Panel participants from the social network included Dhiraj Kumar (performance solutions), Susan Buckner (product marketing), and James Dailey (measurement).
The top takeaways, from the Facebook Studio blog post, were:
- Go beyond the basics: Performance marketers have traditionally used standard domain ads on the right-hand side of Facebook. However, Facebook offers a variety of placements and ad formats that can drive results. The news feed is premier real estate on Facebook: We see more than eight times the engagement for ads in the news feed versus the right-hand side. So how can your brand get into the news feed? We recommend photo page post ads, link page post ads, offers, and mobile application install ads to create rich experiences that enable engagement.
- Start with photo page post ads: Photo page post ads are an excellent choice across industries and marketing objectives. Use a shortened URL in the ad text to link offsite. An independent study by Nanigans of almost 1 billion Facebook ad impressions found that photo page post ads in the news feed drove 14 percent higher return on investment and 48 percent lower costs per acquisition than domain ads on the right-hand side. Advertisers report strong performance, too. Yepme, an Indian ecommerce company, reported a 125 percent increase in conversion rate using photo page post ads compared with domain ads, and PeixeUrbano, a Brazilian daily deals site, reported a five times higher ROI using photo page post ads compared with the average of previous campaigns.
- Use optimized cost per impression to reach the right audience: While bidded cost per click and cost per impression (CPM) are standard, we recommend a powerful bidding option unique to Facebook: optimized CPM. Optimized CPM delivers your ads to people most likely to convert. To maximize results, combine optimized CPM bidding with conversion-measurement tags, which count relevant conversion actions on your website, such as registrations and shopping-cart checkouts, driven by people seeing an ad on Facebook. Beta tests show that this combination reduces the cost per conversion by 40 percent when compared with CPC ads using the same budget.
- Take a “test and iterate” approach: Testing multiple campaign factors before allocating spend is nothing new for performance marketers, and Facebook is no different. We encourage you to run test campaigns, and track and measure the results to determine what works best for your brand. The first step is to prepare your performance marketing plan: Identify key performance indicators, set up click tags and view tags, and ensure a process for delivering enough creative combinations. Once you are operationally ready to execute these campaigns, conduct low-cost tests and iterate. Our community of Preferred Marketing Developers can help you optimize your campaigns at scale.
The video of the complete panel discussion is available here.