Unlock Growth With Meta
This week, our team joined Meta in San Francisco for a day of insightful product changes and actionable strategies focused on driving ongoing and efficient growth through performance marketing. As we’ve mentioned previously, the adoption of AI is more crucial than ever in the industry to allow marketers to be more effective and efficient based on the capabilities and opportunities available in these media platforms. Similar to Google, Meta is prioritizing the exploration of possibilities and innovation enabled by AI, with strategic focuses on AI and automation, engaging experiences, friction reduction, and vertical-specific development. So without further ado, let’s dive into this year’s Meta Performance Marketing Summit recap:
An Inside Look: Performance Product Roadmap
Below are a few product changes Meta will be releasing starting Q3 to align with their strategic priorities. Their focus on these advantage+ improvements are simple –
- Quickly upgrade to advantage+ from sales campaigns
- Input-driven AI recommendations to maintain control of your campaigns
- View and measure performance through the Campaign Performance Report
One of the most enticing releases that we’re excited about is Advantage+ Audiences. Expected to be released in Q3 and similar to Google’s optimized targeting, Advantage+ audiences will target consumers that are outside of your set targeting parameters but similar in attributions. This product will allow marketers to get one step closer to closing the gap of “similar to” audiences that will be sunsetting alongside cookies within the next year.
Additional product releases & updates slotted for Q3 include:
- Advantage+ catalog: Allows marketers to upload a product-level video to your catalogs/ product feeds
- Advantage+ catalog ads: New and improved local inventory capabilities focusing on local brand delivery, local restaurant delivery, local inventory
- Reels Enhancements (Although these enhancements are currently available on Facebook, enhancements will soon be available on Instagram): Enhancements currently in the works include music optimization, a larger call-to-action button, creative enhancements for text, watch and browse feature allowing pausing and skipping without leaving the ad, and multi-destination product ads
Unlocking Growth With Measurement & Performance 5 Framework
“Measurement has always been complex, but it’s becoming more challenging.”
In 2022, Meta, in collaboration with Deloitte, introduced Measurement 360. Measurement 360 helps advertisers utilize measurement solutions in a connected framework to track all components of your marketing strategy. Meta’s 2023 goal – use Measurement 360 as a holistic view of your consumers across their entire journey and close the gap of inconsistencies across other channel and platform measurement frameworks.
A Quick Note on Gen Z
It wouldn’t be a 2023 summit without a Gen Z panel highlighting the generational shifts on the horizon. Below we highlight a few top-level tips on how to reach your Gen Z consumers, but before we cover those, like Meta, we’d like to reiterate that your strategy and planning should be “Gen Next” focused. In the next five years, Millennials and Gen Z will be the dominant generations both economically and statistically – making them the majority of your primary and secondary core audience. To continue to resonate with these audiences, consumer segmentation will be key, as well as prioritizing the differences in generational perception of time, value, and loyalty. Below are some themes that Gen Z values:
- Authenticity & uniqueness
- Niche branding & consumerism
- Usage & collaborations of creators and brands that are trusted and valued
- Nostalgia
- Social corporate responsibility
AI and the Future of Performance Marketing
No marketing summit would be complete without mentions of AI, and Meta did not disappoint on this front. Currently, Meta utilizes AI to suggest audiences, assist marketers in their campaign setup, and be their overall ad assistant (hint hint: advantage+). Meta outlined three important pillars for their investment in this new technology. These pillars include Infrastructure, modeling, and experiences. Infrastructure is essentially just the technological foundation for Meta’s big plans regarding AI innovations. Modeling allows AI to understand consumers and their journey to conversion more efficiently. Below we’ve included a little presentation of Meta Lattice – Meta’s new ad targeting system introduced earlier this year to prioritize this strategic pillar.
And last but not least, Experiences – a tool that will allow for many enhancements and optimizations using AI within the advantage+ ecosystem to boost performance and limit time spent on manual edits and tasks.
Summit Wrap Up
As always, our team is thankful to be a premier partner with Meta and to be able to attend Meta’s 2023 Performance Marketing Summit LIVE. We look forward to testing Meta’s product releases and strategy recommendations to boost our partner’s performance and stay up to date in media collaboration with AI. We’ll be back in September during Meta Connect with more updates to the platform and their cutting-edge changes to the industry.
