Facebook’s Head of Business and Advertising Describes Key Areas of Interest for the Platform
What’s next for Facebook and what should businesses plan for as part of their Facebook marketing strategy?
This week, the company’s Vice President, Announcements and Commercial Products Dan Levy provided new insight into its evolving business direction and the key things Facebook seeks to maximize as it continues to build for the next generation of user behaviors.
And there are some helpful tips and notes here – first off, Levy describes the four key areas of Facebook business product innovation.
Depending on the sample:
“BBusinesses are facing a permanent change in people’s behavior: a migration to e-commerce that could have taken a decade has exploded in a year. This, combined with growing technologies to meet people’s expectations for privacy, is a generational opportunity for our industry to innovate once again. We need to develop new ways for businesses to reach customers and give people more control over how their personal information is used in advertising. “
Facebook marketers are still grappling with the full impacts of Apple’s ATT update, which has limited data tracking capability, and with Google investigating its own variant, Facebook, despite its protests against the update from Apple, now has no choice but to look for new options. , and work on the integration of new tools allowing optimal targeting and focusing within the framework of these new constraints.
On this particular item, Levy says Facebook is working to develop new ‘privacy protection technologies ”to minimize the amount of personal information that the platform collects, while allowing advertisers to focus their promotions with optimum efficiency.
Levy says Facebook is collaborating with industry partners and organizations to establish key best practices on this front, including the Partnership for Responsible Addressable Media (PRAM), the World Wide Web Consortium (W3C) and the World Federation of Advertisers (WFA).
Whether this translates to comparable targeting ability remains to be seen, but it will be an important part as Facebook seeks to deliver better solutions to advertisers in the post-ATT environment.
For reference, recent statistics from AppsFlyer show that around 42% of iOS users choose to sign up to allow data tracking when Apple’s ATT prompts appear.
Along with new data challenges, e-commerce is also a key focus for Facebook, with the expansion of its in-stream shopping tools, as it seeks to align with purchasing behaviors and trends in line croissants.
On that front, Levy says Facebook is testing various new experiences.
First, Facebook is testing a new option in User News Feeds that allows users to browse business content on topics – “such as beauty, fitness or clothing, and explore the content. related businesses “.
We saw examples of this in April, with some users seeing new prompts in their feeds to follow topics of interest.
This will help Facebook create more product and brand focused interest lists for each user, which in turn will help maximize product discovery.
On top of that, Facebook is also looking to create enhanced ad placements based on the content users interact with.
“So if you watch a travel video, we could run advertisements for hotels and flights.”
Facebook already offers this to some extent through its ad targeting options, but it is looking to become more specific, which could open up new advertising opportunities.
Levy says they are also looking to help small businesses specifically, with a new badge that will be displayed on some small business advertisements.
As you can see, under the main ad field there is a new marker, indicating that it is a “Small Business”. With people looking to support smaller, local brands in order to mitigate the impacts of the pandemic, this could help improve the response.
Levy says Facebook will start testing this in the United States with a small group of companies.
Levy also points to the growing popularity of Facebook’s e-commerce tools, in line with the increase in online shopping in the wake of the pandemic. Levy says that a billion people now visit Facebook Marketplace every month, while Facebook and Instagram Shops, which launched last May, now have more than 300 million monthly visitors.
The next step is to expand its store and product listings, through the aforementioned subject / business discovery feed, and by extending store listings to Marketplace, while improving its Facebook Pay tools to streamline the process.
“Facebook and Instagram are fast becoming a destination for buying and selling and over the coming years we are building a modern commerce system to meet this demand through ads, community tools, messaging, shopping and payments. Everything is at the service of creating a fluid, customer journey, in which it is easier to discover a product, to learn it, to decide to buy it, to pay for it and to find it at your doorstep. “
This is a key goal for Facebook, and really, for almost every major social platform. As consumers get used to seeing an item in a social media post and then buying it immediately, this will continue to open up new opportunities, and platforms that fail to take advantage of. of this change in use will miss a revenue stream.
Levy also notes that Facebook continues to work on improved business management tools and processes, in line with these trends, while adding new elements such as job postings (and resume downloads on profiles) as well as enhanced digital messaging and education tools.
It’s an interesting look at Facebook’s business priorities, pointing to upcoming opportunities, and where the platform will look to improve business experiences, which is important to marketers. As experienced operators know, Facebook tends to favor the projects it seeks to scale up, so the more you can rely on those experiences and tests, the better – although at the same time it’s also important to keep in mind that building too much dependency on the platform can be problematic.
As Facebook has shown in the past, when its broader priorities change, it can end up inadvertently penalizing brands that expect a benchmark level of traffic or activity from the platform’s tools. You hope Facebook is more wary of such impacts as it seeks to expand its e-commerce push, but it’s still worth keeping the “leased land” element in mind, and Facebook may change its mind. notice and stifle your reach, if he so chooses.
Even so, it’s good to have some understanding of what Facebook’s intended purpose of, and where it’s looking to improve the experience.