Another day another update from our beloved Facebook. Friday’s update was meant to assure advertisers that dollars spent on the platform are not being wasted. Transparency is the word and Facebook is being relentless in their efforts to become more transparent on company ad dollar spe
nds on the platform. As new, younger social platforms emerge, Facebook is doing its best to provide the best metrics that prove the value of an ad placed on the network.
Why now? If you recall, in 2014 Facebook did a big push to encourage advertisers to create more compelling content that causes users to engage with the advertiser content. Facebook encouraged us advertisers to explore the different types of ads that we placed, with a heavy focus on video. Video has proven to be more engaging and Facebook included metrics for success of video ads, and three-second plays. Sounds great right? So naturally in 2016 video ads were huge! Facebook even created its most unique and engaging ad format called the Canvas Ad to support advertisers. Everything was A-OK, until we started asking questions to prove ROI. Just as we suspected Facebook had not been truly transparent, and admitted to giving ad agencies inflated video viewing metrics for two years. The WSJ reported that it was off by 80%. Facebook has since apologized for the so called “oversight.”
We predicted that transparency and accountability would be advertisers’ biggest responsibility this year. So this announcement from Facebook comes as no big surprise and it is great to see the platform’s commitment to report in a truly efficient manner. This also creates a fun challenge for us marketers to make more videos. With clearer reporting metrics, getting the internal approvals needed to approve a video budget should become easier. Planning or outsourcing video production should be a major marketing initiative for everyone this year. Short-form video is still the consumers favorite type of medium to view. This will require proper planning, placement and goal-setting.
Not sure how to move forward with your social media marketing? First, look at your current video performance on Facebook. What was the goal? How can you adjust your placement to have a higher success rate for that goal? What message does the video create and what action are you asking the viewer to take? As always, our experts in the realm are here for you. Contact us today!