Top 3 Things You Should Be Doing on FBX (and 3 Things to Stop Doing!)
Published: February 24, 2014
Author: Prachi Mishra
As an alpha partner on FBX, we’ve built our business around learning the ins and outs of this incredibly efficient DR channel. We’ve helped clients across the globe drive record-breaking ROI from their FBX campaigns, and we’ve learned a lot along the way. Today, we’d like to share the top three things you should be doing (and what you should stop doing), to drive incremental revenue from your own FBX campaigns.
1. Leverage Dynamic Product Retargeting to Drive ROI
If you aren’t leveraging dynamic product retargeting, you’re missing out on ROI. Dynamic product retargeting drives personalized ads at scale, turning each ad into a custom, relevant experience for your potential clients. With dynamic retargeting across Facebook’s right-hand-rail and News Feed ads, you can drive more volume with a higher ROI.
When comparing dynamic retargeting compared to static ads, on average, we see:
-over 3X higher CTR
-over 2X higher ROI
2. Retarget Where Your Customers Are: On Facebook’s News Feed
Your customers are on Facebook 24/7, and the first place they look is their News Feed. By serving relevant, dynamic retargeting ads where your customers are, you’ll be sure to see increased conversions. We could go on, but the numbers speak for themselves:
-Brazil’s behemoth e-retailer, Magazine Luiza, ran dynamic News Feed ads and saw their News Feed CTRs increase by 20X.
-Sales revenue grew by 31%
-Magazine Luiza’s already aggressive ROI goal was surpassed by 2%
3. Improve Efficiencies with Audience Segmentation
With audience segmentation, you can convert site visitors with high purchase intent while optimizing ad spend. Segment your audience by recency (did a user visit your site 30 minutes ago or 3 days ago?) or page type (did a user leave your home page browsing or the checkout page?). Using this strategy, you can bid more aggressively for those users more likely to convert, and less for those who aren’t.
Segmenting users by recency, we helped an IR 50 client hit their aggressive ROAS goal:
-CPM dropped 11%
-ROAS increased 19%
What Not to Do:
1. Don’t Ignore Your Ad Copy During Sales & Promotions
As many marketers know, updating ad creative to highlight sales and promotions can drive additional web traffic and conversions. You’re probably doing this for search and display, but most marketers neglect their FBX campaigns. Since your customers are likely on Facebook 24/7, an ad copy refresh will relieve potential ad fatigue (compared to what’s been running for weeks, or even months!), highlight current sales, and further increase conversions.
2. Don’t Apply Your Display Metrics & Settings to FBX
Display is not the same as Facebook retargeting. You should never, ever, apply your display metrics or targeting settings to FBX. Bottom line: These are two completely different channels with different goals – display is more often used to build brand awareness where FBX seeks to drive conversions using first-party data.
3. Don’t Keep Your FBX Vendor in the Dark – Communicate if Your Goals Change
Your campaign settings are optimized for your specific KPIs. If something changes mid-week or mid-month, the sooner you tell your vendor, the sooner they can start working towards your new goal. Communication is the crux of any good vendor-client relationship, and in this case, it can also be the crux of strong ROI.
Drive incremental revenue and ROI with these do’s and don’ts! Have any other suggestions about how to bring home the extra dollars with FBX? Share your best practices below – we’d love to hear from you!