Every company has a different business goal. Some businesses want to maximise total conversions, while others aim to increase the value of every conversion. With powerful campaign optimisation updates to improve advertiser performance, Meta aims to understand individual objectives so AI models continue to maximise every dollar spent.
“We are evolving our ads system so that the results we drive are more customised to each business’ objectives and the way they measure value,” said Meta in a blog. “To start, we are rolling out a few new ways for businesses to customise their campaigns by more precisely communicating what they value, while also making improvements to our ads system to deliver more of that value.”
Tariq Mohammed, Founder and CEO of 360 OM, shared his insights on the updates, saying, “This is a welcome move from Meta. Marketers have long sought to verify, measure and prove the success of Facebook campaigns using external platforms. This direct access will be beneficial for many advertisers.”
What Conversions Do Businesses Value Most?
Over the past few years, Meta has aimed to help advertisers move from optimising only for conversions to optimising for value.
Now, they plan to support optimising for new definitions of value such as profit or predicted lifetime value. In addition, Meta wants to build more features that lets advertisers express what they value.
The company is testing a new feature called Conversion Value Rules to give businesses more control. This feature lets advertisers specify which audiences or conversions are more or less valuable.
For instance, an advertiser might identify a customer segment with 30% higher lifetime value. With Conversion Value Rules, they can automatically bid more for these customers without creating separate campaigns. Not only does it streamline their ad efforts but also improves the overall performance.
New Attribution Models
In the latter half of 2024, Meta plans to introduce a new opt-in attribution setting focused to drive incremental conversions. These conversions are those that the tech giant believes “would not have occurred without the ad being shown.” This differs from the volume-based optimisation, which aims to maximise total attributed conversions.
By shifting ad delivery to prioritise incremental conversions, a Meta experiment revealed that advertisers saw an average improvement of over 20% in valuable outcomes.
Powerful Analytics Integrations
Brands use multiple platforms and publishers to reach customers.
Before making a purchase, people may click or interact with ads on different platforms and publishers. In order to understand what’s working and what’s not, businesses have to rely on external analytics tools to evaluate their cross-publisher performance.
Now, Meta plans to help businesses connect their analytics tools directly to their ads system. Through a simple API setup, businesses can share aggregated campaign data, such as conversion attribution across different channels.
By connecting analytics tools, companies can gain a deeper understanding of their marketing performance and drive better results. Between 2024 and 2025, the company will start with Google Analytics and Northbeam, and hopes to expand this to Triple Whale and Adobe soon.
Improved Optimisations
Meta has gathered valuable insights from test advertisers who have integrated their analytics tools. Based on these findings, Meta will implement changes to its ad system that consider the entire user journey across different platforms to improve ad performance. As a result, advertisers can expect to see more conversions measured by their third-party analytics tools, although ad costs may increase. In a recent experiment, advertisers saw a 30% average increase in Meta-attributed conversions.
Meta is initially rolling out this change for campaigns focused on maximising conversion volume or value. Later, it will be expanded to other campaign objectives.
To get the most accurate measurement, use a combination of tools, including cross-platform analytics, Conversion Lift, and Ads Manager results. This approach will help you consistently monitor and adjust your campaigns for optimal performance.
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At 360 OM, we specialise in helping businesses take their marketing efforts to the next level. Our team stays on top of industry trends, uses data-informed decisions to maximise your ROI, and provides full transparency through comprehensive reports.
