Now’s the time to try ChatGPT ads…
I joined the ChatGPT ads beta when OpenAI expanded it to advertisers in May. At the time, my biggest complaint was that you couldn’t run conversion-optimized campaigns. The only objective options were Impressions and Clicks.
Then, in late May, OpenAI announced that conversion-optimized campaigns were coming in June.
And after what felt like a long wait, I finally have it.
How it Works
When creating a campaign, I now have the option to select a Conversions objective.
I next need to define the conversion event (set up previously).
ChatGPT ads conversion events work a little differently than Meta events. In a way, they’re sort of like custom conversions where you then have to declare what standard event is matched to it. In the case above, it’s a registration.
So in this case, that will be the “conversion type.”
Instead of setting a maximum CPC or CPM bid, you set a conversion-optimized bid cap. You’ll still pay for clicks, but delivery will be optimized for your bid on conversions.
Unlike Meta’s bids, which are set dynamically by default, you have to manually set ChatGPT ads bids. Because of that, it’ll be a process of trial and error to find the best bid.
A Bid Needs to Be HOW High?
What’s crazy is that I have a free lead magnet that says my ads “may not deliver” unless the conversion-optimized bid cap is at least $210. In another case where I use a purchase, I get that message for bids under $2,000.
If that is correct, it will price out most advertising possibilities. No reason to run ads for your standard lead magnet that surely isn’t worth $200. The same could be said for typical ecommerce where the price of a product is under $100 (or even up to $1,000).
This could also be a matter of simply not having enough data yet, so we’ll see what happens. For what it’s worth, CPM and CPC costs haven’t been much different than what I see with Meta ads. But while ChatGPT ads are certainly more relevant, you have to wonder about whether the current available placements are limiting results.
Have you tried conversion-optimized ChatGPT ads yet?
