Facebook has updated its platform once again. Tune in to hear MuteSix CEO, Steve Weiss, discuss changes you need to make to your Facebook ad strategies to stay ahead of your competitors. The main change is that now all ads are viewable on a brand's Facebook page. Use this to do competitor research but also to re-tool your strategies so that your customers and followers don't feel cheated.
Episode Transcript — Changes You Should Make To Your Facebook Ad Strategies
Speaker 1: You are listening to the Spend 10K a Day podcast brought to you by the performance marketing experts at Mute Six. This is your source for cutting edge insight into the world of online advertising from the team with more Facebook case studies than any other agency on the planet.
Steve Weiss: Hello everyone. Welcome back to another Spend 10K a Day podcast. Haven't recorded in the last two weeks, three weeks should I say. I was traveling through the beautiful summer of Europe. While I was gone, There was a big development in the wide world of Facebook ads. Facebook finally released to the American audience of ad buyers, the ability to look at your competitors ads. I don't know, I'm sure everyone listening to this podcast, it was a big release. There's two things to really understand how this impacts your ad buying strategies.
Number one, you're going to have the ability to see if a Facebook fan page, the name of the change, if the name of the page should I say has changed. You're actually gonna be able to see the previous name of the page as well as when it was changed just by clicking on the Info and Ads tab inside the fan page. Number two, obviously you're going to be able to choose a country and see every single ad that's running and see all the creative are running for that specific ad under that fan page, which I think is really, really important because now you can't run specific ads to specific audiences and run specific discount codes because now everyone could see every ad.
And the bigger question now is what percentage of people are going to actually look at all the ads? That's what I'm always thinking about is consumer behavior is are people actually gonna use this and actually look at and try and find out what's going on and try and find the best deal by going all these pages. That's one way to think about it. The other way to think about it is will your ads be less effective because now you're going to have competitors doing all the competitive research and trying to figure out which ads you're running. Now they can click on two buttons and see all your exact ads that you're having and where they're being targeted.
So it's really interesting how the transparency that Facebook wants is now be brought over to the advertisers side. They really want to show their cards or make the perception that they're showing their cards. Obviously we don't know any auction insights, which I think is nine-tenths of the game is really understanding the dynamics of the auction, which I don't think they're going to be transparent with. But with this new update, I think it has a really interesting impact on a lot of people's businesses. I know just from a competitive intel perspective, I spent the time on the plane coming back just looking at ads. I was like whoa ads. I love it. I want to see everyone's ads.
It just keeps the creative juices flowing in you when you're able to see the ads of your competitors. Highly recommend if you are doing competitive research to make a list of specific fan pages you like. Specific products and really try and read the comments of those ads. Really try and understand the consumer's opinion of how they feel when they see those ads, but this is really, really in my point of big transparency update for Facebook. I'm going to be reporting more on this as we start learning more intel on different usage or different ways we're going to be leveraging this kind of competitive data, but I just want to talk today specifically about the release and how important it's going to be for digital marketers to really figure out how to get that unfair advantage in the marketplace by doing competitive intel.
Competitive intel on Facebook I think is important but it's not the most important thing. I think the most important thing is understanding your consumer. You should be more worried about understanding your consumer than what other people are doing. So I don't think it's the most important thing on other platforms where you're trying to really sniff out your competitors, but I think you should have a decent understanding of what other, what your competitors are doing.
I'm going to leave it at that for this episode. I just want to bring this to everyone's attention, to really go in there and start digging into this because it is an important update, but I'm not going to talk any more about this. This is going to be it, and I want to wrap up from there. So just a quick recap. Facebook releases an update to their platform and now you can see people's ads and you can see exactly when the fan page was created or the name was changed. All right, great guys. I'll be in touch soon. Thank you.