We are really excited about this release! You now have more power than ever when it comes to bidtesting and staying on top of campaign performance with ad sets you cltrack. The "big new feature" in this release is the new Bidtest Budget Parameter that we'll jump into below. Also outlined are other general enhancements we've made based on user feedback and new capabilities that Facebook made available.
Bidtest Budget Parameter
What It Is
When you start bidtests from Ads Manager (or whatever tool you use), you now have a new parameter you can use to specify the overall budget for a new bidtest. Let's just do a quick refresher of bidtest syntax and existing parameters you can use today. The ad set name for this example is "US 1% Look-a-Like."
Starting a Standard Bidtest
US 1% Look-a-Like bidtest
Starting a Bidtest With The Bid Range 50% Higher
US 1% Look-a-Like bidtest[50%]
Starting a Bidtest With The Bid Range 25% Lower
US 1% Look-a-Like bidtest[-25%]
The ability to increase and decrease the bid range was the first parameter we introduced. Now with the new Bidtest Budget Parameter, you can specify the overall budget you want to use for the bidtest versus being required to use whatever the budget is for the source ad set. For example:
Starting a Standard Bidtest With a 80 Overall Budget
US 1% Look-a-Like bidtest[budget 80]
Starting a Bidtest With The Bid Range 50% Higher and 80 Overall Budget
US 1% Look-a-Like bidtest[50%][budget 80]
The budget value you specify will be treated the exact same way as the budget amount for a source ad set would be, meaning 1/8 of the budget will be used for each of the 8 ad sets in a bidtest. In the example above, each bid level ad set would have a budget of 10.
What About Currency Symbols?
You may have noticed in the above example we didn't include any currency symbols. We did this on purpose. CompanionLabs will use the currency of your ad account so there is no need to specify it in the budget value. If you do, you'll receive an error asking you to use only numeric values. Also make sure to only include whole numbers (i.e.: no cents).
Max Budget Amount
The budget value you specify cannot be greater than thirteen times the budget of the source ad set. This is a safeguard we put in place in case someone accidentally includes a few extra zeroes. If this needs to be raised in the future we will.
Why The Bidtest Budget Parameter Matters
Users will find this super useful for three primary reasons.
You want to use an overall budget for your bidtest that's higher or lower than your source ad set. Before, this would require you to either 1) change the budget for the source ad set, run the bidtest, then change it back, or 2) duplicate the source ad set, change the budget, and run the bidtest. Both were not great solutions and required extra work. This is much simpler.
For a handful of non-conversion objectives like traffic and engagement, or if you're billed by action instead of CPM, Facebook requires that the budgets be five times higher (or sometimes greater) than the bid value. If any of the bidtest ad sets don't meet this criteria, an error will be returned "Budget Too Low." Like with scenario 1, this is a much simpler solution to increasing the budget versus having to edit the source budget (or duplicate it), increase the budget, then run the bidtest.
This parameter will allow for quickly testing different bidding scenarios. For example, if you wanted to increment the bid range 100% higher to see what delivery looks like, but do it with very small budgets, you could simply do bidtest[100%][budget 65] and each bidtest ad set would have a budget of 5.
General UI Enhancements
In addition to the Bidtest Budget Parameter, we've also made the following improvements to the UI and behavior for bidtesting and reporting cltrack ad sets.
List Active By Default: My Bidtests now lists active bidtests and cltrack ad sets by default. If you want to see performance for inactive, just click the "Include Inactive" button and they will be listed as well. We define active as a campaign that is active and a bidtest ad set or cltrack ad set within the campaign that is active.
CPC Now In Daily Metrics Table: The Daily Metrics Table that accompanies Hourly Insights now includes Cost-Per-Click (CPC) for link clicks in addition to Daily Spend, CPA, and ROAS (for purchase).
Easily Bidtest Cltrack Ad Sets: If you've been monitoring performance with cltrack and now want to bidtest the ad set, just put bidtest (along with any parameters and values you want) after cltrack in the ad set name. Note, the cltrack ad set will also become the source for the bidtest so it will be displayed in two places under My Bidtests - once as a cltrack ad set, then also as the source for the bidtest within the same campaign.
Support for Value Optimization
Lastly, you may have noticed in Facebook when you're starting conversion campaigns that you now have the ability to optimize delivery for value, in addition to actions like conversion, link clicks, etc. In this context, value is return on ad spend (ROAS). If you're finding that this campaign setting is working for you and you want to bidtest it, you can. But please know that when we create the bidtest, each bidtest ad set will be optimized for conversion, not value. At this time, Facebook does not support max bid values for value optimization, but they plan to soon. When they do, we'll update!