One deadly weapon you should use this Q4 for hardcore scaling is manual bidding.
Manual bidding for fast scaling every time there’s an event where the time to maximize sales is limited, aka Black Friday.
There are three main manual bidding strategies, plus a high-risk one, and here he listed the main pros and cons of these strategies.
+ Cost cap: This is the Honda of manual bidding. Not the fastest option, but it’s reliable.
- Pros: Not the fastest way to scale your campaigns, but a steady one. It will safely bring you to your destination.
- Cons: It needs consistent conversions and stability. It’s better to use this when you have been running ads for a while and you know your metrics.
+ Min ROAS: It’s like a station wagon, practical, but you won’t catch James Bond driving it.
- Pros: Steady and great for managing profitability.
- Cons: It needs a large AOV (average order value) range to let Facebook find the right level. Not the best one for scaling. Cost cap might be better.
+ Bid cap: This is the Maserati of manual bidding.
- Prons: Great for tapping into profitable audiences especially when the performance of your accounts is as high as it should be.
- Cons: Very easy to get wrong and it needs more daily maintenance than the previous two strategies.
+ Accelerated bid: Here’s the Ferrari of manual bidding strategies. Or Lambo, if that’s more your type.
- Prons: Superfast at finding scaling opportunities.
- Cons: Not for the inexperienced, because Facebook takes the ‘pacing’ out of budget management and spends your budget as fast as it can. Like an F488 at 300km/h.
Which car are you driving this Q4?
Once you choose your strategy, start using the CBO (campaign budget optimization) as the optimization strategy because it allows you to spend less time on the Ad Manager to optimize. And more time to improve creatives and funnel.
Cheers to a final wild ride!