Black Friday, Cyber Monday, and the holiday season is here!
With trends indicating a greater shift towards online shopping and in-app purchases this year, more and more brands are adapting their ad strategies and spending more on marketing in the hope to capitalise on holiday spending behaviour.
For brands, this means a more saturated market making it more difficult to stand out from their competitors. So, how does this affect your holiday campaigns?
While some brands will enjoy watching holiday revenue rise, greater competition in the market translates to a higher cost per 1,000 people reached (CPMs) for each impression you serve. Essentially, a higher CPM means it is more expensive to reach the same amount of users you would typically target, which will have a flow-on effect on other metrics you might use to measure your performance, such as CPA, CPC, ROAS, etc.
But don’t panic! This doesn’t mean your campaigns are doomed. You just need to be aware of the shifting landscape and how it can impact your campaign efficiency and cost to acquire new customers. First, you need to reevaluate and reconsider campaign goals. Whether your campaign is aimed at expanding your email database, driving traffic or engagement, building brand awareness or getting conversions, there are certain optimisations you can make to ensure you get the most out of your ad spend.
What To Do
Goal = Conversion
While rising CPMs make it harder to reach users, the lower funnel nature of conversion campaigns means more important metrics such as ROAS and CPA won’t affect performance at a similar rate.
Goal = Grow Audience List
Consider widening the scope of your target audience to avoid constraining your potential bids to a niche group of users or increasing the duration of your ad campaign.
Goal = Drive Traffic and Engagement
To improve your CPM on campaigns geared towards driving traffic or engagement try optimising your ad creatives by testing different calls to action to see what works.
Goal = Brand Awareness
Top-of-funnel brand awareness campaigns targeting users not yet familiar with your brand typically see a lower CPM than bottom-of-funnel ads. To optimise your campaign, consider shifting the budget to higher funnel campaigns to maximise your reach and exposure.
Video Is The Ultimate Medium For Unlocking The Power of Social Commerce
No matter how great your targeting is, how clear your audience strategy or what bidding strategy you leverage, your video ad creative will make or break your campaign this holiday season. Not only do social media users find videos more compelling than any other form of content, but 46% of users prefer to watch product videos before making a purchase.
The make-up of a good creative very much depends on your brand, target audience and campaign objectives, but using high-quality video, tending sounds, strong messaging, fun transitions and compelling call-to-actions are key to unlocking the power of social commerce and achieving your campaign goals.
Are you a business owner looking for help with your Meta marketing efforts this holiday season? Book a free marketing consultation with our digital marketing team today!
