What innovations can we expect next on Facebook? And what should your company consider the developments associated with the iOS 14.5+ update as part of your Facebook marketing strategy?
Last week, Dan Levy, Facebook's Vice President, Ads & Business Products, gave an overview of the four key elementsthat Facebook wants to maximize in order to be prepared for the next generation of user behavior.
- Product and business discovery
- E-commerce Functions
- Business tools beyond marketing
- Technologies to improve the privacy
We have put together the most important information and valuable tips for you so that you can stay up to date in the constantly changing digital and social media world. Above all, Facebook is known to be a true innovation incubator with its Instagram, WhatsApp and Messenger products. So what can we prepare for?
What is happening in the social media marketing landscape right now?
Companies are faced with a permanent change in consumer behavior: One Migration to e-commercewhich under regular circumstances would probably have lasted a decade is lockdown-related exploded within a year!
This - combined with the constantly evolving technologies - is a cross-generational opportunity for our e-commerce industry to be innovative again. Especially when it comes to meeting consumer expectations for the protection of their privacy. We need to create new ways to Reach customers and the Consumers more control at the same time about how to give theirs personal data in advertising be used.
1. Product and business discovery
In addition to the new data challenges, an important focus for Facebook is also on e-commerce. Facebook's expansion of its In-stream shopping tools The social media giant is thus adapting to the growing shopping behavior of consumers and the latest trends in the digital world - aka TikTok's boom and innovations in the form of video-supported shopping experiences.
Image Credit: facebook.com
In this context, Levy says that Facebook is testing various new user experiences: “First of all, Facebook is testing a new option in the news feed the user that allows them to go through Tap content from brands on topics such as beauty, fitness or fashion to find and at the same time to explore the content of related brands ”.
Tests in this regard were rolled out back in April when some users saw new prompts in their feeds that gave them the opportunity to follow topics they were interested in.
This will help Facebook to create more product- and brand-oriented lists for each user, depending on their interests. Which in turn will help that Maximize Product Discovery.
In addition, Facebook also wants to create improved ad placements based on the content that users interact with. “So if the user watches a travel video, we could show ads for hotels and flights.” Facebook already offers this to a certain extent through its own Ad targeting options at. But the social media provider would like to be even more specific in this regard open up new advertising opportunities could.
Levy says they also try specifically promote small businesses. With a new badge that will be displayed on the advertisements of SMEs.
There will now be a new marking below the main display field, which indicates that it is a "Small Business". As many consumers try to get smaller, Support local brands to alleviate the effects of the pandemic, this could help improve the response.
Image Credit: facebook.com
2. Facebook is advancing further and further into the area of e-commerce
As a result of the pandemic, the popularity of Facebook's eCommerce tools continues to grow, which goes hand in hand with the rise in online shopping. Meanwhile visit a billion people visit the Facebook Marketplace every month. Facebook and Instagram shops, which were launched in May last year, now have over 300 million monthly visitors.
The next step is to expand the shop and product offerings via the aforementioned topic and business discovery feed and the Expansion of the shop offers to the marketplace. At the same time, the Improved Facebook Pay Toolsto simplify the purchasing process.
“Facebook and Instagram are rapidly developing into one Point of contact for buying and selling. Over the next few years we will build a modern e-commerce system to meet this demand Ads, Community Tools, Messaging, Shops, and Payments to meet. All of this serves to create a personalized, seamless customer journey to create in which it becomes easier
- to discover a product
- to find out more
- to decide to buy
- to pay for it and
- to find it on your own doorstep. ”- says Levy.
This is currently a major focus for Facebook, as well as almost all major social platforms. As consumers get used to seeing an article in a social media post and then buying it immediately, new opportunities for e-commerce functions will continue to open up on social networks. Ecommerce companies and platforms that fail to take advantage of this change in user behavior are missing out on a significant source of revenue.
3. Facebook's business tools beyond marketing
Facebook is not only planning to expand its offering for companies in terms of its shopping functions. The social media giant is also working on further improving its business management tools and processes in other areas.
Among other things, new elements are added such as
- Job listings
- uploading résumés to user profiles
- improved messaging functions
- digital educational tools
4. Privacy Enhancement Technologies
Facebook marketers are still grappling with the effects of Apple's ATT update. Because the app Tracking Transparency Framework (ATT) accompanying the iOS 14.5 update restricts data tracking for advertisers since April this year extremely one. And since Google is also in the near future with its Federated Learning of Cohorts (FLoC) want to say goodbye to the advertising cookie, new options need to be found to ensure the effectiveness of ads.
So, despite its protests against Apple's update, Facebook has no choice but to work on adding new tools, the one optimal target group approach and focus allow within these new restrictions. On this subject specifically, Levy says Facebook is working on developing new "privacy enhancing technologies". That's how it should be Amount of personal informationthat the platform picks up, be minimized. At the same time, advertisers should still be able to use their Targeting promotions with optimal efficiency.
