“In a knock-out fight between a retailer that pays 1.5 Euros for ads on one product category and a retailer that uses AI to, instead, spend those 1.5 Euros for ads on that same product at a time that boasts the best possible conversions, who would spend their money most wisely and win?”
Speqta’s CEO Fredrik Lindros answers this question for us by introducing Bidbrain, their new SaaS tool that edges out Google’s own built-in structure. According to Fredrik, Bidbrain was specifically designed to: “Place only ads that will convert.”
Continue reading to learn more about Specta’s CEO Fredrik Lindros and their new growth acceleration and investment optimization tool, Bidbrain:
What is Bidbrain? And, how can it help retailers edge out their competition?
Fredrik Lindros: Bidbrain is our very own SaaS solution for bidding smarter on Google Shopping Ads. With Bidbrain, online retailers can increase their sales at the same CoS (Cost of Sales) or ROAS% (Return on Ad Spend).
We developed it for e retailers that are tired of depending on Google’s free tools such as Target-ROAS or Smart Shopping, tired of manual-based systems, and just tired of being stuck with only one avenue of growth (to increase sales via increased CoS or lowered ROAS).
We built it with Artificial Intelligence (AI) capable of either maximizing sales at the same CoS or lowering CoS as much as possible given a certain amount of sales. And, based on our customer trials, online retailers that use Bidbrain can expect an average 10-20% reduction in CoS given a certain amount of sales, or a 10-40% increase of sales at the same CoS or ROAS percentage.
How does Bidbrain’s advanced bidding functionalities work? And, how does it compare to similar pre-existing solutions in the market?
Fredrik Lindros: Well, first of all. There is nothing easier to do than advanced bidding with Bidbrain. Say you have 25 brands in 5 variations like size and color. And that, in order for you to win over your competitors, you have to account for the price difference against your competitor’s own prices. That, in itself, will amount to about 945 million different outcomes and bid cluster possibilities! Suffice to say, those are not calculations that should be expected of even the most mathematical savants, never mind us regular humans.
No, if you want your bidding optimized to pursue growth, then you’ll need a solution that will help you parse through all those different outcomes and bid cluster possibilities for you. That is what Bidbrain is for. With Bidbrain, all you have to do is feed it the data that it needs and wait for the results to come. And it will come.
Even better, we designed Bidbrain’s AI to be completely integrated with your Google Ads account, so you, as the retailer, can see exactly how the AI is placing your bids. And, from there, gain insights that will allow you to figure out which product titles are converting and what brands have been profitable or unprofitable at specific times and specific circumstances.
An advantage that—you can guarantee—will allow you to create campaigns more successful than any of your competitors.
What does Speqta expect to achieve with Bidbrain?
Fredrik Lindros: Outside of further developing Bidbrain’s infrastructure, our main goal is to continue showing how far we can go with technology. In the past, much of the work processes used by marketers relied solely on human hypotheses, experiments, and testing. It served us well enough way back when. But, when accounting for the opportunity for human error and the time and resources required to keep those manual processes going, it is clear that depriving ourselves of technological improvement is the same as depriving ourselves of natural development.
We’re meant to evolve as humans in order to achieve great things. And our team here at Speqta expects to continue this trend of evolution by encouraging our customers to do the same.
What kind of philanthropic work is your company involved in that you’re excited about?
Fredrik Lindros: We like to do CSR work differently than others. We choose to do more good, and not just “less evil” things, like reducing carbon footprint. To do this, we aim to support as many non-profit causes as possible by giving them access to our services for free! It’s something that we would like to do a lot more in the next couple of years and explore more fully. But, it’s always been our goal to help others out by doing what we do best!
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