This week our paid media managers had the pleasure of attending the Meta Marketing Summit 2024, in which a panel of experts discussed cutting-edge strategies, insights, and best practices designed to empower businesses in the era of automation.
Key topics included AI, Automation and the power of reels in building community and featured speakers from some of the biggest and best agencies around the country..
The Future of AI and marketing
It is estimated that AI will continue to influence marketing and the media within the next five years:
2024 - 91% of agencies plan to use AI tools to support their marketing efforts
2025 - AI enabled organisations will shift 75% of production staff to more strategic activities
2026Â - 80% of advanced creative roles will be tasked with using generative AI to achieve differentiated results
2027Â - nearly 15% of new apps will be generated by AI
2030Â - AI driven marketing is set to drive 45% of the global economy
Key Actions for Advertisers
There are five key areas advertisers should focus on to generate the best results via their marketing efforts. These are ‘Performance Five’.
Along with Performance Five, adhering to the core values of disruption: partnership, innovation and speed leads marketers to drive business growth to new heights.
Meta’s Key AI Offering - Advantage+
The panel discussions provided a fascinating insight into the Meta technologies available for advertisers to incorporate AI decision making into their marketing strategies to deliver better results for their businesses.Â
Meta has always been a platform that uses automation to analyse vast amounts of data to serve your ads to people who are most likely to respond to them in the way that you want.
Now the platform further aims to help businesses remove preconceptions about their customers, and supports in reaching new, unexpected customer demographics. This is done via Advantage+ campaigns. Â
Advantage+ was first launched on Meta in late 2022 - since then this type of campaign is found to typically deliver +32% ROAS and -9% CPA for advertisers.
Advantage+ campaigns lead advertisers from daily optimisations, to automatic optimisations that occur over time. From manual selection of placements and locations, to AI determined placements to maximise impact. From using a one-size-fits- all creative to AI dynamically enhanced creative to appeal across consumers. And from manual selection of audience segments and behaviours (the preconceptions!) to automatically reached areas of people most likely to purchase.Â
Campaigns can be delivered with increased breath, depth and accuracy to get better results for lower costs.
And finally, some fun, fascinating facts…
Creative is the new targeting - 56% of all auction outcomes can be attributed to creative
3.9 billion people use a form of Meta products on a daily basis
Businesses that run 15 advertising experiments a year see 30% higher ad performance
Last click attribution undervalues Meta ads by 56% compared to results from experimental lift studies
Advantage+ creative leads to 14% more incremental purchases per dollar/pound spent