Meta Brand Building Summit 2024

NeoPerformance recently had the privilege of attending the Meta Brand Building Summit 2024 in New York. The experience was nothing short of transformative, providing invaluable insights into the future of marketing. We're excited to share some of the key takeaways from this remarkable event, along with our own reflections on the evolving landscape.

First up, let's dive into the core themes that resonated throughout the summit...

Brand marketing

Highlighting the importance of opportunities that defy traditional performance measurement. A Marketing Week poll echoes this shift to brand marketing: 39% of respondents prioritize brand marketing, while 36% balance brand and performance marketing.? Meta's Marketing Science analysis underscores this, showing 40% of ROI is short-term, while the remaining 60% is long-term and challenging to track. Offline sales further emphasize the power of brand, with 14.5% of revenue attributed to brand equity. Online brand campaigns, meanwhile, are able to deliver 4-20% of sales, as revealed through MMM modeling.? At NeoPerformance, we've long championed monitoring ROAS alongside brand awareness and purchase intent as key KPIs. It's heartening to see this approach gain traction. We look forward to helping more clients leverage MMM and CMM studies for campaign planning.

Meta X Tiktok

The summit also highlighted an interesting dynamic between Meta and TikTok. Despite TikTok's rise, Instagram maintains a surprising lead in Gen Z penetration, reaching 78% of 18-24-year-olds compared to TikTok's 74%. This gap widens significantly for older demographics, showcasing Instagram's broader appeal.? The effectiveness of online campaigns across generations was another key takeaway. A striking 64% of Millennials made purchases influenced by ads in the past year, while a remarkable 80% of Gen Z purchased after watching Reels. This underscores the power of social media advertising, particularly short-form video, in driving conversions.

Build for reels

With 47% of Reels users not on TikTok, it's clear that Meta's strategic integration of Reels ads has successfully stemmed platform migration.? Recent data reveals the incredible speed at which Reels capture attention. Engagement begins at an astonishing 0.4 seconds, with 84% of viewers hooked by 0.8 seconds. This dramatically impacts how we craft ads, emphasizing the critical role of impactful intros.? Visual dynamism, including fast pacing, quick cuts, animated supers, and distinct atmospheres with music and color palettes, boost ad effectiveness by 74%. It's time to embrace multiple brand voices and leverage creators, as they increase the likelihood of purchase by a remarkable 53%. At NeoPerformance, we recognize the power of Reels, and in response to these insights, we're thrilled to announce the formation of a dedicated Video Retention team within our Creative Pod.

AI has to be a topic…

AI was naturally a prominent topic, with Meta showcasing its latest AI tool advancements. We had the exclusive opportunity to test it firsthand, developing an entire campaign from creator selection and scriptwriting to final ad assets. Meta's dedication to building an AI ecosystem that streamlines the creative workflow is impressive. From asset enhancements already visible on the platform to upcoming Multimodal LLM analysis, every element's impact will soon be measurable. This will undoubtedly accelerate AI's adoption as a powerful tool for personalization throughout the creative process.

Foundations for brand marketing success

The summit also laid out a clear blueprint for brand marketing success:

• Frequency is Key: Aim for a target frequency of 1.5-2x per week to maximize ROAS.
• Broaden Your Reach: Embrace broad targeting to expand your reach and achieve 2.5x more ROI.
• Diversify Placements: Utilize at least 6+ ad placements, or 9+ if you prefer a more targeted approach.
• Commit to the Long Term: Campaigns should run for a minimum of 26 weeks, with optimal results typically appearing after 14 weeks.
• Measure & Analyze: Consistently run multi-cell lift studies and incorporate MMM studies for long-term impact measurement. Integrate offline CAPI when relevant.
• Adapt and Evolve: Shift to a "multiplier mindset," creating a dynamic ecosystem that continuously optimizes assets based on performance insights. Don't be afraid to deviate from the initial plan as you gain new knowledge.

Meta new features for ads

Exciting new Meta ad features were unveiled, promising enhanced campaign capabilities:

• Target Frequency: A dynamic tool that maximizes reach at your desired frequency, intelligently adapting to user behavior and ad interactions. It fosters brand awareness, keeping you top-of-mind until users are ready to convert.
• Sitelinks: Sitelinks now support visually engaging image icons, while a new layout for Facebook mobile feed ads introduces labels as overlays on site link images, enabling horizontal scrolling for easy access.
• Sequence Ads: Previously limited to reserved campaigns, this powerful storytelling format is now going to be available for self-service campaigns. This opens up a fantastic opportunity to create engaging funnels and guide users from discovery to conversion.

And on the next day, we were fortunate enough to attend a more intimate gathering, connecting with the very teams behind these groundbreaking technologies. My key takeaways from this experience:

Agency ecosystem development

The evolving landscape of agency ecosystems, advocating for a shift from a 'toolstack' to a 'techstack' approach. Agencies are encouraged to transition from simply selecting existing tools to actively developing solutions tailored to their clients' unique needs. This resonates deeply with NeoPerformance's philosophy. While in-house development might initially slow things down, the long-term benefits are clear. The adaptability to customize solutions fosters greater client and team satisfaction. The key takeaway? Embrace a hybrid approach. Leverage existing tools that fit your needs, but don't shy away from developing core capabilities in-house. The fusion of talent and technology represents the new, lean agency model.

+Creators -influencers.

Jimie Stone from Creative Shop emphasized the importance of fostering long-lasting relationships with creators, allowing for collaborative brand building. The marketing landscape is shifting away from rigid organizations to adaptable organisms that respond to market trends and changes. This makes it difficult to plan every detail of a campaign in advance, highlighting the need for flexibility and agility.? Stone also pointed out a crucial shift in terminology. "Influencers" are now better understood as "creators," recognizing their ability to not only influence their audience but also actively create and shape content. This change in perspective empowers creators to contribute more meaningfully to brand partnerships.

The new creative process

Martin Murphy, Head of CPG at Meta, drove home the importance of short-form video. Videos lasting 6-10 seconds double viewer attention spans, emphasizing the need to adapt to changing consumption habits.

He advocated for a shift from the traditional "big idea" strategy to a more dynamic "system of ideas" approach. This entails building a strong foundation for efficient reach while leveraging multipliers to optimize content distribution.

Murphy also underscored the significance of culture in communication. Brands should originate communications from culture, collaborate with culture to connect with their target audience (a process facilitated by AI), and create content at the speed of culture through collaborations with creators. This cultural fluency is crucial for resonating with today's consumers.

And that's all (for now)...

Attending the Meta Brand Building Summit 2024 was truly inspiring. I left feeling overwhelmed by the wealth of knowledge shared, and energized by the possibilities ahead. From the growing importance of brand marketing and AI-powered creativity to the undeniable power of short-form video and creator collaborations, the insights gleaned will undoubtedly shape NeoPerformance's future strategies.

We're excited to embrace a multiplier mindset, continuously adapting and evolving to meet the needs of our clients in this ever-changing landscape. Here's to a future where brands and agencies alike harness the power of technology and creativity to build meaningful connections and achieve lasting success!