Meta Boost Advantage+

PLUS 🍨 Conversion Dips and Soaring Costs

April 02, 2024

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META ADS

💪 Updates On Advantage+ Shopping Campaigns

Meta introduces a significant update for Advantage+ Shopping Campaigns— Engaged Customers Audience Segment. This feature enhances reporting capabilities by enabling advertisers to define and analyze the behavior of users who are familiar with their brand but haven't made a purchase.

The Scoop:

  • Advertisers can now create custom audiences to identify users who have interacted with their brand without completing a purchase. This process involves excluding existing paying customers to ensure the audience consists solely of engaged non-buyers.

  • This update offers a new dimension of results breakdown by Demographics in Audience Segments. It allows advertisers to view performance metrics segmented into New Customers, Existing Customers, and Engaged Customers.

  • This feature aims to provide deeper insights into campaign performance, particularly showing the contribution of new, existing, and engaged customers to sales. It's designed to enhance reporting, though it doesn't directly impact campaign optimization and delivery.

  • The onus of accurately defining these customer segments falls on advertisers. The necessity to manually curate these audiences raises concerns about potential overlap and accuracy.

Given Meta's vast repository of advertiser data, there's an opportunity to streamline this process further, reducing the margin for error. The labeling of "Engaged Customers" also suggests a need for clearer terminology, as it might imply these are existing customers.

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MEDIA BUYER INDEX

↘️Conversion Dips and Soaring Costs 

Advertisers are experiencing turbulence with noticeable declines in conversion rates on TikTok and YouTube, compounded by increasing ad costs on Meta. These shifts are prompting a strategic rethink among advertisers facing a more intricate and competitive market.

The Scoop:

  • Marketers are encountering troubling drops in conversion rates on key platforms like TikTok and YouTube. The root causes remain elusive, deepening the complexity of crafting effective strategies.

  • A consistent rise in CPMs on Meta platforms is notably impacting advertisers with large budgets. The increased costs are compelling a shift in strategy towards alternative awareness channels, such as connected TV (CTV), which promises a renewed avenue for audience engagement.

  • The close of this quarter reveals an alarming increase in customer acquisition costs, marking a trend of deteriorating performance indicators from the year's start.

  • The looming possibility of a TikTok ban in the U.S. underscores strategic plays within the tech arena, particularly Meta's push against its rival. This maneuver, while framed as a measure against competition, could further inflate advertising expenses by reducing platform options for marketers.

With heightened competition and escalated costs, the focus for performance marketing teams must shift towards efficiency. Sustainable growth now demands not just scaling but ensuring profitability, pushing a strategic pivot towards enhancing customer acquisition strategies.

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🛒Walmart Connect expands to include international and non-traditional marketers, introducing competitive search ads and advanced analytics. 

🤖OpenAI has enabled ChatGPT access without login, deploying the GPT-3.5 model to widen user engagement while addressing accuracy and safety concerns, amid competitive AI advancements with a phased rollout.


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