid strategy
“Cost caps help simplify campaign management and focus on scaling the volume of results while managing costs. Unlike other bidding strategies that help optimize costs, cost caps help you get results. You can set the maximum CPA / CPI you can pay for, so you can reduce the complexity of bid management while maximizing the results of your campaign. ”--Facebook
To strike a balance between achieving optimal results and staying cost-friendly, Facebook offers a new way to get the most out of your bids by implementing a cost cap bidding strategy. did.
Previous bidding strategies offered by Facebook focused on maximizing the predictability of conversion values or costs, and there was no "intermediate" to guarantee both. To fill that gap, Facebook has launched a cost cap bidding strategy that allows users to combine both features to get the most out of their advertising campaigns. Tweet this!
So how does it work?
What distinguishes cost-based bidding from other cost-optimized bidding strategies is the ability to set the maximum CPA / CPI that advertisers are willing to pay.
First, access cost cap bids through an updated guided bidding experience.
For example, if you're looking forward to growing your business within the specified cost of action through app installs, subscriptions, and purchases, this bidding strategy is perfect. By enabling this feature, you can set a "limit" on these actions so you don't waste your budget on just a few expensive conversations.
After the campaign is launched, Facebook will look for leads that are below or set for the maximum cost set for each optimization event. This is a major distinguishing factor between current and target costs, maintaining budget consistency throughout the life of the campaign, regardless of the availability of low-cost opportunities. This gives you more control over how much you spend on each conversion.
Is a cost cap bidding strategy suitable for you?
This is the perfect option for marketers who want to maximize cost efficiency while achieving their business goals. If you want to manage your advertising budget but haven't yet determined the exact maximum CPA / CPI during the initial setup, you should determine your cost cap based on actual data rather than intuitively. In short, it has to be realistic.
If you're still skeptical of the new features, you can also check out the Facebook Business Help Guide to explain the process fairly clearly. We provide comprehensive and detailed suggestions on how to choose the right bidding strategy that best suits your needs. You will see all available bid strategies, who sets those bids, the available objectives / goals of each different strategy, and their individual benefits and considerations if they are available.
So are you ready to take the next step towards personalizing your campaign?