Facebook Marketplace, 6 Ways to Make the Most of for your company – Businesses may benefit from the Marketplace channel in several ways, including listing goods and running advertisements.
1. Play with Facebook Marketplace advertising.
Whether or not you should list items on Marketplace, advertisements with Marketplace placement are a great way for your company to get a feel for the platform.
BarkBox agreed to run a split-test campaign to promote its monthly dog treat and toy subscription service to expand its business. They split their audience equally between News Feed alone and Marketplace and News Feed placement for their advertising.
When advertisements were served in both feeds, the campaign saw a 49 percent increase in scope and a 16 percent increase in conversion rate.
To create a Marketplace ad, go to Ads Manager and set your target to hit, traffic, conversions, catalog sales, or video views. The marketplace is currently unavailable as a standalone placement. To include the News Feed and Marketplace in your campaign, you can choose Automatic placements or edit placements.
For both locations, the suggested requirements are the same.
2. Make the most of your budget
Marketplace listings are a cost-effective way to promote product sales since there is no cost to list and no commission cut. Even if you don’t have access to a list on Marketplace just yet, advertisements in the shopping channel have helped brands lower their conversion costs.
Apartment Guide, a rental listing site, set up a two-week trial to assess Marketplace’s effect on cost-per-conversions. According to the report, Marketplace advertising resulted in a 200 percent rise in conversions and a 45 percent reduction in cost per incremental conversion.
3. Have exclusive offers and promotions regularly.
For more than a year, Facebook has been testing a Daily Deals feature, and it’s likely to remain an important part of the Marketplace channel.
As an early Facebook Marketplace deals affiliate, e-commerce company Daily Steals ran a sale for Playstation 4 controllers in August.
As opposed to equivalent offers sold elsewhere, Regular Steals’ placement in the deals category resulted in five times faster sales. When customers used Facebook Checkout instead of completing the purchase on the company’s website, the conversion rate was two times higher.
4. Introduce a new product
There’s a reason why buzz and awareness promotions are multi-platform. The marketplace is also a good place to gauge early consideration if one of your objectives is to get pre-orders or early registration.
Ubisoft launched a campaign with advertisements in Marketplace to support the forthcoming release of Tom Clancy’s The Division 2 Phoenix Shield Collector’s Edition and facilitate pre-orders. The advertisements were aimed at people who looked like people who had recently purchased something from the Ubisoft store or visited its website.
The business was able to create a thrilling amount of buzz in just two weeks, reaching upwards of 3.4 million people.
5. Increase your revenue
The marketplace can be a nice option if you run a small or medium-sized company with less-than-ideal online shopping setups. Even the most advanced companies with the most sophisticated sales features will maximize sales by introducing another distribution channel to their online shopping portfolios.
Tropical Breeze Décor, a beach-themed store, switched to Facebook Marketplace to save money on customer acquisition and streamline operations. The platform currently accounts for 72 percent of the company’s sales.
6. Consider options other than sales.
Marketplace excels at conversions due to its loyal customer base. However, selling isn’t the only thing you can do with the channel.
Apartment List, for example, used Marketplace advertising to raise registrations on its website. With taglines like “Moving Soon? “, the ad copy targeted shoppers’ mindsets. We, Will, Assist You in Finding Your Next Residence.”
The coverage of Marketplace advertising was 17.5% higher than that of News Feed ads alone. They have resulted in a 16 percent reduction in the cost of registering for a website.
More significantly, Apartment List was able to establish a more long-term relationship with potential customers.
Make sure your Marketplace efforts are aligned with your overall priorities when planning your next online retail and social media marketing campaign.
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