13 Mar What You Need to Know about Facebook Marketplace Ads
What Are Facebook Marketplace Ads?
Facebook Marketplace gives users an easy, convenient platform to buy and sell in their area. Thanks to expansion of Facebook placement options, it is now possible for businesses to advertise on Marketplace. Facebook offers placement beyond Newsfeed and Stories, tapping into the Marketplace audience to achieve business objectives where people actively shop. People will see your ads alongside other relevant products and services within Marketplace.
Why Advertise on Facebook Marketplace?
The reason why Marketplace ads are a viable choice for advertisers is simply the difference in user intent. Users who visit Marketplace are looking to buy something. By contrast, people scrolling through their Facebook News Feed are not necessarily interested in purchasing products, they want to stay up to date with their friends and family. According the AdWeek article “Why Facebook Is Ramping Up Marketplace with Ads”, the Marketplace placement will most likely yield better conversion and catalog sales results than traffic and video views ads. The article also expects conversion campaigns in Marketplace to have better click-through rates and lower cost-per-action numbers- while reach objective campaigns might be limited in Marketplace, since most users spend most of their time in the feed.
Activating Facebook Marketplace Ads
Advertisers can now select Marketplace as a placement to scale ads across multiple platforms. With the help of automatic placements, users have the option to enable this feature-automatically placing ads across Facebook Newsfeed, Facebook Marketplace, Instagram, Messenger, Instant Articles, and Audience Network. For those who prefer more control, users can manually edit placements by selecting where their ads will run. With the addition of Marketplace, advertisers will be able to reach customers where they are. A Facebook IQ study found that audiences who saw impressions across Facebook, Instagram and Audience Network had conversion rates of 8x higher than audiences only exposed to a single placement on Facebook.
At Ignite, we have been testing the Marketplace placement over the last few months. Our test results have led to efficiencies with Marketplace, specifically for conversion campaigns. While your Marketplace ads will target users with stronger purchase intent, keep in mind you’ll be targeting a smaller user base. We would recommend testing Marketplace in conjunction with your traditional placements or conducting a split test to compare cost. It never hurts to test and learn how new placements will impact ad performance. So, get to testing!
Interested in learning more about our paid media services and how we can help?