How Are You Managing Your Investment on Facebook?
According to an Advertiser Perceptions study reported last month by Ad Age, 40% of marketers say they plan to conduct an audit of their Facebook business this year.
According to an Advertiser Perceptions study reported in April 2017 by Ad Age, 40% of marketers say they plan to conduct an audit of their Facebook business this year. This is amid growing concern surrounding such issues as fake news, fraud and misleading metrics.
1. Last year, Facebook revealed that there was a miscalculation in their reporting for both weekly and monthly reach of posts as well as overreporting of video views. Cause for concern among advertisers is driven primarily by the fact that historically they’ve had to rely solely on Facebook reporting for measurement as the platform hasn’t allowed significant third party evaluation.
Given that Facebook represents 35%+ of total US display spending (per e-marketer) and more than two-thirds social ad spending, the news was concerning.
Facebook has begun to take steps to improve the transparency with advertisers. Earlier this month, Mark Zuckerberg said that Facebook was “committing to an audit by the Media Rating Council (MRC) to verify the accuracy of the information we deliver to our partners.”
In addition, Facebook stated that its “verification partners will receive more detailed information about ad impressions on Facebook and Instagram” down to the milliseconds that an ad was on a screen.”
Facebook’s recent actions reinforce the critical need for advertisers to stay more involved in the tracking and measurement of their Paid, Owned, and Earned activities.
As a marketer, what approach should you be taking to Facebook?
1. Access your account to ensure that you know how your campaigns are set up and the objectives for your buys.
2. Establish the “right” KPIs to ensure that you get what you are paying for not only for Facebook but across ALL partners.
Note: Cortex Media is an independent firm providing services to brands’ at every stage of the media process, from helping to find the right agency partners to performance tracking and evaluation to financial reconciliation and strategic consulting.