Pencil Unveils Free Creative AI Dashboard For Brands
For ecommerce and SMB advertisers, the Creative AI dashboard and Instant Predictive Audit can analyze thousands of Facebook and Instagram advertisements to provide fresh ideas and predictions.
FREMONT, CA: Pencil, a firm specializing in creative AI, has launched a free innovative AI dashboard and an Instant Predictive Audit (IPA) that can analyze thousands of Facebook and Instagram advertisements and create fresh ideas and predictions for ecommerce and small business advertisers. Pencil is the first fully automated system that generates countless video ads that continuously improve and drive more sales.
The new creative dashboard, which will remain accessible in perpetuity, analyses a user's Facebook account and then categorizes all of a brand's prior ads as "winners" or "losers." Winners are advertisements that outperform a certain threshold (e.g., the average, the top 10 percent, or the top 25 percent) on a given metric. They can be utilized to generate new strong ideas using the "More like this" feature. With the "Replace" tool, failing advertising can be replaced and enhanced in a few clicks, and there are additional indicators to identify "Fatiguing" and "Scaling" concepts.
“The new creative AI dashboard is going to significantly improve the way we build and run ads on Facebook and Instagram,” says Tye DeGrange, founder of Round Barn Labs. “We already know that creative quality and variety is driving more than 50 percent 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 get access to the new IPA, which will audit hundreds of commercials and deliver "Day Zero" new ideas and predictions, enabling brands to reuse their most acceptable creative. Previously, consumers had to run a sufficient number of Pencil ads and invest in media before seeing any forecasts, which may take many weeks. Now, with the IPA, Pencil knows precisely what worked in the past and what didn't, and users receive forecasts based on their previous Facebook ad testing.
The new data was published in the Q3’2021 issue of “Creative AI Works,” derived from a review of over 650 Pencil advertisements between November 2020 and July 2021. Additionally, Pencil discovered that three out of four Pencil users effectively identify ad "winners" that beat their average performance benchmarks. On average, these winning advertisements outperformed their benchmarks by 79 percent (ROAS, return on advertising expenditure) and 48 percent (ROAS, return on advertising spend) (CPA, cost per acquisition). Additionally, teams that ran ten or more Pencil commercials were often able to identify "winners" that performed 100 percent better than ROAS baselines and 50 percent better than CPA baselines.
Will Hanschell, CEO and co-founder of Pencil, comments, “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 additional features would not be feasible without CLIP's exceptional collaboration and performance. IPA makes use of OpenAI's CLIP neural network, which has been trained on 400 million image-language data points, to learn the presence of ideas in images automatically. Earlier this year, Pencil updated from OpenAI's GPT-2 to GPT-3 to power its ad copy production, resulting in an increase in success rates from 65 percent to over 95 percent.