Where do 1.93 billion daily active users hang out? šŸ¤”

In todayā€™s email:

  • šŸ² The Secret Sauce: Winning Facebook Ad Strategies for 2024 

  • šŸ“ˆ Platform Benchmarks: Google, Facebook, & TikTok

  • šŸ§‘ā€šŸŽØ Creative Insights: Lifelike Leaps in AI Video Creation

  • šŸ“° Industry News: Slide into those DMs

  • šŸ‘Ÿ Brand Highlights: Kendra Scott Jewelry

  • šŸ¤– Tech Talk: From 'Skip Ad' to 'Add to Cart'

THE SECRET SAUCE šŸ²

10 Killer Facebook Ad Strategies for 2024

Ever wondered where 1.93 billion daily active users hang out? šŸ§

Yes, Iā€™m talking about Facebook. I know itā€™s not the trendiest platform out there right now, but it's still the third most-visited site online. If you're not using Facebook to amp up your brand awareness, you're missing out on getting billions of eyeballs on your ads. šŸ‘€

At Adspace, we've seen some serious wins with Facebook ads, so our Paid Media team whipped up 10 killer Facebook ad strategies you can't afford to ignore. 

  1. Utilize lookalike lists: Meta's secret weapon is creating lookalike audiences for ads that resonate with potential customers. Just gather at least 100 people from one country for your source audience, set your target country and audience size, and you're ready to connect with new prospects.

  2. Keep user experience in mind: Skip the gimmicks that clutter timelines. Your ads will hit the mark with the right audience by staying targeted and thoughtful. 

  3. Audience stacks: Instead of targeting a single interest, stack overlapping interests to broaden your audience and increase conversions. Think of it as casting a wider net to capture more potential customers. Audience stacks create diverse prospects, offering ample opportunities to engage and convert effectively.

  4. Diversify your creative portfolio: Diversifying your creative lineup is key to keeping Facebook ads interesting and engaging. Mix it up with static images, carousels, videos, dynamic product ads (DPAs), and more. Catering to diverse audience tastes ensures your ads stay fresh and keep users hooked.

  5. Test, test, and test again: It's all about constant A/B testing for audience targeting, creatives, and budgets. It's the key to figuring out what works, understanding user preferences, and achieving better Facebook ad results.

Curious about the other 5 winning strategies? Head over to Adspaceā€™s blog for all the juicy details. You can explore 10 Winning Facebook Ad Strategies and check out other articles to help sharpen your Facebook strategy. šŸ’ø

PLATFORM BENCHMARKS šŸ“ˆ

Letā€™s Take a Lookā€¦

This weekā€™s edition delves into the latest industry data from July 1-8 compared to the previous seven days. Facebook has shown across-the-board improvements in key advertising metrics. Lower CPA and CPC, along with increased ROAS and a notable 5.50% drop in CPM, signal enhanced efficiency and effectiveness for advertisers on the platform.

Meanwhile, Google's recent updates reveal contrasting trends. Thereā€™s been a 7.30% increase in CPA and a 0.30% rise in CPC, indicating higher costs for customer acquisition and clicks. However, thereā€™s a positive shift in CPM, suggesting potentially lower costs per thousand impressions. These mixed results underscore the evolving dynamics within Google's ad ecosystem.

Moving over to TikTok, recent ad performance changes show a nuanced picture. CPA has decreased slightly by 0.25%, while CPC has risen notably by 8.98%. ROAS has also declined by 2.05%. On a positive note, CPM decreased significantly by 14.09%, offering potential cost savings for advertisers keen on optimizing their campaigns on TikTok. šŸŒŸ

CREATIVE INSIGHTS šŸ§‘ā€šŸŽØ

Runway's Lifelike Leap in AI Video Creation

Hot off the digital press: Runway has launched its Gen-3 Alpha video creator. This upgraded model promises to outshine its predecessors by creating hyper-realistic videos based on user prompts. Gen-3 Alpha targets marketers and creators seeking top-notch tools, smooth transitions, and lifelike human expressions. Intrigued? Us too. 

Trained on a hefty dataset of videos and images, Gen-3 Alpha raises eyebrows with its ability to churn out remarkably lifelike video clips. The company plans to offer the creation tool starting at $12 per month per editor. This pivot from freebies to fees suggests Runway is ready to grow up and get serious.

Runway is rolling out with text-to-video functionality, but Gen-3 Alpha will soon expand to include image-to-video and video-to-video modes. Beyond these immediate upgrades, Runway has ambitious plans for future models, envisioning "General World Models" capable of simulating a wide array of real-world scenarios.

The burning question is whether Runway's upgrades can outshine OpenAI's flashy Sora model. While Sora flaunts its one-minute videos, Gen-3 Alpha from Runway sticks to a modest 10-second clip limit for now. Despite this limitation, Runway hopes Gen-3 Alpha's speed and quality will give it an edge over Soraā€”until they can beef up the model to handle longer videos as planned.

For creators and those of us in the marketing world, Runway's Gen-3 Alpha signifies another leap forward in AI-driven content creation. Weā€™ll keep you posted as we witness this creative evolution unfold!

If you want more info, check out Tech Radarā€™s article.

INDUSTRY NEWS šŸ“°

Instagram Urges Us to Slide into DMs šŸ¤”

In the latest twist to keep us guessing, Instagramā€™s algorithm has a new favorite metric: the sends-to-reach ratio. Forget likes and commentsā€”now itā€™s all about how many people are sliding into DMs with your content. 

According to Adam Mosseri, Instagramā€™s head honcho, this metric measures how often your posts are shared directly with friends compared to how many eyeballs theyā€™ve attracted in total. In other words, if your content isnā€™t DM-worthy, you might as well be shouting into the void.

