Facebook recommends advertisers leverage these five tactics to accelerate growth and improve account performance.
In the past few years, direct response (DR) marketers have manually hacked their way to success on Facebook. I’m sure we all have stories of staying up too late or waking up early to tweak budgets to ensure we don’t over or underspend on Facebook.
After years of push and pull, Facebook has rolled out Power 5, an attempt to improve business growth with automated ad performance. The Power 5 is expected to help advertisers focus on the media buying and creative strategy rather than toggling buttons on/off in ads manager.
According to Facebook, the Power 5 helps high growth, disruptor brands scale much faster and gives marketers time back to focus on creative and media strategy.
The Power5 entails:
- Auto Placements
- Campaign Budget Optimizations
- Account Simplification
- Dynamic Ads
- Auto Advanced Matching
Automatic placements allow Facebook’s delivery system to make the most of advertisers’ budgets. It places ads on all the placements available for settings on Facebook, Instagram, Audience Network and Messenger. Some advertisers have been hesitant to utilize Audience Network but SocialWithin recommends excluding lists of websites or categories your brand does not want to appear in and not nix the placement as a whole. Audience Network has not been a strong standalone performer, rather it amplifies other placements.
Using campaign budget optimization (CBO), advertisers can set one budget on the campaign level to optimize across ad sets by distributing budget to the top performing ad sets in real time. By distributing more of a budget to the highest performing ad sets, advertisers can maximize the total value of their campaign. Budget optimization works in real time to determine the most effective use of a business’ ad dollars to help lower cost per acquisition (CAC) and increase return on ad spend (ROAS).
“A well-defined customer journey is a top priority for SocialWithin and Free Fly. Facebook’s campaign budget optimization allowed us to capitalize on shopper intent signals by distributing more of our budget to the high-performing audiences.”
In the past, advertisers had to create multiple campaigns with dozens of ad sets to test and find top performing audiences. Facebook now recommends simplifying account set up and allowing the algorithm to learn with time (complete learning phase by getting 50 conversions per ad set per week) rather than quantity of campaigns and ad sets.
For the ad sets that are not getting 50 conversions per ad set per week, SocialWithin recommends combining lower converting ad sets together. For example, if ad set A in the past seven days has 52 conversions, ad set B has 12, and ad set C has 11 consider consolidating ad set B and C.
The Dynamic Ads
With Dynamic Ads, advertisers can utilize their product catalog to dynamically show their prospecting and retargeting customers products they’d potentially be interested in or have expressed interest in.
SocialWithin recommends our clients have two catalogs – one with all studio images of the product and one with lifestyle (product in use) images. With having two catalogs, advertisers can design on-brand creative through a lifestyle catalog for their prospecting audiences and use the product images’ catalog for cart abandoners to bring customers back to purchase without confusion.
“We were most excited about the efficiency of running dynamic ads. They’re easy to set up and allow us to retarget globally. Above all, our results with this ad format usually outperform everything else by at least 2X.”
Faheem Siddiqi, Founder and CEO of SocialWithin.
Auto Advanced Matching
With automatic advanced matching, Facebook can capture the hashed customer data (ex: email addresses) brands collect from their website during processes like check-out, account sign-in or registration. Hashing is the process Facebook uses to transform data for security reasons. Facebook can then use hashed identifiers to better match people visiting the brand’s website with people on Facebook, which can lead to more attributed conversions for Facebook campaigns and a larger size of custom audiences.
The pixel advanced matching process is not designed to collect any sensitive information such as passwords or financial, health or government data.
Source: Facebook Business Help Center