Apple arrives with their iOS 14 update and sets the marketing community ablaze with discussions about how it may (or may not) affect your ad campaigns.
Facebook expects some small businesses to see a cut of over 60% of website sales from ads.
Below are five steps that e-commerce stores can take to avoid such a drop in performance.
1) Verify your domain in Facebook Business Manager
Take this step to ensure you have the authority to configure the conversion events tracked on your domains.
2) Pre-select eight “Conversion Events” per domain and prioritize
Facebook will be limited to eight conversion events for each domain. It’s rumored that the highest priority event will be tracked even for users that opt-out of ATT.
For users that opt-in, you will be limited to eight events.
3) Enable value optimization
Based on data brought together through machine learning, value optimization (VO) predicts the revenue value of individual users.
Set VO if you haven’t already.
4) Establish historical and seasonal benchmarks for attribution
Evaluate your 1-day click + view, 7-day click + view, and full 28-day attribution data.
5) Invest in retention and diversification
Almost every e-commerce store that’s serious about maximizing its potential has a Facebook Pixel installed. In other words, it’s hard to find a traffic source as powerful as Facebook.
This doesn’t mean you shouldn’t explore new platforms. But treat them as a way to capture demand, not keep it.
In the end, remember:
The Facebook auction system is built to balance supply and demand. This is done by adjusting CPMs.