Most advertisers will readily admit that the advent of social media, especially Facebook, has been a game-changer in terms of reaching targeted audiences with relevant messaging. That’s likely why nearly 94% of marketers around the world use Facebook’s Ad Manager to reach their ideal audiences.
However, as data around who buys what, when they buy, and how much they purchase gets better and better, segmenting and bidding on audiences across age groups, platforms, and devices has gotten incredibly complicated, not to mention time-consuming for already overworked marketers. Kenshoo’s Audience Bid Multipliers take some of the tedium out of audience segmentation by creating a tool that allows advertisers to create a single Ad Set that enables advertisers to leverage signals indicating Lifetime Value and apply them to their social advertising.
What are Bid Multipliers
Most savvy marketers know exactly which audiences are the most valuable to their brand. For example, in general, women provide a 50% higher lifetime value to a brand than men. Or take the fact that younger shoppers, from ages 18-34 tend to make more purchases, and they are much more likely to to be browsing on mobile than on desktop. Studies also show that those young, primarily female audiences are much more likely to be found on Instagram and Facebook.
However, when it comes time to actually segment those audiences to find a business’s ideal demographics, marketers might spend hours both carefully selecting their audience on each platform, while also segmenting based on device and operating system, and then painstakingly setting bid prices for each demographic based on how valuable they are to the brand.
While incredibly useful for ensuring the right message reaches the right customer on the right platform, segmenting and bidding on those audiences has always been quite a chore. Until now. With Kenshoo’s Audience Bid Multipliers, advertisers can take a core bid and then use bid multipliers to move the bid up or down when certain conditions are met.
Here’s how Bid Multipliers can work for you
To achieve this individualized level of granularity using Facebook Ads Manager alone, advertisers would have to create and manage a unique Ad Set for each target audience segment. Creating these unique Ad Sets for all campaigns, utilizing myriad criteria across multiple combinations to target specific audience segments, has most advertisers finding themselves overwhelmed by Ad Sets, which becomes both unwieldy and time-consuming. Kenshoo Social’s Audience Bid Multipliers can help businesses execute a nuanced audience bidding strategy—all within a single Ad Set.
Here are the segment types that can be quickly and easily managed using Audience Bid Multipliers:
- Operating system (e.g. iOS, Android, Windows)
- Platform (e.g. Facebook, Instagram, Messenger, Audience Network)
- Device (e.g. Desktop, Mobile)
- Device Type (e.g. Apple iPhone, Apple iPad)
- Combinations (e.g. iOS & Facebook)
How Natural Intelligence drove social impact with Kenshoo
When brand comparison website Top10.com, operated by a company called Natural Intelligence, determined older customers were actually its most valuable audience, signing up for much more content than millennials and Gen Z, the site wanted to identify and optimize its ads for these demographics, but found the segmentation process both time consuming and difficult to execute. So Natural Intelligence turned to Kenshoo’s Audience Bid Multipliers in order to apply custom bids to reflect the value of each of their age, device and placement segments.
With Audience Bid Multipliers, Natural Intelligence was able to build a nuanced bidding strategy within one single ad set which additionally enabled the company to leverage signals indicating Lifetime Value and apply them to social advertising. Bid Multipliers made it possible to dig into ad sets that were targeting all age groups, placements, and devices and set a unique bid for highly specific segments. Natural Intelligence was then able to bid higher for Baby Boomers than younger age groups, bid lower for Facebook and Messenger, and bid higher for particular devices. All while only needing just one active ad set.
By adopting Audience Bid Multipliers into its audience segmentation strategy, Natural Intelligence was able to save an average of one to two hours per day of time previously spent on campaign management and bidding optimization. In addition to saving time, the company was also able to increase their return on ad spend by a whopping 25%, simply by aligning their bidding strategy to target their most valuable audience in a way that reflected their campaign objectives.
To learn more about how your business can save time while directly reaching your most valuable audiences, request a demo of Kenshoo Social and see our Audience Bid Multipliers in action firsthand.