Advertising on Facebook can make you feel like a hamster on a wheel – just when you think your new strategy reflects the latest updates, there’s another cycle of changes to incorporate. Facebook’s latest revisions center around new requirements for targeting custom audiences.
Essentially, if you put together an audience culled from customer files, you’ll need to explain where the customer information came from with each new upload. When ads show up in a user’s feed, he or she will be able to see exactly why the ad is relevant, including how his or her information was acquired. While keeping current with various policy changes can be difficult, for the clear majority of advertisers and businesses, it’s well worth the effort.
Why you need the social network
There’s obvious value in the opportunity to reach Facebook’s 2.23 billion monthly active users, but there are a plethora of other reasons to utilize the company’s advertising clout. For one, you can start advertising for as little as a dollar per day, making it a suitable option for a startup with any marketing budget.
Facebook also caters to the creation of custom audiences based on almost any type of engagement on and off the network. Additionally, its algorithm learns over time, which can significantly reduce customer acquisition costs. Finally, for startups that can’t afford big risks – this perk is huge – advertising with Facebook has an impressive track record, which explains why so many companies continue to jump on the bandwagon. In fact, there are now more than 60 million businesses with a page, and 4 million actively advertise on the social media giant.
Custom Audiences is just one tool in a suite that Facebook provides, and the social media platform continues to add new features and potential placements, such as Messenger, Instagram, and IGTV, to help you reach your target audience and optimize results. Plus, the Facebook Ads tool is useful for small companies looking for crowdfunding options to launch new products.
Trying to keep up with a stream of constant changes can be intimidating, but it can also give you a competitive advantage. It’s easier for startups and smaller businesses, because they usually don’t have to deal with the bureaucracy present in much larger organizations. However, if taken seriously and addressed quickly, these updates can help your business stand out from competitors.
3 ways to use Facebook’s Updates to fuel your business
Change can be scary, but it can also be your much-needed friend pushing you forward. Here are the three biggest changes to Facebook you should know about.
1. The Info and Ads feature for Facebook Pages
To be more transparent, Facebook has created a new section that allows anyone to see which ads a page is running, not only on Facebook but also across Instagram, Messenger and the Audience network. Users can also see relevant information, such as the date a page became active and any name changes the page has undergone. Don’t worry about the Info section costing you money, either. Engagement metrics like impressions, video views, and ad clicks are not counted within Info and Ads.
For advertisers, one of the best ways to use this section is to survey your competitors. If they’re well-established and your company is new to the game, you might consider imitating certain elements of competitors’ ads that you feel are most successful. On the other hand, drawing inspiration from strong advertisements (rather than imitating them) is a great way to ensure your own campaigns stand out and to differentiate your business.
2. New requirements for Custom Audiences
As mentioned above, the biggest change involving custom targeting is the addition of new transparency rules. Users now can view a dropdown menu for each ad that educates them about where the advertiser got the user information, including whether it came from a partner agency.
Brands and advertising agencies are required to establish their audience-sharing relationship directly within Business Manager, and each must agree to the new terms governing Custom Audiences.
If you’re already doing right by customers’ data, this new rule shouldn’t affect you too much. However, to stay in the clear, inform Facebook where you acquired all user data, and you should absolutely avoid sharing data with other parties that aren’t supposed to have it.
3. Greater advertising restrictions for financial products and weapon accessories
With the latest round of changes, you can expect to see more cryptocurrency advertisements on Facebook. However, companies planning to post these ads will be required to fill out an application in order to determine eligibility. New age restrictions will also limit the audience to 18 and older for companies that advertise weapon accessories.
The best way to turn these limitations into potential advantages is to comply as quickly as possible. Read up on the new policies, especially those that are industry-specific, and aim to be one of the first approved companies in your space.
Keep in mind that it’s imperative to get marketing and messaging down before you launch significant advertising efforts on any platform. Consequently, you should be prepared to stay on top of diverse updates that are sweeping across many social networks as privacy issues continue to emerge. Use the strategies above, and consider how current and future updates can benefit your business.
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