After changing the rules of the game with its ‘pay-for-viewed-ads’, Facebook is now ready to introduce a new type of ad format, called Product Ads. The market is raving about it and it has some pretty good reasons to do so.
Also Read: Are Your Facebook Ads Relevant?
With the new ad format, businesses will be able to advertise their entire suite of products to larger audiences, increasing the possibility of customers finding relevant products to purchase. In addition, with the advanced targeting options, already offered by Facebook, advertisers will get to chose to promote specific product to tailored audiences and achieve better conversions.
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So far, the social network offers the following options:
- – Advertisers can automatically reach people who visited their website/app (via Custom Audiences), or reach people based on specific interests, locations, etc.
- – Advertisers can curate ads as they see fit. For instance, they can highlight products that were viewed on their website/mobile app or showcase best selling products. Or they can create a multi-product ad that highlights the different benefits of a single product.
Moreover, Facebook offers some “smart” solutions for advertisers that use automatic delivery of ads. The social network will be able to pause all ads related to products that they have ran out of stock.
According to Facebook, businesses are already yielding great results using this new feature. Kristi Argyilan, Senior Vice President at Target states that “The early results have exceeded expectations, with a 20% increase in conversion compared to other Facebook ads. ”