Facebook advertising has become increasingly data-intensive, more varied and quite sophisticated. Over the course of last year, Facebook has rolled out and implemented a series of new ad formats. Most likely you are already into Facebook advertising and that is great because in the social advertising world when it comes to depth of data, audience reach, and overall power, it is absolutely second to none.
The new Facebook advertising ecosystem is offering at least 7 major channels to advertise. This includes display ads, page post ads, brand pages, mobile app install ads, promoted posts, sponsored stories (being gradually phased out), as well as log-out screen ads.
While each of these Facebook ad products comes with their own individual benefits, several additional concepts and products may need further elaboration.
- Partner Categories: This is a tool designed to assist marketers gain leverage of offline data. Facebook is offering 3rd-party data of a couple of vendors towards helping you identify your Facebook target audience. For illustration purposes, if you are running a mom-and-pop shop but lacking your own data, it’s now possible to use Partner Categories from Facebook to make your highly-targeted ad buy.
- Custom Audiences: Marketers can now utilize their offline customer data already in their possession to find existing or past Facebook customers. They then can target such consumers with ads. Lookalike Audiences, a Custom Audiences extension uses the similar data towards helping businesses find prospective Facebook customers.
- Cost-Per-Action (CPA): This Facebook pricing method allows you to pay only for actions a person takes because they saw your ad. Instead of having to pay using the traditional Pay-Per-Click method, or on the basis of impressions, advertisers can now pay on the basis of a specific number of Likes, known as Link Clicks (basically these are specific link clicks and not on the whole ad), or based on Offer Claims. Together with Partner Categories and Custom Audiences, Cost-Per-Action is designed to assist in attracting marketers who are performance-oriented to Facebook. This is in contrast to brand marketers, who in most cases just go for reach.
Facebook Audience Network
- Facebook Exchange (FBX): Facebook Exchange, in short FBX, was primarily a desktop ad exchange allowing advertisers to serve specific ads to their Facebook users on the basis of letting advertisers use their own data to place real-time bids on Facebook inventory, along with targeting and retargeting segments of the audience. It’s reach though was primarily limited to desktop usage. Facebook has since phased out FBX and has focused more so on Facebook Audience Network.
With user interaction and the unprecedented reach of Facebook, hopefully, it becomes clear to perceive why targeting becomes a vital area of strength when compared to other types of advertising platforms. In terms of audience attention and size (and the Facebook is truly unparalleled. No matter what you are specializing in, an in-depth understanding of the new ecosystem of Facebook advertising is helpful.
Keys to Successful Facebook Ecosystem Advertising
Marketers and communication professionals must understand how they can effectively communicate as well as measure performance within the changing ecosystem of Facebook advertising if they’re going to successfully use it.
Key areas to address include:
- Value– For each campaign, it is important to have your business goals tied to your advertising objectives
- Precision– Align your targeting and also be creative
- People– Measure your results based on people and not on cookies.
Finally, remember that as powerful as advertising on Facebook is, it can be equally complex. If each of its unique advertising channels is not being optimized specifically for your individual brand, most likely you are wasting much potential.