While the phrase “bid multiplier” may seem self-explanatory, there’s more to the definition than simple math. Bid multipliers automate bids on specific impressions so that you’re reaching your targeted audience segment at the instant of their highest value. That value is calculated based on ad context, aggregate and granular audience insights, and overall campaign goals.
As a media buyer for healthcare campaigns, you’ve likely always sought the best ROI based on context, the use of bid multipliers as a part of your media-buying strategy allows you to do so effortlessly, without sacrificing scale or performance. In this post, you’ll learn how the AI-driven logic behind bid multipliers can take the guesswork out of maximizing your ROI.
What is a bid multiplier?
A bid multiplier is an AI-driven approach to get the most out of your real-time bidding (RTB) ad spend on contextual and non-contextual ads. Using bid multipliers as a part of your healthcare digital advertising strategy, you get to focus on ROI without losing any of the performance benefits of ad relevance or your ability to instantly scale your campaign.
Think about it like this: you onboard your CRM data or NPI list and set this as your standard bid price. From past campaigns you’ve learned that the performance increases by 25% when the ad is served on mobile devices. Furthermore, the data points out that your healthcare digital advertising is most responsive in a contextually-relevant environment on health endemic websites. Knowing that you would miss the scale by only reaching your NPI list on endemic publishers, you can assign a bid multiplier to it to solve this problem:
- NPI List - 1x bid factor
- NPI List on mobile device - 1.25x
- NPI List on endemic websites - 3x
When you add a bid multiplier, your bid amount is automatically increased, improving your chances to win in key auctions.
Your bid multiplier is only as good as the data it amplifies
Striking the right balance of message urgency, frequency, reach, and cost could be the difference between building a long-term, positive relationship with a consumer—and giving them a bad impression of your brand well before they’re even in the market for it.
You’re likely aware that the right mix of contextual ads and non-contextual ads can work together to enhance engagement and ad recall among your targeted audiences. It’s also likely that you’ve always wanted more: a way to automatically gauge which contextual bids should be prioritized according to up-the-minute performance data. A method for determining the right balance between context and non-contextual bids to optimize your ROI would be even better.
What makes or breaks a bid multiplier?
It all comes down to data.
Not only do you need your data to be “clean”—harvested according to current data privacy guidelines throughout the pipeline—but you also want your data to be fresh and broadly relevant.
The provider that you choose to handle your RTB should also have long-standing expertise in healthcare-specific data management. That’s because without the right toolset to lift, sort, sanitize, and review HCP and NPI list insights, you may launch a bid strategy that uses incomplete, out-of-date, or non-compliant data as its basis. This means you’ll target audiences in a way that is no longer relevant with reference to the media, context, or demographic that you’ve selected. Poor quality data poisons the entire pipeline—from strategy to projections to compliance reporting—causing a ripple effect that can result in a flood of wasted ad spend. A leading data management platform with a track record of healthcare-specific results will handle all the moving parts for you, allowing you to onboard CRM data, compiling and translating relevant big data insights, supporting audience segment analytics with real-time data, and more.
With high-quality data at your fingertips for performance review and advanced AI driving bid multiplier results, you won’t have to struggle with audience segmentation rules, contextual ad strategy, or campaign scalability. Bid multipliers are an automatic upgrade to your first-party data and your budget, allowing both to give back more in performance and long-term value for your healthcare digital advertising strategy.
How to find the right platform for your programmatic ads
PulsePoint is an enterprise-grade platform with globally compliant data drawn from 90% of the US population and more than 1.4 million healthcare professionals (HCPs). Using Genome, our proprietary AI tool, our audience planning tool allows you to curate audiences across display, video, native, CTV, audio, social, and search formats across thousands of health endemic and non-endemic publishers.
Ready to learn more? Connect with us to get a demo of Life and see how our platform can empower you with bid multipliers in your RTB auctions.