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2. Test *new concepts* in a *new ad set* targeting the *same audience* - but at lower spend. Add top creatives into the high-performing ad set. (risk -> audience overlap between the new & older ad sets assuming we have smaller audiences, although the impact of this can be limited because you are showing very different ads to the same audience.)
This option is the safest.
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This is a topic that is near and dear to my heart. My thesis is that with black-box, algorithmic campaign optimization, the only real levers that marketing teams have to pull now in improving performance are budget, creative experimentation, and event experimentation. This new environment has shifted the way that marketing teams work pretty dramatically: in building a systematic growth optimization process, they should be focused not only on producing new creative but producing new, radically experimental creative concepts to try to maintain performance. Two other concepts that I've put some thought into and that fit within this paradigm are:
So to reframe your question in this context: How can a marketing team ensure that creatives are always replaced before they reach their half lives in a way that doesn't drive up CPMs from audience overlap? I think your option 2 is probably the best approach: run a test campaign targeted to the same audience with a lower level of daily spend. I don't like running A/B tests on Facebook because the A/B test framework (sending equivalent amounts of roughly similar traffic to all variants) is not how Facebook distributes traffic "in the wild." Also, A/B testing creatives to ensure equivalent traffic exposure is slow and expensive. Facebook does a great job of evaluating creative and allocating budget to the best performing ads -- I don't see any reason to not just let Facebook do that even in a test setting. So I think your best bet in this creative testing process is to constantly add new creative / kill non-performing creative in a permanent test ad set (in a different campaign, so as to separate performance weighting) and shift the best creatives into your primary campaign as you retire creatives nearing their half lives. I've heard some people prescribe a specific maximum number of creatives to put into an ad set, but I don't think that can be generalized. With enough budget, an ad set should be able to support a large (20+) number of ads. You'll need to experiment with the optimal number of ads to maximize delivery across all vetted creatives within the confines of your own budget. Marked as spam
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