Paid Media News & Opinion ??#57
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?? Facebook Ads benchmarks 2024 update from WordStream released
4th December 2023 ? Paid Social ? Source
???What’s happening
Each year, WordStream (LocaliQ) release their benchmarks report which reveals average CTR, CPC, CVR and CPLead and more across 20 industries with Meta Ads. As well as metrics, they also have useful tips and advice for maximising performance.
To avoid skewed results, their data splits into lead generation campaigns and traffic campaigns across various industries.
If you’re wondering who pays the most for their leads, it's Attorneys & Legal services at $78.26, while Real Estate is the cheapest at $12.43.
???Why we care
Benchmarks are really interesting and important for any advertiser looking to understand if their own results are above or below par. We’ve found WordStream’s regular benchmark updates – also available for Google Ads - very helpful and reliable. Note that there is a strong bias towards US advertisers, with cost metrics in US$, but this is otherwise an absolute gold mine of information.
We highly recommend taking a look at your own industry’s benchmark. If you’re not meeting or above your average, the report has someful hints and tips further down the page. Happy comparing!
?? Reddit Conversation Ads
1st December 2023 ? Paid Social ? Source
???What’s happening
Reddit recently launched two new ad formats which will show within conversation threads, these being Carousel Ads and Product Ads. Both of these will appear below posts but above the first comment, ensuring anyone viewing comments will see the ads.
The Carousel format will allow up to 6 images or GIFs in the ad position, each with a clickable link to an outbound site, making it ideal for storytelling and ecommerce catalogue-style ads. Meanwhile the Product Ads which already exist elsewhere on Reddit will now be served on this additional placement, increasing the range of ways in which ecommerce brands can use Reddit to increase product-awareness.
???Why we care
Reddit continues to try and woo advertisers across to their platform by bringing in these new placements. Particularly with this double-update, it is clear that Reddit has its eyes on ecommerce brands looking to increase product awareness in the research-phase of a customer's journey. Reddit continues to be an exciting alternative platform for social advertising. If brands utilise Reddits targeting capabilities effectively and combine this with native-looking content across new and existing placement, it could well be a big growth channel for 2024.
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?? Google Ads GA4
6th December 2023 ? PPC ? Source
???What’s happening
Google Analytics 4 (GA4) now allows the creation and application of audiences directly within Google Ads. This means we can now build Analytics audiences, including predictive audiences, using the Audience Manager feature, and seamlessly use them in our Google Ads campaigns. Additionally, GA4 is introducing new dimensions across its features, such as the Audience Builder, Segment Builder, Custom Reports Builder, and Data API.
???Why we care
The integration of GA4 with Google Ads offers a powerful synergy. Benefit from streamlined audience building and introducing predictive audiences such as 'likely 7-day purchasers.' This data-driven approach refines overall campaign performance, enabling precise targeting of high-conversion potential users.
Specifically for e-commerce, GA4's integration provides tailored advantages. New item-scoped dimensions offer granular insights into product interactions, including names, brands, and variants. The predictive audience feature allows precise engagement with users more likely to convert. Strategically craft effective, data-driven campaigns while ensuring optimised advertising for targeted audiences.
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What else we've been talking about: