Facebook was once just an interactive advertising model but has recently changed into a hybrid of branding and advertising solutions. This was the plan all along and we will continue to see Facebook change with and ahead of technology to keep such a competitive edge.
Here is some more information on why CMOs Facebook plans might have to change:
CMOs have been sold on the belief that they must build up a large, highly engaged community on Facebook and only then will they see a return on investment from their social advertising spend. This is true to an extent but it has had the adverse effect of creating a glut of boring, stale ad copy and wall posts that are primarily aimed at generating likes and shares. This outdated model of Facebook marketing does little to drive consumer actions and generate new business. Worse, it’s out of step with Facebook’s more advanced ad targeting solutions.Marketers need to understand that the long-term benefit of advertising on Facebook isn’t purely brand awareness and affinity. It is awareness and affinity plus actual sales.
It’s time for CMOs to change their strategies for Facebook marketing. Here are three practical solutions to help them do so.
1. Spearhead your brand’s shift towards mobile. Facebook is mirroring the preferences of its users: mobile-first. CMOs should follow by spearheading efforts within their company to push it towards a mobile-first mentality and operation. Fifty-three percent of Facebook’s revenue now comes from mobile, compared to just 14 percent in 2012. More than 500 million users access the social network daily via a mobile or tablet device, according to the company.
2. Understand the Facebook user experience funnel. Facebook offers several advanced ad targeting solutions. One of the most useful and beneficial from an ROI standpoint is the Custom Audiences tool. Facebook recently expanded its Custom Audiences service to include retargeting off a pixel for both desktop and mobile apps. CMOs should use Custom Audiences to tailor their Facebook audience targeting towards users that have reached each stage of the sales funnel. Create specific offers based on the particular buyer stage certain users have reached and target those users via Custom Audiences.
3. Take more pride in your brand’s Facebook page. This isn’t a knock on CMOs. Most pay keen attention to how their brands are represented on Facebook. Rather, it’s a call to action. Facebook wants to become your brand’s de facto online and offline customer acquisition and sales hub. In addition to the advanced direct-response ad targeting solutions that it has introduced, Facebook now offers retailers the ability to measure offline sales driven by their Facebook ad campaigns.
As long as these changes are made there really shouldn't be any long term issues with Facebooks new advertising platforms.
What do you feel is Facebooks biggest problem right now?