Meta made updates to bidding…
When you run a manual purchases campaign, you may now see this message: “Changes to the cost per result goalWhen using the Highest Volume bid strategy, advertisers can choose to set a Cost Per Result Goal. This allows to establish how much you're willing to pay for the optimized action. It's not a hard cap, but a goal the algorithm will consider. More and ROAS goalWhen utilizing the Sales objective, "Maximize value of conversions," and Highest Value bid type, you can set a ROAS Goal. Meta will then attempt to spend your budget with a focus on maintaining your desired ROAS. More bid strategies.”
Here are the changes:
1. Updated the Cost Per Result Goal bid strategyWhen you enter an ad into the auction, Meta will bid for you. But in some cases, it may benefit you to adjust the bidding strategy to get better results. Options include Highest Volume, Cost Per Result Goal, Highest Value, ROAS Goal, and Bid Cap. More to improve conversion volume.
You’d use the Cost Per Result Goal to control how much you spend per conversion. You’d enter a manual bid so that the Cost Per Result Goal is, for example, $20 per purchase.
The problem is that it often results in spending less of your budgetA budget is an amount you're willing to spend on your Facebook campaigns or ad sets on a daily or lifetime basis. More and other performance issues.
2. Updated the Return On Ad Spend goal bid strategy to increase overall value.
The Return on Ad Spend Goal bid strategy helps the algorithm understand your target ROAS when optimizing for purchase value (note that the default for Sales campaignsThe campaign is the foundation of your Facebook ad. This is where you'll set an advertising objective, which defines what you want your ad to achieve. More is VOLUME of conversionsA conversion is counted whenever a website visitor performs an action that fires a standard event, custom event, or custom conversion. Examples of conversions include purchases, leads, content views, add to cart, and registrations. More, but it can be changed to VALUE).
So, you could set a ROAS goal of 2.50 and Meta will attempt to maintain that goal — and stop spending if it cannot. It’s not clear how Meta will increase the overall value, but it’s intriguing that this is an update.
These sound like useful updates! It may be time to test both of these again and see what kind of results you get.
