5 Tips for Brands Looking to Capitalize On Facebook Marketplace
To get the most out of Facebook Marketplace, you need to understand how it works.
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You’ve probably heard of Craigslist. The barebones classified ad killer is easily the most recognized name in the game when it comes to local sales of used goods.
But what about Facebook Marketplace?
Marketplace is a fairly recent development in the social media giant’s portfolio, but it already boasts over 800 million monthly users. Facebook has been able to leverage its already-giant footprint to dig into Craigslist’s imprint a little bit. And now Facebook has one thing that Craigslist doesn’t: the Facebook Marketplace ad network.
Companies can now sponsor advertising placement in Facebook Marketplace, making it a great tool for reaching an audience with high buying intent while leveraging Facebook’s incredible targeting and massive user base. Are you using these ads to drive traffic to your business? If you’re not you might be missing out.
To get the most out of Facebook Marketplace, you need to understand how it works. And with only a few handy tips and tricks, you can put Marketplace to work for you, too.
1. Focus On Intent
With Facebook Marketplace ads, specificity is your friend. You’re dealing with an audience that already has high buying intent—just like you would do with long-tail keywords on Google, you’re going to have to get specific. Tailor your ads to a very specific subset of consumers instead of going for a scattershot approach.
Ubisoft’s campaign for The Division 2 used this carefully by using its own purchase data for targeting. They were able to find people who’d recently bought similar types of games on their own site, then target those customers with an attractive ad that grabbed their attention.
The result? According to Facebook, a 67 percent increase in purchases.
2. Use the Carousel
Ad creative matters, and it’s no different on Facebook Marketplace. One of the biggest things that can catch attention is utilizing Facebook’s carousel format for your sponsored post.
When Apartment Guide was trying to figure out a way to drive more rentals, they turned to Marketplace. Apartment Guide was able to use the carousel to showcase multiple different apartment complexes in one listing, allowing them to maximize their ad spend and engagement.
It paid off for them, too. With a combination of News Feed ads and Marketplace ads, they doubled their conversions.
3. Use Lookalike Audiences
Lookalike audiences are the backbone of Facebook’s powerful advertising platform, allowing you to upload a Custom Audience and find people that look like that. It’s no different in Marketplace. When wallet and accessory company Thread Wallets needed to boost their sales, they decided to try Facebook Marketplace.
After uploading a Custom Audience, they formed a lookalike audience based on the people that had visited their site. Using the Facebook tracking pixel they were able to form a picture of these people, and that made their Custom Audience more effective.
In fact, that alone allowed them to increase the year-over-year effectiveness of their ad spend by forty-one percent. Facebook Marketplace is now the company’s preferred platform for advertising.
4. Get Detailed
Most auto dealerships tend to be fairly old-school about their advertising, relying more on traditional marketing channels than newer ones. That’s starting to change, as—pulled straight from Facebook Business’ own website—Toyota of Greenville continues to demonstrate. Their success illustrates one more aspect of Facebook Marketplace advertising that’s absolutely key: get detailed in your listing.
When this dealership decided to use Marketplace ads, they didn’t just throw something up there and call it a day. They created listings for all of their vehicles that had detailed information and plenty of photos, treating it like an extension of their showroom floor. These listings paid dividends, doubling their sales leads per month.
Impressively enough, twenty percent of their Marketplace leads turned into a sale.
5. Try Dynamic Ads
Depending on your line of business, you may want to use Dynamic Ads, which automatically pull from your product catalog to create Marketplace ads without you having to do anything but monitor occasionally.
Several of the companies mentioned here used Dynamic Ads in conjunction with other strategies. For companies with a lot of products that are very similar (for example, Thread Wallets, one such user), Dynamic Ads can be a great way to maximize efficiency.
You probably don’t want to use Dynamic Ads for very differentiated products, as you’re better off just customizing those individually. You can create different product sets for your catalog to control which products are shown to which audience, but there’s some work that goes into setting up Dynamic Ads initially on the back end, and it’s not necessarily worth it for every business. Facebook’s guide can help you decide which direction to go.
If you’ve been running ads on the News Feed for a while, you’re probably very familiar with the Facebook advertising platform. Facebook Marketplace uses similar tools, but captures an audience with higher intent while still allowing you to use Facebook’s fantastic targeting and broad reach.
Have you tried using Marketplace ads yet? No matter what your line of business, you might be able to tap into a vein of customers you haven’t been able to reach—or catch your current audience at a different stage of the sales funnel.
These companies have reaped dividends. So can you.
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