Facebook is working with industry partners and organizations to establish key best practices on this front, including the Partnership for Responsible Addressable Media (PRAM), that World Wide Web Consortium (W3C) and the World Federation of Advertisers (WFA). It remains to be seen whether this will lead to comparable targeting capacities. But this will be an important element as Facebook tries to provide better solutions for advertisers in the post-ATT environment.
In response to the ATT changes, Facebook is introducing updates for conversion modeling and events
Current statistics from AppsFlyer show that about 42 % of iOS users choose that Allow data trackingwhen they see Apple's ATT prompt. While this is a pretty good number, it also means that the majority of users have turned off in-app data tracking.
This in turn has to be Limitations in Insights data for Facebook advertisers guided. If you also place Facebook Ads, you will benefit from the reduced data flow in the Performance reporting most likely to have noticed myself. In return, the social network is now trying to make changes to its attribution modeling processes in order to take into account the lost knowledge and allow better control of the targeting for advertisers.
The most recent changes mainly affect that Tracking of events and conversions. As part of this, Facebook now allows advertisers to update their focus event for a campaign without the advertiser having to pause the campaign and manually restart it each time a change is made.
Relaxation of the 72-hour reset period for all ad sets that are optimized for the top 8 prioritized events in the Event Manager
As of June 16, advertisers with ad sets that are optimized for an event prioritized in the Event Manager will no longer be paused when they make a change to their event configuration. However, it is important to note that you can still restricted are, how often they make changes can. For example, once you have made changes, you will be blocked from making further changes for the next 72 hours. In addition, some changes may result in restricted delivery and reporting.
Let's assume you change your event configuration and prioritize your top event to “Buy” instead of “Add to wish list” because you have a 50% sale in your online shop on the long weekend ahead. In the past, you would have to wait 72 hours and then manually restart your advertising campaigns that prioritize "buy", "add to wish list" and other events below the changed event.
However, with the current change, you can immediately with the optimization for purchase events without waiting for the reset period. However, you would still be limited by the fact that you can only make changes every 72 hours. This will make it easier to keep your campaigns flexible and change your focus based on performance trends.
Facebook also includes estimated conversions in its 7-day click attribution window
Many Facebook advertisers have had one in the past few weeks significant decrease in conversions found because Facebook is no longer able to track them. Many marketers also report on large discrepancies between their data reporting toolsbecause they can't tie the dots between Facebook reporting and their actual performance.
The expansion of the use of conversion modeling now helps advertisers to take into account data that was lost due to the ATT update.
In the past, only the 1-day click attribution setting included this type of modeled data that events from opt-out users can take into account. The use of conversion modeling has now been expanded to include it in the 7-day click standard attribution setting.
The inclusion of this modeled conversions can lead to a noticeable increase in the attributed 7-day click conversions. However, in cases where there is insufficient data to make estimates, the reported results may not include modeled conversions.
However, according to its own statements, Facebook is continuously working on improving its machine learning models and expanding the coverage of the modeled conversions.
Additional flexibility for website conversion campaigns
Finally, Facebook offers more flexibility for advertisers who want to maximize performance for Android users by expanding the event options in the campaign setup.
This means that advertisers who want to target Android users now have more options to optimize their campaigns based on their performance. Unfortunately, this won't help you if you want to reach users on their iOS devices.
CONCLUSION: If you stay up to date with Facebook's innovations, you win!
The changes regarding Facebook's data tracking in response to the ATT update are more of a technical nature. But they have big impact for media buyers and performance marketerswho want to maximize their Facebook ad spend. And while modeled data will never be as detailed as actual performance, Facebook hopes by providing more Insight data consistent with overall performanceTo help marketers see more accurate results for their spend and then better allocate them.
Facebook's business focus also gives an interesting impression of the possibilities for marketers on social platforms in the near future. As seasoned advertisers know, Facebook tends to favor projects that it wants to increase its focus on. So the more you stick to this Doing shopping experiments and testing new tools, the more your advertising measures will be rewarded with reach.
At the same time, however, you should keep in mind that over-trusting the platform can be problematic. As Facebook has shown in the past, its general priorities can suddenly shift. This, in turn, can lead to disappointment for brands that expected some level of referral traffic or more sales from the platform's tools.
So one can only hope that Facebook will be more careful with such effects as it expands its e-commerce venture. It is therefore advisable to view the shopping platform more as a “lease area” and to be aware that Facebook can change its mind at any time and stifle your reach.
Nevertheless, it is important to have a certain understanding of the planned focus of Facebook & Co and to know in which direction the social media platforms will move in terms of their user experiences in the near future.
Our media buying team at R17 Ventures is always up-to-date when it comes to news in the world of social media. Contact us today and we will show you the potential that your online business can achieve with well-thought-out paid advertising from experts.