Facebook is a crucial touchpoint for brands and retailers trying to reach their target audience. But how do you connect with users in a way that drives sales on a large scale? Facebook dynamic ads allow ecommerce marketers of all kinds to turn their entire product catalog into perfectly targeted ads—easily. Here’s how to get started.
Dynamic ads started in retail. Physical products like shirts and books were easily listed on Facebook. But, the dynamic format proved so useful that hotels and other meta-search providers also took an interest. There was a new need to dynamically list hotel rooms, flight tickets, and just about everything else This is because travel ads are never just about one aspect of a trip. You aren’t usually selling just Paris or a weekend getaway. A compelling travel ad needs prices, locations, hotels, flights, and so many details. That’s why they introduced Facebook travel ads (previously dynamic ads for travel). And why they’re continuing to unveil more vertical-specific options. If you use Facebook dynamic ads for any of these industries, it’s highly recommended that you switch to an industry-specific ad type. These will require additional product data and feeds, but they will also lead to better ads and more accurate targeting.
Now, you need to define how much you plan to spend on ads. You can decide to set a daily budget or a lifetime budget that runs over a defined period of time. Budgets can be set at the ad set level or campaign level. In case of a time-sensitive offering, you can also push ads at an “accelerated” pace, so they’re delivered to the user faster. In general, this won’t be necessary. Next, you need to choose the desired result of your ad: clicks, impressions or conversion events. This way, Facebook can send ads to the audience most likely to give the desired result. You can then set your bid strategy. When optimizing for a conversion event, you can choose between the “Lowest cost” or “Target cost.” Lowest cost, or “automatic bidding,” is about getting the lowest possible cost per while spending your entire budget. This is a quick and easy choice, but may not work great in the long term, as the environment or spending changes and your ads stay the same. Lowest cost, on the other, allows you to define a maximum cost. If you know that conversion isn’t worth more than $3, you can ensure that Facebook won’t be driving conversions that cost $5 a pop. Now, you should have your data feed ready and understand all your options on Facebook! The next step is simply to start exporting. For more info, help, and tips, check out our suggested reading on the topic below.