ClearBrain enables you to both identify the users predicted to convert, as well as determine the right price to offer them to perform that an action.
Within our Dynamic Pricing suite are "Bid Optimized" Facebook exports. No longer do you have to over-bid in Facebook for users unlikely to convert - ClearBrain uses machine learning to automatically recommend an ad bid proportional to your user's probability to convert.
To get started, go to your Exports Tab, and click "New Export". Select the predictive audience of interest, choose the Facebook destination. and then select the "Bid Optimized" option.
In the Bid Optimized Facebook export modal, you'll be presented with the same set of form fields as you would in a normal Facebook export, in addition to the following addition to fields specific to setting bid caps.
These additional fields include:
- Default Bid Cap: This is the bid cap you would normally set for your Facebook audience. We will set this as the bid of the average user in your selected audience.
- Bid Adjustment: This is the % range we will adjust your bids between; note the max you can set is 100%
So for instance, if you set a default bid cap of $1.00, and a bid adjustment of 50%, the max bid we'll set is $1.50 and the min bid we can set is $0.50.
Once you complete your Bid Optimized Facebook Custom Audience, we'll automatically export the users into 3 equally distributed groups directly into Facebook.
In Facebook, you'll see your Custom Audience as divided into 3 groups - a High Bid, Medium Bid, and Low Bid sets. In the description for each audience, you'll find the recommended bid caps.
Set these bid caps for each respective ad set in your Facebook campaign, and you'll see a respective reduction in CPA by being able to target each user at a bid proportional to their probability to convert.
Important Note: when using Bid-Optimized Facebook Custom Audiences, make sure to set your ad bidding strategy in Facebook to "Lowest Cost" when setting the bid cap.