How Facebook is Changing its Advertising.
Posted by Will Shadbolt
This past Tuesday, advertising executives from Facebook met with journalists to discuss the platform's advertising and how it might change in the future. The conference comes soon after Facebook's marketing made the news-but for very different reasons. It was revealed that the company's video metric measurements for the time users spent watching videos was overestimated by up to 80%. This is because of an error that made it so only video views of three seconds or longer were recorded. The problem has since been corrected, and Facebook's COO Sheryl Sandberg was quick to point out that Facebook uses 14 metrics and only that one was showing incorrect data.
Now that Facebook enables marketers to receive data from third party companies, similar mistakes in the future are unlikely. Sandberg also advocated for another way to prevent errors, like creating a uniform method of measuring stats.
Videos were a noticeable topic at the conference, but the executives were careful not to focus too much on the mistakes. Instead, they looked to the future, the possibility of monetizing live videos and automatically playing sound. Currently, 50% of videos on the social media site are viewed with the sound turned off. As a result, Facebook has experimented with having sound play whenever a video starts or making videos intelligible without volume. Facebook has not provided any clues about which option the company will ultimately go with. As for live video, Facebook did not say too much, other than that they were in the early stages of it and had tried it out during the Summer Olympics.
They also have plans to monetize a different type of video: Instagram Stories. Currently, the number of ads on Instagram (which Facebook owns) is far less than on the parent company's site. In order to improve these numbers, Facebook has been watching various metrics to see what works and what doesn't on the platform. (Hopefully these measurements are error-free.) Advertising on Instagram is relatively new, and although Facebook is confident that brands will come around, it may take a while for the marketing efforts on it to really take off.
Another prominent topic was whether Facebook still considered itself a social network. Other platforms like Twitter and Snapchat have moved away from the label. Sandberg laughed when asked about it. She was quoted in Adweek as saying, "It's certainly not even a term I think we've used in a while." Although the social aspect is still important for the site, they have moved away from social metrics in favor of business ones. To go coincide with this transition, Facebook at Work, meant for office communication and task delegation, will launch next month. Although some questions-like cost-are unanswered, Sandberg was confident that corporate culture would evolve to welcome communication methods like Facebook at Work.
Will Facebook's business-oriented plans take off like their social media? They already have numerous business pages on their website, so it seems safe to say that even with a few missteps, Facebook will continue to be a heavy-weight in business. If you're trying to break through to your audience on the site, look no further than Giovatto Advertising. In addition to creating videos in our in-house studio as well as digital ads, our creative team can create attention-grabbing posts to get your business page the notice it deserves. Don't hesitate. Give us a call today.