Today we interview Speqta’s CEO, Fredrik Lindros, on how you can use BidBrain™ in order to start spending your ad money more wisely and acquire new customers online more efficiently. If you want to learn how to find the optimal opportunities to invest in the best converting ads, continue reading down below:
What is BidBrain™? And, what is it used for?
Fredrik Lindros: BidBrain™ is an AI solution meant for smart and advanced bidding. If you’re an online retailer, then you’re probably familiar with the auctions held on Google that decides which product gets the best visibility under Google Search Results.
In standard settings, this would involve manually computing the best possible bidding outcomes based on a variety of factors, like different product sub categories. An average e-retailer may also put all their bets into Google’s free tools like Smart Shopping or Target-ROAS in hopes that those will be able to do all the work for them, but as we all know, Google sells clicks, not conversions, and they have an endless inventory of page views to fill with ads. As such, those tools don’t necessarily do the job any better than just “decent.” Some e-retailers may also choose to create manual rule-based systems that tell them when to bid higher or lower, which would not only take hours of work but can also be hurt rather terribly by human input error.
All these standard operations are unable to stand against AI-based systems like BidBrain™, since they are not optimized to maximize one’s bottom line growth.
BidBrain™ solves the aforementioned problems and outpaces manual calculations by providing a fool-proof way of hyper-segmenting product categories together with multiple factors and parameters. Allowing e-retailers to optimize their investments in order to edge out their competition. Which in turn, allows them to pursue growth in other avenues.
How did the idea of BidBrain™ come about?
Fredrik Lindros: BidBrain™ came about as a matter of being at the right place at the right time. It was all timing. For a while, we were the third largest food community site in the world (myTaste). And it’s because of this that we were able to get an up-close look at how Google strategy was shifting all over the world. It made us consider our own strategies and forced us to come up with ways to enhance our performance marketing.
This, in turn, made us realize just how much monopoly Google had in the market. And how, in order to ‘fight back’, so to speak, we needed to create something smart enough to withstand the rest of the competition. And so, BidBrain™ was born. A SaaS solution that was developed to help retailers place bids on ads more wisely, and then some.
What features do you believe make BidBrain™ stand out from the competition?
Fredrik Lindros: For one, BidBrain™ was specifically designed to capture converting traffic. It’s important to note that competition, like Google’s Target-ROAS or Smart shopping tools and other incentives, sell clicks, not conversions. While we are interested only in placing ads when and where it will convert.
Outside of this, we’re also quite proud to have developed BidBrain™ so that it can be operated directly on Google Ads. So, all the bidding that is performed remains 100% transparent and visible through the retailer’s Google Ads account. We also designed BidBrain™ to be always learning. The BidBrain™ AI is always hungry for data, it’s what fuels its intelligence. And the more data you feed it, the better it gets — which is a great feature to have in an ever-evolving machinery. We’ve made it so our customers have as much freedom as possible as well. We don’t enforce things like label limits, so our customers can enjoy endless custom label possibilities so that they can test out as many parameters as they feel is relevant in order to derive bid levels.
Simply put, BidBrain™ is an incredibly dynamic and insightful tool. One that will allow online retailers to find out which product titles are actually converting, and which are not converting. Which in turn, makes for incredibly successful marketing campaigns.
What should an online retailer expect after trying out BidBrain™?
Fredrik Lindros: The results will be slightly different based on the retailer’s experience levels and their previous setup. However, no matter how big or small the retailer is, or, even, what industry they’re in, the results have always been positive.
Based on our early testing, online retailers that use our product can expect around a 10-20% reduction in CoS (Cost of Sales) at a given amount of sales, or a 10-40% increase of sales at the same CoS or ROAS (Return on Ad Spend) percentage.
What do you think has made your business so successful?
Fredrik Lindros: As a company, we have incredibly strong values that allow us to work efficiently and effectively in a constantly evolving marketplace. We know better than to forsake the demands of our customers, and we’re wholeheartedly committed to using modern technology like AI to make sure that we are constantly improving.
I would describe myself as a rather restless person. I get up several hours earlier than all of my family in the morning and I get things done. This attribute is something I find that the rest of our team members share. We’re constantly in ‘create’ and ‘invent’ mode, and we never hesitate to explore new ideas so that we can make the most out of our inner potential.
If you could talk to your younger self, what would you tell him?
Fredrik Lindros: If given the chance, I’d keep it simple and straightforward. I’d tell myself: “Believe in yourself and try not to care too much about what others think of you.” It’s nothing big or life-changing, certainly. But, I think it’s something everyone has to hear at least once.
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