Retail Revolution: Steps to Mastering Facebook Dynamic Product Ads

Facebook has dominated the social media industry for nearly 10 years, but as of 2015 the news feed guru is trying a new hat on for size: e-commerce. While this isn’t a huge surprise for seasoned retail marketers, the latest unfolding of Facebook Dynamic Ads is a buzzworthy contender against marketplace giants like Google and Amazon.

The latest product advertising program, launched earlier this year, could lead to groundbreaking revenue for both the social network and its retail advertisers thanks to its extensive user-data and targeting capabilities. The program offers several advertising options to retailers including an engaging product image carousel featuring three products within a single ad unit also known as a multi-product ad.

How can retailers leverage Facebook advertising in 2015?

1. Set up Business Manager

The entry way into Facebook Dynamic Product Ads is making sure retailers have their Business Manager set up properly. They will need a personal Facebook account, an ad account to move to Business Manager, a Facebook page to move to Business Manager, and the names and work email addresses of the people the retailer would like to add to their business.

Retailers can access a step by step guide on how to set up their Business Manager via Facebook Business.

2. Install the Facebook Conversion Pixel

There are two major benefits to installing the Facebook Conversion Pixel:

  • Ad Optimization – Facebook will automatically show ads to those users most likely to convert.
  • Measurement – Retailers can see how much they are spending for each conversion and can fine-tune their ads according to the calculated return on ad spend.

To Install Facebook’s Conversion Pixel, retailers will need to follow four steps: creating the pixel, adding the pixel to their website, using the pixel for ad optimization and measuring conversions.

For more on how to set up a Facebook Conversion Pixel visit Facebook Ads Manager.

3. How to Set Up a Facebook Product Catalog & Upload a Feed

Product Feeds are dynamic uploads of a retailer’s products and metadata. According to Facebook, each Product Feed lives in a Product Catalog and Product Sets are groups of products to advertise in Dynamic Product Ads.

After retailers create a Product Catalog, they can use the Catalog ID to create and schedule a Product Feed.

A Product Feed is a set of items uploaded or fetched from a business at once. An item is a single product represented in their online store, such as a SKU or stock keeping unit.

Retailers can have a single product feed to represent all of the items in their catalog or they can have multiple product feeds with each feed.

To set up a Product Catalog and Upload a feed visit Facebook Developers.

4. How to Create Custom Audiences

Custom Audiences are a valuable tool to Facebook advertisers because they allow retailers to reach customers they already know are likely to convert with their brand.

Marketers can upload a list of email address or phone numbers to help deliver targeted ads to these specific Facebook users.

Retailers can also build out these types of audiences based on users that visited their website or people who signed in through their mobile app. Custom Audiences, according to Facebook make it easy to target specific customers using standard targeting, such as demographics and location.

For more on how to create a Custom Audience visit Facebook Business.

5. How to Create a Facebook Dynamic Product Ad

While Facebook users may not always go to the social media site with the intent to shop – retailers will need to update their Facebook advertising strategy to keep potential customers within their grasp.

Some retailers might be thinking, “I’ve been using Facebook for advertising since 2012. I don’t need to update my strategy. I already know how this works.”

Unfortunately, retailers who don’t educate themselves on the latest program will be left in the dust. Facebook is providing marketers with an array of elevated tools but knowing how and when to use them isn’t as cut and dry as it used to be.

For more on how to create Facebook Dynamic Ads within Power Editor visit Facebook Developers.

 

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