With 1.7 billion monthly active users (over 50 percent of Internet users worldwide), Facebook is the social network. For brands, Facebook is one big opportunity to measure impact with customers.
In this post we analyze the product feed ads for remarketing which are seemingly everywhere on Facebook. And it makes total sense. If a merchant can show a potential customer the exact product he/she viewed or added to the cart, why wouldn’t it? It’s a no-brainer, which is why it’s time crack on and set up those ads.
But…on top of that, while being good for remarketing, they can also be a compelling prospecting tool.
Configure for Prospecting
There’s one key change to make to ensure you aren’t remarketing. After you set up a product feed campaign on Facebook, scroll down to the “Audience” section and select “Define a broad audience.” This means you’re in control of the audiences you are showing the ads to from now on. This does not mean you are to target every audience but work in streamlining those align to your product and/or service.
Determine the Targeting
Remember to ignore the remarketing mindset when having this campaign/s. Prospecting, going after people who have likely never heard of our brand, featuring individual products initially and expanding from there on.
Audiences should be reasonably narrow — i.e., specific custom audiences and layering in behavior targeting to narrow our lookalike audience. To optimize results and having a clear approach, it’s a good idea to start with lookalike audiences. They are the most effective on Facebook.
Create a custom audience for a product or product set via emails or sessions (via the Facebook pixel). Then, using that custom audience, create a lookalike audience. If you aren’t able to get the data for a custom audience, use the built-in behavior targeting and layer in some built-in segments (such as income or industry) with your general best-performing lookalike audience. (Make sure to exclude it from other campaigns so that these ads aren’t competing against your other lookalike prospecting ad sets.)
Consider the Product
Don’t show all of your products. Instead, show products that:
- Easily resonate with an audience, quickly.
- Need little explanation.
Thus focus on bestsellers or products that have a lot of reviews from customers or trusted sites, which you can promote. With that in mind, you are ready to go….
Consider what a first-time viewer to your brand would be able to understand from your ad and its products. Organize your products into Product Sets based on the audiences outlined previously. Product Sets are smaller groups of your overall product feed. Set them up from within the ad creation set. Just scroll down to Promoted Products and click the + next to your product feed, and click on the “+” next to “Product Set.”
From there, create your product set. You can organize product sets in a variety of ways, such as price, name, sale price, and gender.
Next, consider the activity you’re optimizing for. If you have a strong purchase funnel and a short purchase cycle, optimize for sales. Otherwise, use “add to cart” as your optimization goal.
You can still measure the cost per acquisition of a purchase, but with “add to cart” you’re giving Facebook more data to optimize with. Driving more add to carts means you’ll need your supporting channels of email (especially for abandoned carts), social, and customer support set up, as they push prospects along the journey.
Create Your Ads
Finally, while there are a lot of wins to product feed ads, there are unfortunately a few drawbacks. For one, you only get an ad text section. The headline, image, and description are all taken by the individual products. Sure, you can add a bit of text around them, but it needs to apply to all the products displayed.
So with your product feed ad text, consider using quotes and “as featured in” to bolster your value proposition. Take the text from your best performing link ad, add a quote, and then see how it looks. It will likely take a few tries before you find the perfect match.
And that’s it! Closely monitor the new ads, just like any ad set. In a week or two, you should start seeing results. If you end up driving only a few sales, remember that this isn’t a strategy for all products sold. To improve response, try adding sale prices (they’re in red text in the ads) or changing the product images. Keep playing with it until something matches your initial goas (realistically, of course!).
Tools to analyze social impact from Facebook
Here is a list of tools to measure results on Facebook. Some tools are focused solely on Facebook, while others also measure impact across a spectrum of social networks in case you operate other channels. Several of the tools are free, and a few of the premium tools offer free reports to measure Facebook performance. Here’s the list:
Facebook Page Insights is the best place to start for results on your page’s performance. Get your total new likes, the total number of people who were shown your page and posts, the total number of people who were engaged with your page, and more. See how businesses similar to yours perform, and use the Pages manager app to respond to people on the go. Price: Free.
