One of the most important things when advertising on digital platforms is to seek to maximize revenue with the least amount of budget possible. It’s a dance that everyone dances to try to optimize the value of campaigns. Well, now Facebook also wants to help by offering two new, more robust targeting options:
1. Reach the people who are likely to spend the most with Value Optimization
When marketers advertise on Facebook, they often build campaigns that have a return on investment (ROI), that is, they spend an amount knowing that in return they need to make greater gains in sales for having advertised.
However, managing this type of campaign to date has required using metrics such as clicks, impressions, conversions, and installs to gauge whether or not the campaign has had a significant social impact. That’s why Facebook is introducing the “Value Optimization” feature (Value Optimization) so that marketers can focus their campaigns by informing the purchase value of products in advance.
In other words, the feature allows you to enter the value of products in your online store from the Facebook Pixel. It basically estimates how much a person can spend on your business over the seven-day period, and then your ad’s auction bid automatically adjusts based on that estimate.
In this way, campaigns start offering ads to people who are likely to spend more with your business at a lower cost. The feature went into testing today and will be released to a number of eligible pages in the coming months.
Facebook Business users will be able to access Value Optimization when creating a conversion optimized ad for product catalog sales in the Ad Manager .
2. Improving Similar Audiences
Four years ago, Facebook introduced the Similar Audiences feature to help fanpages find audiences that might be interested in your brand based on visits to your website or customers added from a custom audience.
While Similar Audiences are a powerful tool to grow the customer base, companies generally want to increase the cohort rate based on the value of their business. In order to more efficiently address this issue, Facebook is releasing Similar Audiences based on values.
Through this improvement, advertisers are no longer limited to creating small groups of audiences based on their spending or LTV (lifetime value) when creating a Custom Audience. So now you can add a value column for the entire customer list and Facebook will create a probability weight of the audience making a purchase when they see your ad.
The new thing is now available in the Ads Manager and can be found in all goals.
Facebook Ads is one of the most used platforms to generate conversion on the internet and has become as important as Google’s. Does your company already invest in Facebook? Nerdweb has a professional team to help you convert digitally.
Source: Facebook for Business