Meta upgrades online ad tools to let brands optimise for value and profit
The company announced updates to its suite of advertising tools such as Value Optimization, Incremental Attribution, and Value Rules on Wednesday, June 4. It said that advertisers who were focused on maximising the value of conversions rather than the total number of conversions saw a 12 per cent higher return on ad spend (ROAS) on average.
For example, a business using value optimisation with a $200 campaign budget would prefer $500 in revenue from three sales for a ROAS of 2.5 over $400 in revenue from four sales for a ROAS of 1.25. Hence, Meta said it has accordingly rolled out updates to its existing value optimisation solution.
'In an era of AI-enabled advertising where the best performing campaigns are those that have flexibility to find the most relevant customers, our goal is to help advertisers guide our ads system to optimize for the outcomes that are most important to their business,' Meta said in a statement.
This comes just days after reports indicated that Meta plans to let brands fully create and target ads using its AI tools by the end of next year. A brand could provide a product image and a budget, and Meta's AI would generate the ad, including image, video and text, and then determine user targeting on Instagram and Facebook with budget suggestions, according to a Wall Street Journal report.
While most advertisers consider purchase size or profit to be ROAS, some calculate the metric based on value associated with a custom event or a non-purchase standard event, such as getting someone to make their first purchase, or having someone sign up for a subscription.
For such advertisers, Meta said it is testing the ability for them to share data through a Conversions API that highlights the profit driven from a sale.
The company provided the example of Laura Geller, a beauty brand that was able to improve its ROAS through its ad campaigns on Meta after using the upgraded ad products. '. Compared to their business as usual campaigns focused on new purchasers, they were able to increase ROAS by 46 per cent,' Meta said.
In addition, advertisers on Meta will also now be able to share more granular click-level attribution information, such as an individual click credited with a conversion, with the tech giant. Meta also supports Analytics integrations of Adobe Advertising, Northbeam, Rockerbox, Triple Whale, and other partners.
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