Targeting Consumers Using Facebook’s Big Data
CPSA (Cost Per Social Action), wait, I know what you’re thinking, “Great, another acronym to remember and use at parties to impress my friends,” right? Before you start dishing out metrics at the next real-life social event, let’s first talk about BLiNQ Media and how social ad targeting can grow a business with Facebook's big data.
In September 2012, Gannett Co., Inc. acquired BLiNQ Media. BLiNQ is a leading global innovator in social engagement advertising solutions for agencies, brands and businesses. They are the cream of the crop when it comes to social marketing campaigns and one of a handful of companies globally with both Facebook Ads and Insights Badges; some of their clients consist of McDonald’s, Samsung, Baskin Robbins, Buffalo Wild Wings, Infiniti and more. BLiNQ drives results by targeting audiences on social networks. BLiNQ’s ad management tool (BAM 2.0) allows for brands to reach audiences and create impressive results. According to BLiNQ’s website, BAM 2.0 is the most innovative, comprehensive and flexible Facebook advertising platform for the world’s largest agencies and brands. BAM provides one integrated platform that automates and facilitates complex campaign planning, launch, management, optimization and insights, featuring:
- Custom integration for client data needs
- Synchronization with Facebook data
- Productivity and efficiency gains across all modules
- Single-pixel, multiple type conversion tracking via both BAM and 3rd party data
With the use of BAM 2.0, BLiNQ came up with a specific pre-planning tool called LiFT to drive massive advertising performance and increase audience size by understanding specific users.
LiFT stands for: Likes, Interests and Fan Targeting.
On BLiNQ’s site, they explain, “Through the use of sophisticated algorithms, historic data storage, and proprietary technology, LiFT finds the audiences with the highest potential in real-time.”
This big data research and ability to target Facebook users based on their likes and preferences, allows BLiNQ the ability to capture audiences for businesses and brands. According to BLiNQ, “If most of a brand’s consumers watch ‘How I Met Your Mother’ or listen to Hootie & the Blowfish, the brand should target fans of these groups or pages on Facebook to acquire more consumers and create greater brand awareness in these interest and topic communities.”
In other words, BLiNQ knows what you did last night. And not only do they know what you did last night, but they most likely sent you an advertisement based on that thing you did last night. If you feel like sharing what you did last night in the comments, we promise not to judge. In fact, why don’t you contact one of our social media gurus and talk to them about how BLiNQ targeted you last night.
Social Ad Targeting–why does a business need this?
The difficulties for small-to-medium-sized businesses trying to capitalize off the massive amounts of potential customers on social media, is time, money and using the platform efficiently. How much effort must a business make to truly engage with hopeful consumers? And, why is a tool like LiFT so important?
The problem lies on Facebook and their EdgeRank algorithm that basically decides what users should and should not see. According to Facebook, the average Page reaches 16 percent of its fans with each post. Obviously, not everyone is on Facebook when the post goes out—so that’s a factor. However, if the post hasn’t received enough engagement with the fans who did see it and a user doesn’t engage with the Page often enough, the post drifts off into the Facebook black hole of things no one cares about—well, according to Facebook of course.
The problem is: if a business is posting too much and not receiving any engagement with its fans Facebook considers the post spam. This ultimately hurts the business’s chances at getting in front of any fans and its reach steadily declines.
We wrote a blog recently about social media best practices and tips—check it out for some useful information.
The reason why BLiNQ and its ability to target audiences is so amazing is because BLiNQ can gather a huge amount of information about users to better understand their likes and preferences. By understanding a business’s targeted audience and the algorithm Facebook uses, BLiNQ can deliver ads and posts that actually relate to the user—which increases the chances for engagement and reach. And when those users are engaged and reached, their friends and followers will be reached too.
According to BLiNQ, “LiFT can access the top 10,000 interests of the brand’s fan base. The detailed reports one gets from LiFT show the topics and interests your consumers have in common. This allows an advertiser to accurately target fans of specific topics or interest groups on Facebook. This results in 30-70 percent campaign performance increases.”
BLiNQ can also target local zip codes based on users’ information. This geo-targeting allows for a business to drive in-store traffic or local promotions with users who are actually near their store. Geo-location and hyper-targeting also helps a business grow its fan base by thousands in a very short amount of time.
Back to that CPSA thingy
So, back where we started: Cost-Per-Social-Action. It was important to throw that out right at the beginning, because it’s a model BLiNQ and many other marketers believe to be the way we should think about what advertising on social media is worth and how to rate its effectiveness.
CPSA is a model used to monetize actions on sites such as Facebook. Social media is a tough platform to understand for businesses and advertisers, because it’s very difficult to say that a customer came to a store or purchased online because of something they saw on social media. However, what price can you put on word of mouth, people raving about your service, someone telling their friends and family about your business, and customers interacting with your company on a daily basis? For a business that’s kind of priceless, right?
By understanding the actions users take to interact with brands and businesses online, marketers and advertisers have a better idea of what’s effective and what’s useless on these growing social platforms.
Social media is the new marketplace—we’re only scratching the surface of its ability to reach new customers.
Today’s consumer is so distracted and fragmented—they’re all over the map at all hours of the day. For a business to get in front of new customers and retain the ones it has, it must understand the available advertising solutions and the capabilities of each channel as well.