Whether you’re buying property or browsing eBay, it’s no fun to lose an auction you were taking part in. And auctions for customer acquisition are no different, even if the bidding applies to thousands of transactions in a market of millions.
With the PX platform there’s a twist: you can turn a bid lost into an opportunity. Source Management lets you put information to work with actionable insights. By assessing how many lost leads were within your criteria, you can easily test what could happen with just a small uptick in your bidding, and more.
Let’s see how you can make the PX platform do your bidding, with a look at lost bids.
Defining lost bids
Lost bids are the leads that didn’t make it into your sales funnel due to someone else offering a higher price. Because while there are millions of transactions – PX handles over 20m each month – and the process is automatic, every lead in an Open Exchange or Private Marketplace is still an auction, with buyers competing. And a lost bid, of course, means a lost potential customer. Because if you lost it, someone else won it. But there are ways to max-out your bidding effectiveness – making sure you win as many as possible of the leads you want, without over-paying for those that won’t deliver.
Using lost bids to win again
Everyone wants the hottest prospects in their funnel. But those well-qualified leads, matching your precise criteria, are a valuable resource. That’s why your goal is to bid the lowest price possible – but no lower. To do that, you need to know what those lost leads were worth.
In Source Management you can see in hard numbers how many in-criteria leads you lost (in other words, leads that matched all your campaign filters, such as meeting a set credit score). Which shows you how many conversion opportunities you left on the table.
Counting the leads that count
Armed with that information, you can see what changing your bid price is likely to achieve – in detail. Compare the total number of leads available, check how many are within your filters, and adjust your bid price accordingly. Source Management lets you do this for each individual source, letting you fine-tune your budget and maximize your ROI.
That’s how lost bids can turn into a win – by seeing which sources have untapped potential and dialing up your bid to gather in more value from them. Best of all, it works across the PX platform – both Open Exchange and Private Marketplaces.
Lose to win
Lost bids still have value – and the PX platform helps you realize it, using data from past performance as decision support for your budget. Utilizing Source Management delivers you bids that match all your campaign filters … at the most competitive cost.