1. Focus on Mobile.
Mobile adoption is the fastest growing consumer technology in human history achieving market maturity faster than radio, TV the commercial Internet and many other technologies. In 2013, the surge in mobile adoption helped propel Facebook’s mobile base, creating new opportunities for marketers. Nearly half of Facebook’s users are now only accessing the social network from their mobile device. And in Q4 2013, Facebook reported 874 million daily active mobile users. This will only continue to expand in 2014. Facebook is moving to a tipping point where mobile usage will soon eclipse desktop.
To be successful on mobile, you need to consider how your target audience uses Facebook. For example, if users are frequently at home when they are using Facebook’s mobile app, they can leverage Facebook’s WiFi-only targeting. Alternatively, if your target users are typically on the go, you can schedule campaigns to run during peak commuting times.
So if you are still thinking that you shouldn’t worry about optimizing your Facebook advertising campaigns for mobile, it’s time to update your approach. Our complimentary eBook, Mobile Advertising in a Multichannel World, will help you understand how to take advantage of the latest mobile trends and revamp your mobile advertising to achieve your goals.
2. Increase conversions with retargeting.
People visit your website, leave and then they go to Facebook. Advertisers looking to target customers who contemplated a purchase on their site but didn’t complete the transaction have flocked to Custom Audiences and Facebook Exchange, due in large part to the massive size of Facebook’s active user base.
If you have a more straightforward conversion funnel, Custom Audiences offers more streamlined implementation and management for your retargeting campaigns. Custom Audiences lets you take your current customer lists and show ads to just those customers on Facebook. Custom Audiences works with all Facebook ad formats and targeting capabilities on both desktop and mobile. Nanigans research shows that Custom Audience targeting drives 5x more revenue than standard interest targeting. To learn more, read our post about remarketing with Custom Audiences.
Facebook Exchange, or FBX, enables retargeting via real-time, impression-level bidding on Facebook’s standard ad inventory. FBX empowers advertisers to serve ads to users on Facebook based on past actions they have taken online and is most appropriate for campaigns with a greater number of retargeting options. So for example, an ecommerce company with a robust product catalog would want to leverage FBX with product specific ads. Our data shows that customers entering FBX remarketing pools from Ads API buys purchase 89% more in sales revenue. For more on FBX, read our article Facebook Exchange: 10 Steps to Boost Conversions.
3. Consider Facebook video ads.
TV advertising is still a crucial channel for modern advertisers. Video is a proven medium for having a significant impact on brand awareness and purchasing decisions. Facebook’s new autoplay video ads will have a big role in 2014. Now that people are shifting their TV viewing habits online, it’s important to adjust your advertising model with it. The devices are different and it’s important to build great video ad creative for Facebook desktop and mobile that includes a strong call-to-action.
Video is an ideal medium for brands looking to interact with Facebook’s massive user base. With its combination of full-screen immersion, customized targeting and the capability for people to take immediate action, Facebook’s video ads offer enormous potential for advertisers in 2014. For more on Facebook video ads and their performance, read our case study Facebook Page Post Video Ads in News Feed Drive Engagement.
4. Revitalize your creative strategy.
If you haven’t heard already, great creative is now essential on Facebook. Brands will need to put much more thought and focus into the images they use in their Facebook ads because Page post ad units are so large. With so much content appearing in people’s News Feed, it’s essential that marketers have a vast repository of engaging images so they can keep their ads front and center in users’ News Feeds. Bold, unique, constantly refreshed creative is required to keep your ads relevant to users. This is even in more important for direct response advertisers who rely on engaging creative and enticing copy to encourage a consumer to make a purchasing decision.
It is important to evaluate a variety of types of creative that could work for your Facebook marketing campaigns, You can determine what works best by reviewing your analytics from the past several months and engaging in ongoing A/B testing. This post 5 Steps to Creating Killer Facebook Ads can help you get started.
5. Optimize your ad spend for true ROI.
Facebook is no longer social marketing. It’s performance marketing. Facebook has shifted away from engagement and affinity ads and rolled out media buying, tracking and optimization innovations that help advertisers drive true ROI. Advertisers no longer need to rely on proxy metrics like impressions, clicks or immediate actions. They can now buy and optimize their ad spend for predictive lifetime value. This allows marketers to more accurately understand the true return generated from their advertising investment—the purchase revenue generated from people the advertiser reached with its Facebook ads.
So why are Facebook marketers increasingly shifting to predictive lifetime value? The answer is simple. Goal-oriented marketers are willing to pay more for a customer that generates 10x more in purchase revenue rather than focusing on low cost strategies such as a targeted CPA. For more on how to improve your ROI in the long run, read our eBook Finding Profitable Customers with Predictive Lifetime Value.