This information is sure to send thrills of excitement rushing through the veins of those interested in Facebook ads. Facebook recently introduced several new features to its Dynamic Product Ads formats to make it more user friendly and easier for users of Facebook to buy products directly from their time line or news feeds for those using PCs to access Facebook.The changes to the Dynamic Product Ad are mostly targeted at retailers and other service providers who are interested in placing ads on Facebook.
As online companies face the challenges of getting more ads in a rapidly shrinking global economy, is it safe to say that revamping the Dynamic Product Ads is Facebook’s rising up to the challenge posed by other similar packages like Google’s Product Listing Ads (which was boosted three years ago and it is still doing well so far) and wholly ads based tech companies like Criteo.
The Criteo challenge is even more interesting. Their business model of directly targeting consumers without the use of ad agencies seems to be working very well. Perhaps, Facebook’s Dynamic Product Ads ultimately would integrate the best features of all of its competitors. The ads world is a huge market, so nobody can blame Facebook for trying to grab a bigger slice of the market. That is what marketing execs are paid to do after all.
When stripped to its barebones, Dynamic Product Ads was designed to allow advertisers target a particular segment of the population according to their browsing history and also actual online purchase history. For instance, with Dynamic Product Ads, advertisers can target people who have ever visited their website. This takes the form of the ads appearing directly on the news feed. It also targets users based on their location and interest. So suddenly, all that personal information on Facebook is leveraged maximally by interested advertisers and Facebook.
The first thing advertisers can take advantage of in the newly tweaked Dynamic Product Ads is that retailers would now be able to show ads of products related to what the targeted person has already bought from that retailer. For instance if you bought a shoe from a retailer, you might most likely see an ad for a pair of socks from the same retailer the next you decide to see what your friends are up to on Facebook.
The new changes to the Dynamic Product Ads has done away with the regular cost-per-click charging, replacing it by the optimization of sending targeted ads to people who are mostly likely to buy a product not just those who might just click on it and do nothing afterwards. Facebook did not explain how this will work in real-time, but this also goes back to leveraging on Facebook users’ online habits for the benefits of the advertisers.
Again, Facebook is linking its Audience Network to Dynamic Product Ads. This is like creating a spider Web of connections with just one effective ad campaign. This is because the facebook Audience Network has the potential to reach other customers using other apps on their mobile devices apart from the Facebook app.
The full details of how to take advantage of the new features added to the Dynamic Product Ads is outlined comprehensively here. The bottom line is that advertisers and retailers can hope to get better returns on their ad investments on Facebook, while Facebook is hoping that happy advertisers would invariably translate to consistently repeat clients. And new clients of course hoping to jump on the bandwagon.
For ordinary online users of Facebook, the Dynamic Product Ads revamped is just another ad war among online companies to make us part with our money happily.