What if there was an easy way to promote relevant items from your product catalog to Facebook users who have already perused your website? Having a way to present a user with something in which they’ve already shown interest is the first step to making a conversion. Thankfully, this can be done with a few simple clicks. Facebook’s new Dynamic Product Ads have the potential to drive significant revenue to businesses that are utilizing the new ad format.
Who Should Use Facebook Dynamic Product Ads?
Facebook Dynamic Product Ads are perfect for businesses looking to generate relevant ads in a timely manner, based on the specific items that Facebook users have already viewed. Being able to capture this information and create customized ads is especially helpful for Ecommerce retailers that have extensive product catalogs.
While the ads look identical to Facebook’s standard ad offerings, this tool provides the ability to target the ads in a much more precise way. Retailers are no longer required to create an ad for every item. Instead, Facebook now creates the ads for the retailer and presents them to the shoppers based on their preferences, creating a streamlined and personalized ad experience.
Why are Facebook Dynamic Product Ads Useful?
Dynamic Product Ads offer a customizable advertising strategy, saving a business time and money. Here are the reasons Dynamic Product Ads are a superior alternative for Ecommerce retailers with extensive catalogs:
- Products are served dynamically based on the retailers’ most relevant inventory.
- Dynamic ads implement targeting techniques based on the users’ interests, location and more.
- Retailers can still highlight their best-selling items through manual targeting techniques.
- Dynamic ads can feature multiple catalog items, allowing users to click the one product that appeals to them most.
- Users are more likely to click through to items in which they’ve already shown interest.
- Dynamic ads allow you to use “look-alike audiences” to find potential new customers.
How to Set Up Dynamic Product Ads
Your Facebook Dynamic Product Ads campaign can be set up in four simple steps. Once you’ve generated your product catalog, you’ll have the chance to carefully target your ads to ensure you’ll attract as many clicks as possible.
4 Steps for Setting Up Dynamic Product Ads
1. Set up a Business Manager account on Facebook. – The Business Manager will provide you with a central location where you can manage all of the people, pages and ad accounts that you handle within Facebook. In order to get started, you’ll need a personal Facebook account and an ad account that you’d like to manage from within your Business Manager.
2. Create or link a product catalog to your Business Manager account. – You can do this by either uploading a file that lists all of your products with images/additional content or you can link your account to a product feed that automatically refreshes as your inventory changes (use RSS, ATOM XML or tab delimited .CSV files). If you have items that frequently sell out, you will want to choose the live feed option to ensure you aren’t advertising out of stock items.
3. Install a Custom Audience Pixel to determine which Product IDs are being viewed, added to carts and purchased by certain users.
These events are designated by the terms:
- “ViewContent”
- “AddToCart”
- “Purchase”
Use this information to determine your audience and the types of products that will be served to those users. Using the custom audience pixel also ensures that your ads are served to the types of users who are most likely to convert, meaning you’re less likely to waste money on irrelevant clicks.
4. Create your Dynamic Product Ad inside the Facebook Power Editor by creating a new campaign and using the “Product Catalog Sales Objective” option. Click “Create” and then visit the “Ad Sets” tab to select the campaign that you just created. Now you can individually add the products that you want to advertise within this campaign and set the daily budgets and ad scheduling.
This is also where you’ll build your Dynamic Ad Templates where you can customize the messaging for each of your specific items. You can pull data such as “Product Name,” “Price,” “Brand” and “Description” to merge the information into your ad.
Using Dynamic Product Ads creates a more relevant advertising experience for Facebook users, and saves Ecommerce retailers time and money by automatically serving ads for products that are most likely to get valuable clicks.
Whether you’re a business with a very large product catalog, or a company that’s looking to drive more interest to best selling items, Dynamic Product Ads are a great way to build your customer base.
This article was syndicated from Business 2 Community: Getting Started With Facebook Dynamic Product Ads
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