Creative Optimal Rate: The next motherlode of AI
If you think about it, we’re a world of scrollers. Whether we’re sitting on the subway, a park bench, or standing in the corner of a party to refrain from socializing, one thing is consistent – the time-honored (at least in the past few years) practice of scrolling social media on our phones.
What catches our eye when we’re scrolling? Maybe a friend just had a baby, and the pictures of the little tyke cause you to stop and spend ten minutes on Facebook. Or your college fraternity buddy sent some incredible snaps from the front row at the Taylor Swift concert. Then there’s your ex-girlfriend who executed a perfect jumping boomerang photo on Instagram from her trip to the Maldives.
To get to those posts, you’ve scrolled past an ad for a new clothing brand, a listing for a random house in your city, and a Snapchat ad for a TV show that’s premiering next week. But why?
We click on a photo, a vertical video, or some sort of collage because we feel an emotional connection. As an advertiser on mobile, you have one to three seconds to capture someone’s attention, or risk being irrelevant on social media.
The question is, what do you need to do to stay relevant for a consumer?
The problem with advertising today
Let’s face it – you and your marketing team spend hours upon hours in meetings, devising comprehensive campaigns for your companies and brands. You get into the nitty gritty of everything, all the way down to the ad sets and execution, and then you brace yourself for the daunting task of creating assets (or asking someone to build them) to keep your campaign ranked high on social media.
Then the assets come back. They look worthy of a TIME Photo of the Year, and you feel confident that these will help to propel your business to the top.
Unfortunately, they don’t. When you send them to your campaigns, these images you paid someone $500 for struggle. Your campaign is over after just a few days. And unfortunately for you, you’re stuck in another eight-hour marketing meeting wondering what went wrong. Not only that, you don’t know when your team will be sent another creative asset, leaving you to continue throwing money at an already struggling image.
Therein lies some of the common problems with advertising today. We just guess what could be successful when it comes to our campaigns. We never have enough assets for our campaigns, and we can never change those ads out at an optimal time.
So what’s the solution?
Introducing the Creative Optimal Rate (COR)
To effectively compete in the Facebook auction, you need three things in your possession:
1. Good ideas;
2. Variations of those good ideas;
3. The ability to refresh those good ideas at the right point in your campaign.
Monitoring your Creative Optimal Rate involves looking at a combination of the ideal creative quality, volume and refresh rate needed for your campaigns to compete at the most effective rate on any given ad auction.
The creative quality component of your COR score is determined by ReFUEL4’s AI-powered SHAKA engine. It analyses ads and has the ability to rank them according to predicted performance.
The creative volume part of your COR score indicates if there’s a need to increase or decrease your active number of ad creatives to reach optimal results.
But how do you know when to refresh? The issue with advertising today is that performance metrics are lagging indicators. It’s a more reactive approach than a proactive one and costs advertisers significant ad dollars due to factors such as ad fatigue.
By looking at the refresh rate component of your COR score, you will be able to know if there’s a need to refresh your ad creatives more often, and always be a step ahead of impending ad fatigue. In a way, you’re able to predict campaign fatigue in addition to performance.
You have the option to automatically replace underperforming creatives with fresh ones to ensure your campaign stays at its peak performance state. Being an automatic and data-driven process, you save time and effort from not having to continuously monitor your campaigns.
Having a strong Creative Optimal Rate score will give your media budgets more power and reduce waste. Through AI and adoption of the Creative Optimal Rate score, ReFUEL4 is pushing companies to do something different. We are giving you insight into an ambiguous world. For once, big data isn’t just a buzzword.
If implemented correctly, the Creative Optimal Rate methodology can break the bad rap of the ad industry. Brands will possess actual data to do the right thing, driving meaningful results and engagement from their consumers.
We’ve seen excellent results from our clients who have hopped on the COR bandwagon. With reductions in CPM, CPC, and CPA, while increasing reach and spend incrementally, our clients understand that monitoring their COR score is and will be a new way forward to change the advertising game.
Winner of Facebook’s 2016 Innovator of the Year, ReFUEL4 is the world’s leading data-driven creative platform, delivering creative from 10,000 global designers backed by predictive AI and automation technology. Learn more here.
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Winner of Facebook's 2016 Innovator of the Year, ReFUEL4 is the world's leading online ad creative management platform.Find out more