Client Update – 30 August 2024

Using Smart Bidding With Strong Data

Maximizing Conversions and Conversion Value bid strategies (or Highest Volume, Highest Value in Meta ads) requires accurate data points for effective optimization. When we use enhanced conversions paired with data-driven attribution, it ensures that our clients get the most accurate measurements captured and credited to the ads that led to the conversion.

For websites that track different conversion values, it’s essential to ensure that these values are captured on your site, allowing the data to be passed back to the ad platforms. Consider the difference between two generic conversions and two conversions with their values stored.

A simplified model illustrates the difference between the “Maximize Conversions” and “Maximize Conversion Value” bid strategies. In the first example, the ad algorithm sees both conversions as equal. However, in the second example, the conversions carry different weights, and this can significantly influence future bidding decisions.

CRM or Customer Data File

A CRM allows you to store customer data from your business, which can then be imported into ad platforms for optimization. By informing Google and Meta about your existing customers, you enable these platforms to find similar users who share your customers’ profiles. Additionally, it allows you to re-target these customers for future purchases, as selling to someone who has already done business with you is often easier. If you don’t have a CRM, our Customer Data File is a useful tool for this purpose.

The best approach is to set a regular schedule for updating these lists. Depending on how frequently you acquire new customers, this could be a few times a month, once a month, or once a quarter.

Website Forms and CRM

While getting users to complete forms on your website is great, not all leads turn into customers. It is more effective if the lead data can be sent to your CRM, which then feeds the outcome back into your ad accounts. This way, Google and Meta ads can identify which leads resulted in actual conversions, thereby influencing future bidding decisions.

Website Best Practices

While not all businesses find it necessary to use a CRM, there are some website best practices that can help maximize the accuracy of your data. For websites that process purchases with varying values, such as e-commerce sites, ensuring that an order summary on the confirmation page allows us to track dynamic values and pass them back to the ad platforms. Popular e-commerce platforms like Shopify and WooCommerce typically handle this automatically.

Forms can also be valued differently based on the options selected by users. For instance, using a drop-down menu with various options in your form allows us to assign a specific value to each option upon submission if needed.

Summary

While measuring website conversions is fundamentally important, the ability to measure more accurate conversions will help you maximize the benefits of our AI-driven digital marketing landscape.

The real strength of AI is its capacity for continuous learning. With each new piece of data, machine learning models improve and adapt. In paid ads, this translates to tools that become progressively more in tune with your objectives and more responsive to the subtle behaviors of your target audience.

Our goal is to help our clients track their results more effectively and ensure they stay aligned with the evolving changes of the digital landscape and get the best results from their ad budgets.