Data, data, data
Facebook IQ is an insights platform provided by Facebook® that launched in the US in late 2014 and now has a renewed focus on entering new markets like Australia. By blending data from researchers and its users, the platform gives businesses around the world knowledge into who their audience is, what they’re talking about and how they want to interact.
Constantly being updated with new research findings, the platform is giving businesses worldwide free access to actionable advice that would otherwise be out of reach to small businesses. This advice includes a guide to create ads that lead to conversions, along with a monthly wrap up of what people are talking about.
For small businesses, having access to this data can have a significant impact. We’ve previously discussed how businesses can enter the world of Facebook advertising, and combined with these new freely available insights, small businesses can compete with larger enterprises on the digital stage.
What’s Australia talking about?
Businesses on social media should be involved in conversations that show they’re engaged and relevant to their audience. With Facebook IQ data, you can identify what types of topical content to engage with. For example, if your business is targeted at males under 30, it allows you to see that you should be getting involved in discussions around sport and holidays/events.
Looking at June, conversation was heavily dominated by famous people, such as the passing of Christopher Lee, Donald Trump announcing his candidacy for President of the United States, or the social media campaign to nominate Gillian Triggs as Australian of the Year. Apple® and Samsung® led in brands being talked about while Ramadan and the FIFA Women’s World Cup led in events.
The top things that people spoke about had a fairly broad appeal between age and gender, but women seemed to engage with events and entertainment more than men, who talked more about products and sports.
Coming up: Advanced targeting for everyone
The most exciting part of these partnerships between Facebook and researchers is that it will soon be blended into their ad platform for Australian businesses. In the United States, advertisers have been able to target based on buyer behaviour and deeper demographic information than what was available previously. While other networks like Twitter® and Tumblr® have also begun to delve into blending demographic and behavioural data, Facebook is doing so with the largest set of audience data in the world.
For SMBs this makes a tangible difference. When a business has a limited marketing budget, avoiding wastage is important and this can be overcome by only serving your ad to those who want to see it.
Partner Categories can enable pet stores to target ads only to pet owners, while a furniture store can target to people who recently moved house. When used correctly, this could result in more effective ad spend and a higher rate of acquisitions than what was once possible.
3 Insights your business can act on
- Go mobile. People on mobiles are sharing more spontaneously than ever before – and businesses can use this to their advantage by targeting ads to smartphones
- Tell a story. By posting and advertising in a sequence that tells a story (i.e. does not jump straight into hard sales messaging), subscriptions and actions taken can rise by 56 per cent
- Use video. Brand awareness and purchase intent can both increase by up to 72 per cent after being exposed to 10 seconds of video