If your business isn’t in social media right now, then you must have a pretty darn good reason why.
As of March 2015, there has been a total of 1,415,000,000 (Yes, that’s 1.415 billion) active Facebook users, 347 million LinkedIn profiles, 300 million Instagram shooters, and 288 million Twitter-ers. Even relative newcomer Pinterest already has more than 10 million monthly visitors. By our math, that’s a total of 2.35 billion accounts. That’s a lot of people, and by that we mean prospects.
Facebook, the first social network to break the billion mark, has exposed this potential goldmine. That’s why they started monetizing their business acumen through ad placements and various offerings to help businesses make money out of their products & services.
And early this month, Facebook released 6 new tools for social media marketing right after their algo update a few months ago:
1. Targeted product ads
2. Multi-product ads
3. Dynamic advertising (cross-platform advertising)
4. Custom Audience tools
5. Split Ad set
6. Facebook Messenger payments
In this blog, we will explain how each of the six new tools work and how you can use them in your Facebook marketing campaigns.
Although ad placements aren’t new to Facebook, they made improvements with this tool by making it more serviceable to businesses. This new tool allows you to advertise your products and make campaigns for them individually. Product ads can also be customized to reach prospects at every part of the Buyer’s Journey.
Facebook also made a new tool called Multi-product ads. Basically, it’s like a banner ad featuring three products that’s viewable in desktop, mobile, and app. Now you can mix and match several products that your prospects might be interested in.
The key to utilizing ads in Facebook is to target the right and ripe prospects for conversion, from “window shoppers” to “buyers”. Once you successfully identify these, be present in the various pages that they frequent.
For example, by typing “pages liked by people who like (My Facebook Business page), you’ll be able to know what types of pages your fans are paying attention to. Now you have more targeted placements to choose from.
Don’t know who are your right and ripe prospects? Try to cross-reference your Facebook Page Insights with Facebook Search. Match the demographic elements (age, gender, income, location, purchase behaviour etc.) of your audience with the data/information reflected on the search box.
This tool is available to select Facebook Marketing Partners ONLY but expect it to be available on Power Editor soon. Basically, this tool optimizes all your ads across all platforms, eliminating the need to create individual ads per platform.
Like what was mentioned earlier, the dynamic product ads aren’t available for everyone yet. However, Facebook was kind enough to educate us how it works:
Step #1: Upload your product catalogue/product feed. Make sure you have a business manager account set-up on Facebook. You can learn how to create a product catalogue here.
Step #2: Set up your pixel. If you already have extensive experience with Facebook marketing then you already know what we’re talking about. Pixels, in layman’s term, are meta tags (codes) that sets an attribute in the ad. Place a Custom Audience pixel on your website or set App Events on your app and modify it to report when your products are being viewed, added to cart, or purchased.
Step #3: Create a dynamic template. Fill in your ads with a title, description, image, and price. You can choose to promote one or multiple products in an ad. Add a Facebook conversion pixel to be informed on which ads convert most.
Step #4: Run Dynamic Ad. Excited to see how dynamic ads can work for you? Match with a Facebook Marketing Partner.
With the enhanced capability to target ads on right and ripe prospects, you can now customize which kinds of audience your ads will reach. The Custom Audience tool lets you do just that.
The Custom Audience tool is filled with many filters that will help you aim at audiences based on their purchasing behaviour, liked pages, and so much more. Just choose which condition/s best suit your ad placement.
Split Ad set works much like A/B testing. You can now compare and roll out two different ad formats in a single campaign.
Right now, Facebook has released a list of open-sourced tools for testing is available at your disposal. But for those who are coding-challenged or just hunting for an uncomplicated testing solution, Facebook offers a Split Ad Set in Power Editor.
Step #1: Fire up Power Editor then click on the Ad sets tab. Select the ad set with the audience you want to split.
Step #3: On the Split Audience page, you’ll see the original ad set that you chose to split. Click Add an ad set to create a duplicate ad set where you can edit the age and gender of the audience for the ad set. You can create as many ad sets here as you need to.
Step #4: Click Create Ad Sets to finish creating the new ad sets in Power Editor.
Step #5: Make any further adjustments to the ad sets that you want, such as updating the budget.
Step #6: Click Upload Changes at the top of the page to save the changes to your campaigns and begin running the new ad sets.
Perhaps the biggest “feature” since Facebook dropped its Messenger app is the Facebook Messenger payment tool. It gives Facebook users more convenience and freedom in sending and receiving money between peers. As of the moment, the tool is on testing phase.
The peer-2-peer business implications of this tool are HUGE. Now, business has one more payment channel wide open; and they can be more involved when it comes to customer service and customer communication/feedback.
To send money:
Step #1: Start a message with a friend
Step #2: Tap the $ icon and enter the amount you want to send
Step #3: Tap Pay in the top right and add your debit card to send money
To receive money:
Step #1: Open the conversation from your friend
Step #2: Tap Add Card in the message and add your debit card to accept money for the first time
The money you send is transferred right away. It may take one to three business days to make the money available to you depending on your bank, just as it does with other deposits.