Now that Facebook Exchange is available in the UK, after coming out of beta last week, the opportunities for brands are really coming to the fore. And although not all brands are keen to talk about it at this stage it is most certainly on their agenda.
Cormac Doyle, senior online marketing manager at online fashion retailer Stylistpick, reckons FBX will enable it to reach different user groups through Facebook advertising, and the retailer is now looking to test retargeting options.
But he is mindful of not bombarding existing customers with marketplace ads as well as retargeted ads, so the retailer is exploring the option of excluding existing customers from being displayed marketplace ads through ‘custom audience targeting’.
The ability to leverage first-party data to retarget users offers obvious advantages and has been widely talked about, but another equally exciting proposition is the ability to track users across Facebook providing a better idea of how ads actually perform.
Casper Schlickum, managing director of Xaxis, a partner of the exchange, said, “We can now include [Facebook] in a much deeper way in our attribution modelling…It’s about understanding the role Facebook plays in an integrated media plan and this is something we are now able to do.”
Today Facebook was hosting an event for retailers, of which a large focus will be working more closely with third-parties via projects such as the Facebook Exchange to help brands get better returns on their investments. The social network hosted a panel with data specialists Dunnhumby and Experian, both of which felt the opening up of data between brands and Facebook was an exciting opportunity. The warning from both companies, however, were for brands to ensure that there was a decent value exchange for the customer, using opt in everytime.
Facebook’s VP of marketing services Carolyn Everson also addressed retailers earlier this afternoon, describing retail as “the most social category”.
She also hinted at the social network’s plans to develop its mobile proposition, describing it as “valuable real estate”.