1. Focus On Mobile
Traditionally used to peruse products before purchasing on desktop, mobile devices are coming into their own as buying tools. According to eMarketer, this year 73.9% of US mobile shoppers are slated to make purchases on mobile devices.
That percentage is expected to rise in years to come. As more consumers adapt to the new paradigm, companies who can adapt quickly to the shift in mCommerce will be ahead of the curve.
If you’re looking to acquire or retain customers on mobile in 2016, look no further than Instagram – one of the fastest-growing social channels available to advertisers.
2. Increase Conversions With Retargeting
According to ecommerce analytics firm Formisimo, the average rate of shopping cart abandonment in 2015 was 68%. This means that online retailers have been watching nearly seven out of ten potential customers get close to completing a purchase, then walk away.
Retargeting options like Dynamic Product Ads (DPAs), Facebook Exchange and Website Custom Audiences help retailers do more than win back straying customers. Ad retargeting can also fuel discovery of similar products, cross-sell complimentary products or increase purchase frequency among your top customers.
3. Refresh Your Creative Strategy
Because social media platforms are such a highly visual medium, constant creative iteration is key to strong ad performance. On frequently visited channels like Facebook and Instagram, audiences will quickly get bored with your ads if they feature the same creative and copy every time.
A creative refresh is not only necessary to shake up your ads; it will also help you discover which elements drive conversions – and therefore, revenue. For fresh ideas, check out our Outside The Box Creative Tips & Tricks For Digital Marketers.
4. Optimize Your Ad Spend For True ROI
For many industries, digital advertising has shifted from primarily brand-oriented campaigns to more direct response efforts. In response, many advertisers are leveraging predictive lifetime value (PLTV), which intelligently adjusts campaigns to reach customers who will generate the most value.
Because it’s rooted in optimizing for downstream behavior like purchases or app downloads, PLTV provides digital marketers with the ability to focus ad spend on revenue and future success.
5. Test Video Ads
Video advertising is a rising star in the world of programmatic. While video ads were once considered primarily a brand-focused tactic, direct response advertisers are embracing the format – and achieving impressive returns as a result.
In fact, Kabam saw a 78% higher click-through rate on Facebook’s mobile app install video vs. image ads for mobile game Marvel: Contest of Champions.
6. Bring Your Platform In-House
With the rise of sophisticated programmatic software platforms, companies are increasingly taking control away from external agencies and partners and putting it in the hands of their own in-house marketing teams. When armed with best-in-class advertising automation software, these teams can achieve scale, efficiency, and performance at or beyond what’s possible through outsourcing this critical function. CMOs who value digital advertising are building in-house competencies around campaign execution, measurement and optimization – and growing their revenue as a result.
7. Segment Your Marketing Campaigns
Much of the power of Facebook and Instagram’s advertising capabilities comes from unmatched targeting capabilities. Data-driven marketers know that experimenting with these targeting options is essential for scaling success.
Whether you’re testing out Facebook’s Multicultural Affinity Targeting, reaching millennials with tailored ad creative, or leveraging Nested Lookalikes, boosting the relevance of your ads is a surefire way to convert more customers and drive higher revenue for your business.Take a complete look at what’s ahead with our latest guide:
Get the 2016 Marketer’s Guide to Facebook Advertising!