Facebook is here to make life a little bit easier, one update at a time. And, this most recent round is geared primarily towards e-commerce and B2C businesses. With two new options for Facebook ads, now you can easily measure just how much bang you’re getting for your buck. How exactly? Because FB is going to break it down for you and let you know who your MVP’s are.
“Most valuable” meaning here: which customers are going to spend the most with your business, money and time-wise. One of the new options lets you optimize your ads for value, so you can specifically reach these people. And, to better build your customer base, you also can now target value-based lookalike audiences.
So, here’s what you need to know about these new ad tools, and when exactly to expect them.
Value Optimization
Before, you had to do your best to determine how valuable a campaign was based on metrics like clicks, impressions, and installs, all of which are still important. But, the problem with these metrics is even though a campaign may be successful, you may not fully understand how much you’re necessarily getting back on your ad spend. The value optimization feature is going to let you focus your campaigns on anticipated purchase value, so you’ll be able to better gauge your ROI.
Facebook uses purchase value data to estimate how much a person will spend with your business over a seven-day period. And then, the value optimization tool will adjust automatically to deliver ads to the people likely to spend more with your business.
The value optimization option is rolling out to everyone over the next couple of months. But, the value-based lookalike audience tool is available now.
Value-Based Lookalike Audience
Facebook actually first introduced this feature four years ago, but it’s just coming out for everyone now. This ad option is helpful because it helps you build your potential consumer base with even more “valuable” customers.
The value-based lookalike audience tool lets you target users whose online usage history mirrors that of your pre-existing, high-value consumers. So, by finding and targeting these potential customers, you can improve your ad performance even more.
In Facebook ads, you will now see a new “value” column for your entire customer list that lets you do this.
So basically, just when we though Facebook ads couldn’t get any better, they did. These new tools will allow you to target your campaign in a completely different way, and improve the success of your ads even more and measure an even higher ROI.
