Social media usage has undergone significant changes in 2020. Image sizes, LinkedIn best practices, and employee engagement are only a few of the many areas shifting this year. “Tried-and-true” practices of social media may no longer be as effective as they once were. Facebook advertising, in particular, has undergone some innovations and, with its usage only growing more popular, it’s important to be up-to-date on its latest trends.
If your financial brand is planning on increasing its Facebook social spending in 2021, here are a few things you should know.
Enable Automatic Ad Placement
Not all Facebook ads deliver the same results. Feeds, in-stream videos and right column placements are only a few of the options available. Each placement provides different results depending on your campaign objective. A growing social media trend in 2020 is to diversify Facebook advertising campaigns. To help you maximize your social spending, enable Facebook to place your ads for you automatically. While you can still exert control over the display options, Facebook will optimize your campaign to generate the highest conversion rates.
Pro Tip:
Optimize your ad for each type of placement. This includes editing the copy to the right length or designing images within the set conventions. Conducting A/B testing is also a great way to test creative and headlines.
Use a Facebook Pixel
Facebook has provided insights on followers through its audience insights portal for a few years now – but this year, the next step is to integrate a Facebook Pixel with your website. Facebook Pixel is a tracking code that helps you better identify what action customers take after clicking on your paid campaign. It can help provide accurate and valuable data and give you a better insight into your return on investment. The additional insights garnered make it that much easier to optimize your paid social campaigns.
Pro Tip:
Integrate Facebook Pixel with your Google Analytics account to measure your data from one dashboard. This makes it easier to spot trends and identify opportunities for your brand.
Competitor Research
In an effort to increase transparency, Facebook now enables users to view brands’ social advertising campaigns. Through the Facebook Ad Library, you can conduct market research on competitors to view their social investment. You can see current campaigns and certain metrics regarding their performance. This can be a helpful tool for your brand to understand what your competitors are doing and how to start your own social advertising.
Pro Tip:
Don’t forget that your paid advertising campaign on Facebook will be visible to others as well.
