To change your bid strategy on Facebook ads, navigate to Ads Manager, select the specific campaign you wish to modify, click "Edit," and then locate the "Budget & Schedule" section. From there, you can choose a different bid strategy that aligns with your campaign objectives.
How to Change Your Bid Strategy in Facebook Ads Manager
Adjusting your bid strategy is a straightforward process within Facebook Ads Manager. This allows you to gain more control over how Facebook spends your budget to achieve your desired results.
Here's a step-by-step guide:
- Access Ads Manager: Log in to your Facebook account and go to Facebook Ads Manager.
- Navigate to Campaigns: From the Ads Manager dashboard, ensure you are on the "Campaigns" tab.
- Select Your Campaign: Find the specific campaign for which you want to change the bid strategy. You can use the search bar or filters if you have many campaigns. Check the box next to the campaign name.
- Click "Edit": After selecting the campaign, click the "Edit" button (often represented by a pencil icon) that appears above the campaign table. This will open the campaign editing interface.
- Go to "Budget & Schedule": Within the campaign editing view, scroll down or look for the section titled "Budget & Schedule" (sometimes found under "Optimization & Delivery").
- Choose Your Bid Strategy: In this section, you'll see your current bid strategy. Click on the dropdown menu or the option to change it. You can then select a new strategy from the available options.
- Review and Publish: After selecting your new bid strategy, review any other campaign settings, and then click "Publish" (or "Review and Publish") to save your changes.
Important Note: Some bid strategies are set at the ad set level, not the campaign level, especially when using Campaign Budget Optimization (CBO). If you can't find the option at the campaign level, check the ad set level within the selected campaign.
Understanding Facebook Ad Bid Strategies
Facebook offers various bid strategies designed to help you optimize your ad spend based on your campaign goals, whether that's maximizing volume, controlling costs, or achieving a specific return on ad spend. Understanding each one is key to making an informed decision.
Common Bid Strategies
- Lowest Cost (Automatic Bid): This is the default and often recommended strategy for most advertisers. Facebook will automatically bid in auctions to get the most results (e.g., conversions, clicks, impressions) for your budget. It's designed to maximize volume without setting a specific cost target.
- Best for: Maximizing results when you don't have a strict cost-per-result target.
- Bid Cap: With a Bid Cap, you set a maximum amount that Facebook can bid in any single auction. This gives you more control over the maximum cost per impression but can limit your reach and the number of results if your cap is too low compared to competitor bids.
- Best for: Experienced advertisers who need tight control over their auction bids and understand auction dynamics.
- Cost Cap: This strategy allows you to set an average target cost per result. Facebook will try to achieve results at or below your specified average cost while still aiming for a good volume. It balances cost control with delivering a reasonable number of results.
- Best for: Balancing cost efficiency with volume, aiming for a specific average cost per desired action.
- Value Optimization (with Minimum ROAS): While not always directly listed as a "bid strategy" in the same vein as Cost Cap or Bid Cap, if your goal is to maximize the value of conversions (e.g., higher purchase amounts), Facebook can optimize for this. You might set a "Minimum ROAS" (Return on Ad Spend) which tells Facebook to only bid on opportunities where it expects to meet or exceed that ROAS.
- Best for: E-commerce businesses focused on maximizing revenue and profitability from their ad spend.
Bid Strategy Comparison Table
| Bid Strategy | Primary Goal | Control Level | Potential Impact on Volume | Best Used When... |
|---|---|---|---|---|
| Lowest Cost | Maximize results for your budget | Low (automated) | High | You want maximum results and don't have a strict cost target. |
| Bid Cap | Control maximum bid in each auction | High (manual max bid) | Can be limited | You need precise control over the maximum cost per impression. |
| Cost Cap | Achieve a specific average cost/result | Medium (average cost) | Moderate | You want to hit an average cost target while still getting results. |
| Value Optimization | Maximize value of conversions | Medium (minimum ROAS) | Can be limited | Your goal is to generate higher-value purchases or leads. |
When to Adjust Your Bid Strategy
Changing your bid strategy is a strategic decision that should be based on your campaign's performance and evolving goals. Consider adjusting your strategy when:
- Performance is Stalling: If your campaign's cost per result is rising, or your conversion volume is declining, a different bid strategy might help.
- Budget Under-spending: If Facebook isn't spending your full budget, a more aggressive strategy (like Lowest Cost without a cap) might be needed to increase delivery.
- Cost Efficiency is Crucial: If you're consistently overspending on your target Cost Per Acquisition (CPA), implementing a Bid Cap or Cost Cap can help reel in expenses.
- Scaling Campaigns: When scaling up, you might move from a strict Cost Cap to Lowest Cost to prioritize volume, or adjust your caps.
- New Campaign Goals: If your business objectives shift (e.g., from brand awareness to direct sales), your bid strategy should reflect this new priority.
Tips for Optimizing Your Bid Strategy
- Start with Lowest Cost: For most new campaigns or advertisers, starting with "Lowest Cost" is a good baseline. It allows Facebook's algorithm to learn and find the most efficient way to deliver results.
- Know Your Target CPA/ROAS: Before implementing caps, understand your business's break-even point and ideal cost per acquisition or return on ad spend.
- Test and Learn: Don't be afraid to experiment. Run A/B tests with different bid strategies on similar ad sets to see which performs best for your specific audience and objective.
- Monitor Closely: After changing a bid strategy, monitor your campaign's performance daily for the first few days. Look at delivery, cost per result, and overall volume.
- Consider Your Audience Size: Very tight bid caps can restrict delivery if your audience is small or highly competitive.
Monitoring and Analyzing Performance
After making changes to your bid strategy, continuous monitoring is crucial. Use the reporting features in Ads Manager to track key metrics like cost per result, conversion volume, spend, and return on ad spend (ROAS). This data will inform whether your new strategy is achieving your desired outcomes and if further adjustments are needed.
