Facebook has a wide variety of ad format options available for advertisers to choose from.
However, this makes it even harder for these marketers to figure out which format is the best for their businesses.
In addition, it is the duty of the advertiser to come up with the most desirable format of an ad, be it a picture or video, in order to get the most out of the ad cash spent.When advertisers find themselves in such situations, they are forced to test regularly with new ideas until they come to the best of all; a process then may end up taking weeks.
How the Conversion Lift works
At the beginning of this year, Facebook saw the need to make things as far as advertising is concerned a little easier for business owners. In this regard, the company rolled out a tool known as Conversion Lift and with this tool, users could easily determine how effective an ad was for a given company. What this tool simply did was to divide the total audience into two halves. It showed the ad to one section and used the other as a control group. Using ad tech originating from its new Conversion Lift tool, Facebook measured the sales conversion for the two market segments and displayed the results of the campaign against the control group.
Facebook will be making huge changes to the Conversion Lift tool by making it more powerful than before. The tool will now let marketers simultaneously test multiple ad campaigns. Rather than take care of specific ad units, the updated tool will include a combination of ads to find out which one works better. In the end, advertisers will have a shorter period of testing ads, which is a plus for both Facebook and the marketers.
What is in it for Facebook?
Facebook is not by any chance being noble by helping advertisers find out which ad campaign is the most effective. When a customer spends less time and money on testing ad campaigns, it creates a better room for the same person to spend more on these campaigns. Furthermore, when ad campaigns are more optimized, the results will be much better and in the end, marketers will be willing to part with more cash for a single ad. There is also plenty of conversion statistics that will help these advertisers tell the exact worth of each ad.
Facebook is not the only company that has seen the potential in ads. Twitter made its position clear earlier this year when it launched audience insights. This tool hands advertisers the power to access more information about their current audience. Using this information, it gets easier to target ads in an effective manner that generates better results.
However, the two companies’ tools and analytics are nowhere near each other in terms of robustness. Twitter still relies heavily on the advertisers as far as finding out which audience is the most effective. Also, there is no help it offers when it comes to determining the effectiveness of an ad. When matters of simplicity and ease of use are on the table, Facebook is way ahead of Twitter.