Dynamic Product Ads on Facebook bring strong results, but they are also essentially a black box with little to no insight into what goes on behind the scenes of Facebook’s algorithmic universe.
While most advertisers track the usual campaign metrics, our clients have always wanted to go one step further with dynamic promotions to find out how individual products from various brands and categories are being promoted on each campaign, ad set and ad.
With large product sets for their dynamic campaigns, advertisers are able to merge campaigns for better performance and reporting overall. However, this comes at the cost of having to sacrifice second-order transparency at the brand, category or product level.
In all cases, there is a desire to exercise more granular control over product promotion, along with the data and trends of how each brand and each category help to achieve greater profitability.
Taking all of this into account, our Product teams wanted to provide our users with ways to understand their product performance like never before. On top of traditional campaign actions like changing bids and budgets, we know that editing the product set–redefining filters or excluding products based on the data presented–will also do the trick
Here’s what you get:
You can select one or more campaigns from your ad account and analyze which categories or brands are being promoted the most. Track key metrics like FB Spend, GA Revenue and ROAS.
There are two crucial aspects on how this information can help you. One, a large chunk of your product catalog never actually gets promoted by your dynamic campaigns. Two, the products are eventually picked based on engagement and not by its revenue or profit potential.
Let’s say you’re a retailer that sells products across multiple categories. With the Analyze Panel, you can quickly filter and sort your categories by any supported metric that you use to measure success, and find the top performers.
Now add more ad budget behind those winning categories to scale them further and cut budgets from ones that aren’t helping you grow!
Compare trends on ad spend and revenue across all your brands and categories. You can view data for a particular duration of time, or measure performance trajectories over time by toggling between line and bar graphs.
These visualizations will come in handy when presenting findings and suggestions to your stakeholders - either the management or your clients.
As a retailer, being able to visualize the surges and dips in the performance of certain categories will help you analyze what caused them. Armed with that knowledge, you can help your team take decisive steps to cut or increase the promotion budget for specific brands or categories.
No matter how you’ve segregated your products, you can drill down deep into their performance metrics at the Category or Brand level. You can even go one step further and sort them by metrics to find the exact insight you’re looking for.
Let’s say you’ve set up a limited-time sale on your Summer specials across various product brands. Upon analysis, you can quickly select those brands from the drop down menu, and view only the data that pertains to them.
Once you understand what’s going on with your products across different brands or categories, you can modify your existing product sets (e.g., increasing budgets for top performing products, or excluding products with low margins or high returns).
We’re launching the Analyze Panel in a closed Beta for select clients across all regions. Please note that you need to have Google Analytics already connected with your catalogs to be eligible. If you’d like to be one of the first to give it a try, please contact our Support team to find out next steps. As always, we can’t wait for you to give it a spin. Your feedback will give us a reality check on where we are and where we need to be, so please reach out to us with your comments.