Many of us have lost tons of money advertising on Facebook, but I have learned something from failing tons of times with my very own business. I want to share with you three Facebook advertising strategies that I have learned when it comes to bidding. These might change as the future of Facebook changes.
Strategy #1: Keeping Your CPM (Cost per Impression) Bid Low
For this strategy I suggest you keep your bid as the ‘suggested bid’ that appears from Facebook. Then as you see the performance of your ad, reduce the bid to what your ACTUALLY paying for your clicks. I use this strategy when I don’t want to waste money on clicks when my ad gets ‘ad fatigue’ (the ad coming up too frequently and people getting tired of it). This will also keep Facebook happy as your ad will be close to the price Facebook is willing to agree on for 1000 displays of your ad.
Here are the steps:
1. Bid a couple cents higher than the minimum price.
2. Frequently check your ad (every 2-3 hours) to see if the suggested bid is getting lower. If it is then change your bid.
3. If you are at an all time low with the suggested bid, you should reduce your bid even more every few thousand impressions.
4. Repeat step 3 until you get to about five cents of the average CPM you’re actually paying.
5. The trick is to keep the bid at this low level until Facebook stops displaying your ad.
6. When Facebook stops displaying your ad, then start over.
7. If you find out that you have ‘ad fatigue’ then switch the ad off.
Strategy #2: CPM Bid without Going Overboard
This strategy will allow you to bid the lowest possible CPM price without emptying your wallet. The only downside to this strategy is that your ad may not be displaying during the hours you want it to, but it’s worth a shot. Since this technique will display your ad during off hours, you might not get the clicks you want to get to your ad.
1. Create an ad and bid five cents for 1000 impressions
2. Be patient for about a day and see if your ad has been displayed. If it has not, increase your bid by another five cents and keep repeating until your ad is displayed.
3. If your ad is showing, start decreasing your bid by a penny until it stops displaying again. When it stops, up the price to where it last was. This strategy requires patience but slow and steady wins the race, right?
Strategy #3: Bidding Down to the Ground
This is a great strategy to quickly get your ad displayed and keep it there. First you have to follow the suggested bid.
1. Bid a couple cents higher than the suggested bid.
2. Check your ad frequently (3 hours daily). Now say that your suggested bid decreased, add 2 cents to the new minimum and you’re good to go. If it increased, leave your bid as is.
3. Now use this technique until Facebook gets so tired of your ad that it stops displaying it. This is when you will raise your CPM.
What are your thoughts on these strategies? Are there any that I missed? Please advise!
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