While planning Facebook campaigns, I noticed new features that Facebook had recently introduced. Curious, I decided to check them out... and here's the takeaway: These features are definitely worth a try! They will help make life easier for Facebook advertisers.
Split-testing is just the same as A/B testing. Facebook tests your campaigns on the basis of the parameters you select. It also allows testing three variations, like A/B/C testing; however, you can test only one variable at a time. The system creates a different audience group and runs the campaign. You can select one of the following options, and Facebook makes variations for you:
Split-testing is available only for these types of campaigns:
When you open your ad manager or power editor, you get an option to create the campaign. Within that, select a checkbox for doing split-testing on the campaign:
It can be done at the ad set level for three variables:
a. Delivery Optimization
You can optimize the ad set for various delivery options available in this section.
Facebook offers the following techniques for testing:
You can select any option to test your ad sets to obtain the desired results. I would recommend you go with Conversions to see which ad is converting better. You can make it manual or automatic, and you can change the bids in both variations. The remaining settings for the campaign will be the same as those for a normal campaign.
You can select the audience from your previously saved audience list. You can select 2-3 different saved audiences, and Facebook splits those to test the best-performing segment.
There are basically two types of placements available: automatic and manual. In the case of automatic, Facebook decides on the placement. Or you can manually select the platforms where you want to show your ad. You can also customize the placement by selecting the place of appearance: a right-side box, News Feed, etc.
After selecting the desired options, you can simply set the budget for the split-test campaign.
There are two types of budget methods available:
- Even split: The budget will be divided equally between two ad sets.
- Weighted split: The budget can be modified to suit your requirements. For example, you can split the budget 80/20, 60/40, and so on.
2. Customer LTV
The customer lifetime value (LTV) feature is another cool one that you should definitely check out. Facebook recently added this option in the audience section. To understand the feature, you must be aware of "lookalike audiences" on Facebook.
To create lookalike audiences, you upload a list of the customers, and Facebook finds a list of people who match the targeted audience. Using the LTV feature, Facebook helps in finding those audiences that are most likely to react to your ad and expand your business.
So what exactly is customer lifetime value?
Basically, the transactions made by a customer with the company in the past helps determine the projected lifetime value of that customer. It's completely monetary and depends on how much a client has already paid you. The lookalike audiences for higher-LTV customers could drive valuable customers to your business. Facebook uses LTV to find people who are similar to your highest-value customers.
You can create the audience in the Business Manager > Audience section.
These are the following steps you need to take to target LTV audience:
To use the value-based lookalike feature, you will have to upload a list of identifiers as well as value-based attributes. You can select fields from the available ones to add to your customer file and targeting options. By doing so, you will get the customers most likely to convert: high-potential customers.
3. Fullscreen Canvas Experience
Another feature is Fullscreen Canvas, a mobile experience. You can create a custom layout to drive better engagement.
When you check the box Add a fullscreen Canvas, the field will be expanded to select the template for an image, a video, etc. All the templates are optimized for different business objectives: acquiring new leads, selling the product, showcasing business etc. There is also an advanced template-builder available, which allows you to customize templates. You can tailor the templates you build to provide better user experience for mobile users.
When you select the template, you can edit the text, button, image, link, and other attributes according to your needs.
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I have used these three features for my campaigns. As a result, the cost of running campaigns was lower, and it was easier to generate leads. Cost per click was also reduced, and the CTR was better than previous campaigns'. I loved these tools, and I hope you'll find them useful too!