Facebook has launched a new video-based shopping ad format called Collection, and along with it a new metric. The intent? Use video to help marketers amplify product discovery and sales.
Collection is made up of a video (or photo) set above four clickable product images. The images can be arranged automatically based on Facebook data or manually by the brand.
Cross Sell, Up Sell
Users who click through are transported to a full-screen display (within Facebook) where they can browse a wider selection of up to 50 other products. Once a user clicks on a product within the larger display, they are directed to the advertiser’s website or app to complete the purchase. Brands create and upload their own custom catalogue of products onto Facebook. It is without a doubt, an excellent cross selling opportunity.
Outbound Click Metric
Facebook intends to test a new “outbound click metric” so marketers can see how many people move from the display. It specifically measures the number of clicks leading people off of Facebook. Unfortunately, the metric will not provide the specific links that people click off to. Facebook says that those tests will provide a clear picture on the path to purchase for marketers.
Reports show that brands who have partnered with Facebook in the test pilot demonstrated early success. One brand tracked 5.3 times return on ad spend and a decrease in cost-per-conversion, while another found an increase in online sales and a 2x lift in conversion.
For advice on how to leverage this new format, reach out to me anytime.