Facebook has launched a new business ad feature to help companies target their ads more effectively.
Businesses looking to reach Facebook users can now have access to the social network’s new ‘product ads’ feature which will give more control over who sees a company’s ads.
The feature includes increased management for targeting particular products to relevant audiences and is designed to help businesses promote multiple products across all devices used by potential customers.
The service will also allow businesses to automatically reach users who previously visited an app or website, in addition to targeting individuals based on location and interests.
Positive results
The online social networking service has also worked to make ads smarter, stating in their announcement that when an advertiser uses automatic delivery of product ads Facebook’s system will turn off advertisements for specific products when they’re out of stock.
The new feature has already resulted in positive outcomes for a number of companies which have been trialling its benefits, such as US superstore Target.
Kristi Argyilan, senior vice president at Target stated that the company has been able to engage with customers more effectively and are impressed with the results.
“The early results have exceeded expectations, with a 20% increase in conversion compared to other Facebook ads,” she said.
“Performance has also been especially strong with people shopping on mobile devices — an important and fast-growing area for Target — where we’re seeing two times the conversion rate.”
Earlier this year Facebook reported its own positive results, including an overall income from ads totaling $3.6 billion in Q4, up from $3 billion in Q3.