Sociograph is a free analytics tools for Facebook groups and pages. See your posts in chronological order and get information about (a) dates, types of posts, authors, (b) statistics about shares, comments and likes, and (c) a content preview. Sort your posts to identify your most popular and look at posts in specific time ranges. Look at your community’s overall activity over the course of a year, month, or custom time range. Sociograph enables you to look at the activity level of your own community and compare it with that of your competitors. Price: Free.
Simply Measured is a tool to track and analyze your social networks, get your social attribution amounts, and integrate social marketing into your business. Analyze data across your channels, so you can compare your Facebook numbers to your progress on other networks. Learn about your audience and what resonates with them. Simply Measured also offers free reports to analyze a variety of metrics for Facebook. Get an analysis of Insights, compare your pages against competitors, analyze the performance of your content, and more. Price: Contact service provider.
Agorapulse is a tool to analyze and manage all your social media content, including Facebook. Easily manage your Facebook team, and invite people to help with your management tasks. Compare your page to your competitors or other successful pages on a number of key metrics such as engagement rate and total number of interactions. Get all your performance analytics downloaded into PowerPoint. Agorapulse retains all your data for you: comments, likes, shares, mentions, private messages, and all interactions with your fans. Price: Plans start at $49 per month.
Comfy is a platform for social media analytics, monitoring, and publishing — including a tool for Facebook ads to distribute branded content to the right audience. Komfo offers a free report of your Facebook analytics, including your fan penetration, viral amplification, and click rate. Price: Facebook analytics tool is free.
LikeAlyzer is a free tool that provides daily updated Facebook statistics for your page, or other pages of interest. LikeAlyzer offers an explanation of identified issues and tips on how to improve your interaction with current and potential fans and customers. Price: Free.
Measure, benchmark, and report on your social media performance in under one minute, all in one place, with Socialbakers. Understand your customers better by benchmarking against your competitors, and up to 75 industries across 10 million social profiles. To access Socialbakers’ free benchmarking tool, just type the name of your company’s Facebook page as well as that of your competitor, or any two pages you want to compare. Price: On request.
Quietly is a tool to track, benchmark, and optimize all of your social media performance. Its Facebook Analytics allows you to measure all relevant Facebook fan metrics of your page and those of your competitors. View all the pages you manage and their Facebook Insights in one place. Benchmark your performance and marketing analytics with best-practice examples to derive an optimal social media marketing strategy. Price: Plans start at $129 per month.
Rival IQ is a tool to analyze your performance across social media, search engine keywords, website content, and more. Benchmark your paid Facebook performance versus organic and tweak your audience targeting to maximize return on investment. Know which is driving the most post engagement, reach, page likes, and more. Identify your audience demographics and what content resonates best with them. View your content performance, video metrics, reach, and post engagement. Filter the data to view metrics that matter most to you. Create informed benchmarks and a data-driven Facebook marketing strategy. Analyze your Facebook successes against other social channels. Price: Plans start at $199 per month.
Sotrender gives you analytics for your Facebook, Twitter, YouTube, and Instagram profiles. Get data-driven tips, fast automatic reports, benchmarking, audience insights, and content analysis and inspirations. See all the activities of one or more Facebook profiles that you are working on. Plan your communication and publish posts on Facebook directly via Sotrender. Price: Plans start at 13€ per month.
SumAll is a social media management tool that lets you connect your Facebook, Instagram, Twitter, LinkedIn, YouTube, and Google Analytics accounts. Whether you have three Facebook pages or 300, connect as many accounts and platforms as you need. Get unlimited weekly and monthly reports to help you understand and improve your performance on social media. Reports contain a breakdown of top-level metrics in easy-to-read charts and graphs. Also get reports for Twitter, analyzing the timing, structure, hashtags, keywords, and audience of your posts, with tips and guidelines to make your content the best it can be. Price:$99 per month.
Sprout Social is a platform to monitor and manage your social interactions. Quickly get a feel for Page impressions, fan growth, and how your Facebook content is performing with interactive reports. Dig into post-level Facebook Insights, including likes, comments, shares, reach, and engaged users, to discover what resonates with your fans. View impressions by post type and understand how they are being served. Leverage impression data by location, age, and gender to better target future posts. Price: Plans start at $59 per month.