The Facebook ads displaying mechanism is similar to Google ads, which Facebook calls Auction.
You can set Budget price you bit, Target audience, Your creative ads, then the display will be decided by Bid (price), Estimated action rate (click rate) of users based on historical users' data and your campaign data, Ad quality and relevance to your target audience interests. The key algorithm is that the matching between the target audience you set and the actual audience who see the ads is decided in order to maximize the proxy of interest of both sides.
So Facebook claims that the winner in the auction will be not the one who invested money on bid, but the one who created the highest value to users.
This mechanism is very unique in social network, that the platforms evaluate ads by preference of users, and the trait where small business can compete by investing creative and preferable ads.
On the other hand, LinkedIn Ads auction seems to be based on purely Bidding price, so you will compete with other marketer by price toward audience. You can set either Total budget or Daily budget depending on whether you prefer fast delivery where you might spend all budget within a few days or long exposure spending small amount of budget each day, plus you can set maximum bid price per action type among CPC (Cost per Click), CPM (Cost per 1000 impression), and CPS (Cost per send by InMail).
From the difference between auction models, Facebook can be described user-centric platform whereas LinkedIn focuses on more business accounts.
Ref: https://www.facebook.com/business/learn/how-much-facebook-ads-cost
https://www.linkedin.com/help/lms/topics/8121/8122/7431
https://business.linkedin.com/marketing-solutions/ads/pricing
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