There has been a lot of news around the changes Facebook is making to their third-party data available for advertisers to use since announcing last week that they are shutting down partner categories in their advertising platform. Mark Zuckerberg also went to his Facebook page and made a detailed explanation of what is going on. We have simplified everything to what you need to know now and what is available in the short-term for advertising.
Link to post: https://www.facebook.com/zuck/posts/10104712037900071
Here is the Friendemic cheat sheet to know what affects you and when:
- If you are advertising in the U.S., you have until June 30th, 2018 to build audiences using the third-party data within Facebook.
- After June 30th, you have until October 1st, 2018 to use those audiences for existing campaigns.
- After October 1st, 2018 you will not be able to utilize third-party data to create audiences within Facebook.
What does it mean that Facebook is removing third-party partners?
All of those great audience targets, such as credit score tiers, who is shopping for specific model vehicles, years someone has owned their brand vehicle, etc. will no longer be available. Once October 1st, 2018 hits, you’ll be limited to Facebook profile data for targeting, i.e. age, mile radius of dealership, likes, and interests.
What can I do in the short-term?
Use the advanced audience targeting now while you still can! Take as much advantage as you can until October 1st. If you’ve ever wanted to try Facebook advertising, this is your opportunity to in its full capacity! If you don’t have someone managing your ads, contact us to get your campaign(s) started quickly.
What can I do in the long-term?
Things could still change between now and October, but we all need to be prepared with the best options if they don’t. We are a preferred partner of both Facebook and Oracle and work closely with them on the best path forward for all advertising. There are great audience-building options to fill the void of third-party data:
- Customer Data uploads – use your current database to build retention ads within Facebook. Customers with leases expiring, owning their vehicle X years, vehicles needing service, service specials, and many more types of campaigns all can be run using your CRM data within Facebook.
- Dynamic Website Retargeting – Customers visit your website everyday. Get back in front of them after they leave. You can set timelines to retarget customers for up to 180 days (Friendemic’s recommendation for dealerships is to limit it to 90 days max with explanations as to why below).
- Lookalike Audiences – Take a customer data upload and let Facebook find relevant customer matches. Facebook will match your customer data to users online and will then match trends in their online behavior to other profiles you have not uploaded. Lookalike audiences should be considered top-of-funnel touchpoints.
Facebook’s latest trends and data show that customers are purchasing in a shorter amount of time compared to previous years and fewer dealerships are visited before purchase. Basically, customers are purchasing a vehicle in a month or less and only visiting one dealership. Here are the stats:
Customers are visiting only 1.2 dealerships on average compared to previous year’s 1.5 average dealership visits.
52% of people all ages took only one month to purchase.
38% of Millennials; 31% of Gen X; 23% of Boomers took only one week to purchase.
Friendemic’s Social Drive platform can successfully launch all types of audience and campaigns. Friendemic also has the capability to create dynamic inventory ads, which pull your website inventory into a Facebook ad. Contact us to start building your campaigns and turn prospective shoppers into buyers at your dealership.