⚡️ MANUAL BID ⚡️
It’s like black lightning. Deadly when harnessed.
I use Manual Bid to allow for fast scaling at times like Black Friday, Valentine’s and other events through the year where I have limited time to maximize sales…. here’s how.
There are THREE main strategies and one, well, high-risk ⚠️ but also high-reward strategy when you need the pedal on the metal!
1. Cost Cap 🏆🏆🏆🏆🏆 ===========
Pros: Steady Eddie! Like a reliable Honda, possibly not the fastest but will get you to your destination safe and well…
Cons: Needs consistent funnel conversion and stability. And depends on auction competition. Best to use when you’ve been running ads a while and know your metrics…
2. Min ROAS 🏆🏆 ===========
Pros: Steady and great for managing profitability. More like a Stationwagon. Practical but not exactly pretty, most the time…
Cons: Needs a good range of AOVs for Facebook to find the right level and importantly isn’t the best for scaling in fact worse than Cost Cap.
3. Bid Cap 🏆🏆🏆🏆🏆🏆🏆 ===========
Pros: Great for tapping into profitable audiences especially when your accounts not as high performing as it should be. Most like a Maserati. Looks great but once you own one you might just regret it…
Cons: Really easy to get wrong and needs far more daily maintenance than the other 2 strategies.
4. Accelerated Bids 🏆🏆🏆🏆🏆🏆🏆🏆🏆🏆 ===========
Pros: The Ferrari of bidding strategies. Super fast scaling opportunities.
Cons: You budget could run like a dirty diarrhoea after uncooked chicken. Not for the inexperienced because Facebook take the ‘pacing’ out of budget management and spend your budget as fast as they can. So you might imagine you need to have a few things lined up to make this one work!
Once you’ve selected your vehicle, time to build the tracks!
I’m a fan of CBO (Campaign Budget Optimization) because it allows me to spend less time optimizing and more time on my creatives, copy and funnel.
It works fine with ad set budgets, but you’ll need to track your ad spends far more often.
Combine any of those strategies above with CBO and you have a machine learning campaign designed to give you the best performance, fast.
Add in a proper test strategy, using what I call The Graduation Framework to bubble up new audiences/ads that convert and you have a machine working 24/7 for you building new opportunities and converting, at scale.
Finally, top it all off with automated rules and you’ll create a slick mean scaling machine that works whilst you sleep.
Have you tried manual bid yet? If not, what’s stopping you?
We’re releasing our MANUAL BID guide very soon watch this space!