Meta’s Power Move

Data-Driven Marketing and Growth Insights (9/21/2024)

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If you’re a beloved member of the marketing and business community, I’m sure you’ve heard about the latest news on Meta’s update.

In case you’re not, – which I doubt – I’m here to deliver the good news.

First, because… who doesn’t like being the bearer of good news?

And second, because it’s going to change the game for the better for all businesses and marketers out there.

Less than a month ago, Meta drew a proverbial line in the sand and rolled out updates that could change everything in the digital advertising space.

Conversion Value Rules

Third-Party Tracking and Integration

Optimizing for Incremental Conversions (Make sure you read this one)

Before diving into the details, let’s discuss why these updates matter.

Why These Updates Matter:

Right now, businesses are more focused than ever on performance, incremental growth, and balancing profit with growth. But, the challenge of scaling ads across more channels continues to prove complex and opaque.

Businesses need more intelligent solutions, and it seems like Meta’s been listening.

These new features are designed to help organizations navigate the complexity and take control of our campaigns.

Now, let’s break down what’s new and how it can benefit your business.

Advanced Customization: Audience Conversion Value Rules

With conversion value rules, you can layer audiences with direct business insights.

Previously, Meta has been pushing advertisers to use Advantage+ campaigns because of their internal tests that show significant performance increases from manual campaigns.

The problem with these campaigns is that they force broad targeting with no direct business insights into seasonal trends, customer trends, product inventory trends, etc. This update changes that.

So, how does it work?

This update lets you adjust how much you value different audiences depending on what’s most important at a given time.

So, if you know a segment in an audience that drives more business, higher LTV, etc, you can now maintain this in your Advantage+ campaign without creating several campaigns.

Ultimately, this means better optimization. With one campaign, you can continue to feed data back to Meta in a consolidated manner that increases conversion lift instead of spreading the business conversions thin across multiple channels.

The way I see it, Meta is giving more control back into the hands of the business.

More Data, Better Performance: Third-Party Tracking and Integration

There’s no doubt that Facebook and Instagram are great for advertising. But, people also spend time – and convert – on other channels.

That’s why Meta is also giving advertisers the ability to connect their third-party analytics tools directly to its ad platform via API. This will allow businesses to push that data back into Meta so you can get better exclusions, audience building, and reporting.

It’s already testing integrations with Google Analytics and Northbeam, with plans to add Triple Whale and Adobe Analytics soon.

By feeding in data from various platforms, companies that don’t have central data sources can now gain efficiencies that previously were only available to larger organizations that had unified data warehouses.

The Game-Changer: Incremental Conversion Attribution

This is Meta’s move to crush their competition.

Why?

Every business wants incremental conversions.

So, with incremental optimization, Meta is helping businesses put dollars on ads that can actually drive incremental conversion.

– Incremental conversions are those sales that wouldn’t have happened without your ad –

So, instead of reaching the customers who would have converted anyway. Meta’s goal here is to bring in net new customers.

It’s a powerful move because businesses need partners who can prove they’re actually driving growth, not just wasting budgets on conversions that would have happened anyway.

Even better, businesses won’t have to run tests and decipher through their ad inventory to deduce where the true impact occurred.

This is a POWER MOVE by Meta.

They know that they have more incremental lift in their platform than other advertising partners and they are forcing the competition to dance. This will drive massive ad spend back to Meta and away from platforms that do not do this.

We believe this move will drive the industry forward. Meta is forcing all advertising platforms to adapt to these changes or lose market share to them.

That’s it for today – talk soon – Justin!