FARFETCH wanted to scale their Facebook presence and get more of their products promoted.
Though Facebook’s algorithm is a powerful tool, it can create difficulties for companies with large catalogs who use an “All Products” product set. In fact, we’ve found that companies in this situation can end up spending as many as 50% of their impressions on just 1% of their catalog!
Beyond scaling their promotions, FARFETCH wanted to discover if they had products that were performing well on other channels, but underperforming on Facebook.
In order to help FARFETCH ensure more products would be promoted, ROI Hunter worked with them to split their catalog up into separate product sets, each optimised for a different goal (high margin sales, prospecting, etc.)
ROI Hunter set FARFETCH up with Product Insights to create these product sets more effectively. The Product Insights feature gathers product-level data from across channels (Facebook, Google Analytics, Google Shopping, etc.), combining it to form a single source of truth. Using this integrated data, FARFETCH was able to filter their catalog for highly specific metrics in order to design the exact product sets they wanted.
With Product Insights set up, it was simple to accomplish FARFETCH’s goal of discovering which of their products were underperforming on Facebook. ROI Hunter helped them filter their catalog for products with a low number of impressions on Facebook, but with high conversion rates and revenue as per Google Analytics. With these parameters, FARFETCH now had a product set filled entirely with these “Hidden Gem'' products, which they could now specifically choose to promote with a dynamic campaign.
The performance of the Hidden Gems segment was significantly better than the campaigns pulling from the full catalog. Revenue shot up by 119%, and cost per action (CPA) was down 28%! Beyond the metrics, this campaign showed FARFETCH the advantages of using goal-based product sets, which they will be further utilising in the future.