Pencil announces free creative AI dashboard for brands to learn from their past Facebook ads
Creative AI company Pencil has today released a free creative AI dashboard and also an Instant Predictive Audit (IPA) which can analyse thousands of Facebook and Instagram ads to generate new ideas and predictions for ecommerce and SME advertisers. Pencil is the only automated system which generates unlimited video ads that then learn to improve and drive more sales over time.
The new creative dashboard will be free forever, and automatically analyses a Facebook account, and then groups all of a brand’s previous ads into “winners” and “losers.” Winners are ads that are performing above a threshold (e.g. the average, top 10%, or top 25%) on a particular metric, and they can be used to generate new strong ideas, with a “More like this” feature. Losing ads can be switched out and improved in a few clicks using the “Replace” feature, and there’s also indicators to identify “Fatiguing” and “Scaling” ideas.
“The new creative AI dashboard is going to significantly improve the way we build and run ads on Facebook and Instagram,” said Tye DeGrange, founder of Round Barn Labs. “We already know that creative quality and variety is driving more than 50% of our performance for us on Facebook, but identifying winners and losers with the speed and scale we want is often difficult. We estimate this tool will change the game for our team, improving our vision, speed, creativity, and results.”
Pencil’s customers will be able to access the new IPA which will audit thousands of ads to provide “Day Zero” new ideas and predictions, enabling brands to use their best creative to make their next creative. Previously, users needed to run sufficient Pencil ads and media investment before gathering enough data to see any predictions, which might take several weeks. Now with the IPA, Pencil already knows on Day Zero what has worked before and what didn’t, and users get predictions built on all their past Facebook ad tests.
Pencil also revealed that 3 out of 4 Pencil users successfully find ad “winners” which outperform their average performance benchmarks. On average these winning ads beat their baselines by 79% (ROAS, return on advertising spend) and 48% (CPA, cost per acquisition). The new data was published in the Q3’2021 edition of “Creative AI Works”, based on an analysis of over 650 Pencil ads that ran between November 2020 and July 2021. The report also found that teams which ran 10 or more Pencil ads were typically able to find “winners” that performed 100% higher than ROAS baselines and 50% lower than CPA baselines. The full report can be downloaded here.
Will Hanschell, CEO and co-founder of Pencil commented: “These results and these new features mean that we and our users are already further ahead with Creative AI than where we expected to be during 2021. We didn’t want to just build a product, we wanted to create a whole new system, to help solve this $100 billion video advertising industry problem. We now have an effective, integrated SaaS system tested and launched, and a way for any small business to get started and get value immediately.”
Finally, these new features would not be possible without the outstanding partnership and performance of CLIP. IPA utilizes OpenAI’s CLIP neural network, which is trained across 400 million image-language data points to learn the presence of concepts in the images automatically. Earlier in the year, Pencil upgraded from OpenAI’s GPT-2 to GPT-3 to drive its ad copy generation, and saw its success rates jump from ~65% to over 95%.
Pencil is a Creative AI company on a mission to generate unexpected ideas that get results. Pencil generates ads that learn to drive sales, delivering the return on ad spend that helps brands scale their businesses. Pencil was founded in 2018 with a team from Google, Facebook and Uber and is backed by Sequoia Capital India, Wavemaker Partners, Singapore Innovate and Entrepreneur First. Further information visit: www.trypencil.com
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