We are only a few weeks away from a major change in the structure of the Facebook ad campaign platform. Just two years after introducing the option for advertisers to optimize their campaign budget, Facebook will mandate that all advertisers set a central ad set budget. This means that their algorithms will automatically and continuously find the best active opportunities for results across your ad sets. Your campaign budget will then be distributed in real-time to get those results.
It is Facebook's intent to generate the best possible performance for your ads, but there are things you need to know to stay ahead once CBO (campaign budget optimization) becomes the new norm in September 2019. "We are now putting our faith into Facebook's machine learning algorithm to deliver results. However, for these results to be delivered, they must first be learned," says Facebook ads specialist, Andrew Molz. "For Facebook to learn you must feed it data, both good and bad. Now, more than ever, advertisers need a sound game plan.
Molz has provided us with 10 tips to come out swinging in your Facebook ad account.
1. Turn on the auto advanced matching to accurately attribute conversions and increase your audience size. This toggle button is found in the settings of your Pixel when you navigate to the Facebook menu (top left of Ads Manager). Auto advanced matching improves ad performance by more accurately ascribing where conversions come from. This keeps you informed to make better decisions with your future ad spend.
2. Simplify your account structure to allow Facebook's machine learning to auto test which creative and ad placements drive the best results so that they can optimize for you in real-time.
3. Turn campaign budget optimization when you're creating the new ad campaign on the campaign level. Campaign budget optimization helps advertisers improve ROI by automatically distributing spend to top-performing ad sets in real-time. Simply set a central campaign budget to optimize across ad sets, boosting both cost and time efficiency.
4. Use automatic placements to deliver the right ad to the right person at the lowest possible cost across all placements. This feature is set on the ad set level of the campaign. With automatic placements, you can reach your audience through all relevant placements using a single ad set. This saves on both time and cost, as Facebook will work to optimize campaigns to deliver a cheaper cost per outcome across placements.
5. With dynamic ads, automatically deliver the right product ad to the right person, based on the interest they've expressed from your site, app or elsewhere on the internet. If you have a product catalog synced with Facebook (this only applies to eCommerce businesses) then you can automatically display the products that users viewed on your website. Or, you can show relevant products to prospective buyers based on your Pixel data of users who have purchased from you in the past.
6. Give all your new CBO campaigns time to mature. We often see new campaigns do well right from the start and then drop in performance. After a few days of sub-par performance, the campaign will pop back up and start to level out with signs of stability. This time frame is usually around 8-14 days. Don't be hasty in making knee jerk reactions.
7. Once your CBO ad campaign has leveled out after the initial 8-14 days, you can then start to slowly scale. Previously, when businesses would attempt to scale out their ad campaigns vertically on the ad set level, you would add around 10-20% of a budget increase and then wait 2-4 days to see how the budget increase affected the ads. Now with CBO, you can be much more aggressive in scaling out your budgets due to the combination of machine learning and improvements under the hood on Facebook's side.
8. Allow Facebook ads every option to succeed at the ad creative level. Our standard playbook has performed well across many verticals. It consists one creative in four formats. You'll have a static graphic in both, 1080 x 1080 feed format, and 1920 x 1080 story format. Add a video version in 1080 x 1080 feed format and 1920 x 1080 Story format. This allows Facebook to deliver the creative in the best format when its algorithm determines that a conversion can be generated. If you only have one video format in 1080 x 1080 format you severely limit the ability of Facebook's algorithm to deliver the maximum number of conversions.
9. Run your video ads (especially for cold traffic prospecting) at 15 seconds or less. You have two to three seconds to grab user's attention, be smart about it. Most users don't have time for a 10-second intro before the video content even starts.
10. When creating high performing CBO ads, remember who you're creating ads for. Identify their problem in your ad, agitate the problem, and provide your solution quickly. This format will help you stay focused on your ad's mission.
Molz strongly recommends that you don't continue to use the same tactics and strategy that worked for you in March. If you do, you are likely to get a poor return on ad spend and struggle to maintain positive ad spend.