Here’s how to systematically get your bids down on Facebook Ads very quickly.
Facebook Ads Bidding Strategy
When you launch a campaign, you should probably start out with at least 10 images initially. Out of those 10 images, 1-3 are likely going to have a healthy CTR if you have any experience whatsoever. I can never guess which ads will work best and I am surprised every single time, so I’ve learned to submit ads even if I think they suck and let the stats do the talking.
Note: I always use keywords for my Facebook campaigns because it’s the best way to get a healthy CTR on your ads (Higher CTR = Lower CPC’s). After you set up a lot of keyword targeted campaigns, you will start to learn what kind of adtext and images get the best CTR’s and most importantly which get the best conversion rates.
OK, so you are testing 10 images and 1 adcopy. When you launch the campaign, you should probably bid pretty high just to get the ball rolling. I usually bid whatever Facebook pre-populates when setting up my campaign. After your 10 ads launch, you want to watch them and pause the clear losers immediately (after 10k-20k impressions). Now…
- Once an ad gets 50 clicks, the Facebook bid suggester seems to update itself, so drop your bid to the lower suggested bid. If you have a 0.3% CTR, your suggested bid will likely be something like $0.36-$0.79 as soon as you rack up 50 clicks, so that means you would drop your bid to $0.36.
- Then drop your bids by 2¢ every 20 minutes until impressions/traffic stop and you reach the lower bid ceiling.
That’s it. You can launch new campaigns and have your bids down to $0.10 before you eat your Wheaties in the morning. Here are some typical results I’ve been getting – these are 1 day stats on 1 brand new campaign – USA traffic.
The amount you are able to drop your bid is solely based on CTR. The higher CTR ad the lower you can lower it. Also, it seems like the higher CTR ad you have, the faster you can lower your bids…but I usually do 2¢ at a time. I am usually aiming for at least a 0.2% on my ads. If you haven’t had much success on Facebook Ads, I got some good insight from this.