Based on my recent experiments where I had spent over $10,000 in the last few weeks, I found out that CBO is way more expensive in terms of conversion as compared to manual bidding.
The amount of work required to run manual bidding is a lot higher. However, I lowered my cost per conversion by an average of 62.8%.
Which is pretty insane.
Don't go for all in automation just because everyone is saying it.
Test out yourself and see what's working best for you.
I am so glad that I moved away from CBO during the last few weeks.
Here is how I do it.
I create a master campaign with the main ad set, targeting a location split by two sub-adset for mobile and PC users.
Now I further split those each of that sub-adset into 5 sub-sub-adset with a different manual bid.
Now, once done, I duplicate the parent campaign and change the conversion type to "Value."
Yup, you might have never seen anyone talking about it as most people are still clueless.
Value campaign helps you to get a sure ROAS on your campaign, which allows you to maintain a specific cost.
Run these two campaigns together for about 2-weeks.
The one that performs the best keep it on and switch off the other one.
I will highly recommend you test a few campaigns without CBO to see whether you are getting a good result.
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