Mosseriā€™s advice? Create content that people actually want to share with their inner circle. Itā€™s not about forcing memes down throats but crafting posts that spark genuine "OMG, you have to see this" moments.

With millions of daily posts, standing out is essential. If users frequently skip your posts or donā€™t engage with them, the algorithm may reduce their visibility, emphasizing the need to create content that not only grabs attention but also encourages shares and meaningful interactions to maintain engagement on the platform.

For creators and brands, this shift means rethinking your strategy. Itā€™s less about chasing after elusive likes and more about crafting content that fosters genuine sharing. So, if your reach has hit rock bottom lately, maybe itā€™s time to brainstorm content thatā€™s not just scroll-worthy but share-worthy too. Because in Instagramā€™s brave new world, your success might just depend on how far your posts travel in DMs.

So, as you ponder your next viral move, remember: the DM button could be your new best friend. šŸ’‘

BRAND HIGHLIGHTS šŸ’Ž

Austin Founderā€™s Series: Kendra Scott

In this edition of Brand Highlights, we're highlighting a new series curated by Adspace's CEO, Dan Ben-Nun. In his Austin Founders Series, Dan takes a deep dive into the entrepreneurial journeys of founders from his hometown of Austin, Texas. This week, Ascend by Adspace is sharing the inspiring journey of Kendra Scott, a true trailblazer in jewelry and a symbol of perseverance for female business owners everywhere. 

In 2002, a recent transplant to Texas named Kendra Scott launched her own jewelry line. Kendra was a new mom trying to make ends meet and employed her own grassroots advertising strategies to get her brand off the ground. With all $500 of her savings, Kendra became a one-woman show, knocking on doors across Austin to sell her creations to local shops and boutiques. After initial rejections, her persistence paid off when a buyer purchased all her samples for a fashion show, giving her the boost she needed. 

Scott continued a successful wholesale jewelry business for a few years, but the 2008 recession tested her resilience. As her reliable wholesale clients dried up, Kendra made the tough decision to transition back to in-store retail. 

By 2010, Kendra opened her first store in Austin, aiming to transform the retail experience into something memorable. She introduced the Color Bar, a staple in every Kendra Scott store, where customers could select their preferred settings and gemstones. Here, they could witness their bespoke creations being crafted into finished pieces by store staff, all while enjoying cupcakes and champagne. Priced from $48 to $4,000, her pieces cater to a wide range of customers, making stylish and affordable jewelry accessible.

In today's challenging retail landscape, where jewelry sales are declining, Kendra Scott stands out as a growing force. Major industry players like Signet Jewelers (owners of Zales, Kay Jewelers, and Jared) have shuttered hundreds of stores since 2019, making Kendra Scottā€™s expansion a beacon of optimism in the industry.

Kendra Scott has achieved remarkable success, creating a billion-dollar jewelry empire largely on her own. It wasn't until 2016 that she secured her first major investor. Despite this, Kendra Scott's story remains one of independence and perseverance, illustrating the power of determination in building a thriving business from the ground up.

For the complete story of Kendra Scott's journey, including her long path to sucess and many philanthropic pursuits, check out Dan's blog for the full Austin Founders Series: Kendra Scott.

TECH TALK šŸ¤–

From 'Skip Ad' to 'Add to Cart': Instacart's YouTube Strategy

Instacart, the reigning champion of online grocery shopping, has now made YouTube your new favorite shopping aisle. 

By teaming up with select brands like Clorox and Publicis Media, Instacart's latest trick lets you turn those innocent YouTube video breaks into spontaneous shopping sprees. Thanks to Instacartā€™s data mastery, clicking on their shoppable ads whisks you from video to virtual cart, all in time for same-day delivery.

Fidji Simo, Instacartā€™s CEO, proudly calls this merger of video entertainment and impulse buying "a genius blend of convenience and consumer manipulation." Itā€™s all about making your grocery runs as effortless as scrolling through cat videos.

ā€œClorox is thrilled to explore this brave new world of online retail," says Tiffany Tan, Senior Director of eCommerce Growth Acceleration at Clorox, hinting that buying bleach during your YouTube binge is the epitome of modern convenience.

Instacart's venture onto YouTube isnā€™t just about feeding your impulse buys; itā€™s also a grand extension of their Google Shopping Ads prowess, ensuring your online browsing experience is peppered with targeted grocery temptations. With Instacart's AI algorithms crunching consumer data faster than you can say "organic avocado," they promise to turn your innocent video explorations into a guilt-free shopping spree.

And as YouTube continues to reign supreme in the world of product research and compulsive spending, Instacart's move to dominate this space feels like the logical next step in our quest for ultimate digital convenience.

For the full scoop, check out the full press release on Instacartā€™s site.

šŸŒŸ Looking for new opportunities to scale your online growth? Book a one-on-one consultation with our Head of Growth Strategy! šŸŒŸ

Let's explore innovative ways to captivate your customers and drive results together.

šŸ’µ Your FREE 2024 Ultimate Growth Toolkit šŸ’µ

Weā€™re sharing 10 must-dos to propel your brand in 2024. Stay ahead of the game with our crafted strategic insights and download your free guide today!

Some chapters include:

  • Programmatic Advertising

  • Search Engine Optimization Best Practices

  • A Complete Guide to Short-Form Video Content

  • The Next Generation of Google Analytics

Hey! Do you enjoy reading Ascend? Itā€™s the best monthly business newsletter out there -- only takes 5 minutes to read and youā€™ll sound like the smartest person in the room.

Share Ascend with your friends and family, and grab free Adspace merch!

Was this email forwarded to you? Sign up here.