Without a doubt, having a Facebook business page makes it easier for people to discover and interact with your brand online. Thus, to make it easier for you to reach your business goals, Facebook is constantly evolving its features.
Now, to help you maximize cost-efficiency, Facebook is introducing a new bid strategy for advertising.
Earlier the bids focused on maximizing conversion volume (bid cap) or cost predictability (target cost). With the new bid (cost cap), advertisers will be able to combine both of the previous offerings, I.e. maximizing cost-efficiency while driving volume in the business results.
WHY SHOULD YOU CARE?
- Cost cap simplifies campaign management and helps you focus on scaling volume of results while controlling costs.
- It enables you to set the max CPA/CPI you’re willing to pay for results, reducing complexities in managing bids while maximizing your campaign results.
- Cost cap maximizes cost efficiency by getting you the most results, such as purchases or installs, at or below your set maximum cost per optimization event.
“Once available, you’ll be able to access cost cap through an updated, guided bid experience that simplifies the process of choosing the right bid strategy and control.” says Facebook.
As shown above, advertisers can enter a cost control, which Facebook will aim to meet with the cost cap bidding strategy.
Facebook says it’s rolling out to advertisers throughout the year.
Check out the Bid Strategies Guide for more information and key considerations for choosing the bid strategy that best aligns with your business goals.