Facebook is rebranding to Meta, short for Metaverse. What will it take to win on this platform in the new Metaverse?
Consider the value of Facebook to your Business
Have you spent years cultivating a following that you must now pay to reach on Meta? This can be a determining factor in your Facebook strategy. Don’t forget, Instagram followers count too.
We recommend continuing some display advertising with Reach and Impression goals where reaching 80% of your followers is a campaign goal. You can’t just walk away from a sizable audience (20k followers or more). Promoting posts or stories should be part of the Organic/Paid strategy for 2022.
For brands historically seeing 4-10x ROAS for Catalogue ads, they still depend on Facebook attributed revenue to reach their business goals. Expect a drop in ROAS not unlike what we’ve been seeing for a year now since the cookie window went from 28 days to 7 days.
1. Realignment of Ad Strategy
The low CPM we’ve seen for the better part of a decade for Facebook Advertising has come to an end. Prospecting ROAS is not as good as it was even a year ago where you could run display ads with conversion objectives and still pay 1/10th the CPM of other ad networks.
We are recommending brands focus on mid and bottom funnel strategies for Facebook in 2022. We recommend moving from prospecting for conversions to prospecting for impressions, estimated brand recall and traffic. We also recommend remarketing and abandoned cart for Catalogue sales objectives.
2. Go Direct to Publisher
Move your prospecting budget into “Publisher Direct” advertising to feed the top-of-funnel. Traffic from these sources is more highly qualified than what we’ve been seeing from Facebook interest targeting. This is especially true since the iOS 14 update where targeting needed to be broadened and audiences expanded. We’ve found significantly better traffic from publishers than we can on Social right now.
3. Facebook (Meta) is now a Marketplace
The shift from Social Network to Marketplace has happened, given they have 1st party data they will rent to us to sell on their Marketplace it’s worthwhile to shift focus with Meta. We recommend allowing for Facebook Marketplace checkout as an option for users on their network. Not unlike AMS, search and related products will do well on their Marketplace and these match well with Catalogue sales and Dynamic Advertising.