One of the challenges w/ campaigns like this is that waiting for statistical significance can quickly become very expensive.
If we’re running 4 creatives in an ad set w/ CPA of ~$100, it could take a few thousand dollars before you can make a call on whether the creatives are performing or not.
I’ll share how we’re approaching this - would love to get any inputs from you guys:
-> If an ad or ad set or campaign gets to $200 in spend(2x the CPA) with no purchases OR 3 days in a row with no purchases, pause it.
In the above:
a. if an ad performed well in the past, then duplicate it and try again.
b. if an ad set/campaign performed well in the past, then add a new creative into the ad set/campaign to reset the learning phase.
We’re also leaning increasingly into broad campaigns with value optimization so as to ensure broad reach and access to high value users.
I’m curious: what else should we be thinking of or doing?