Facebook’s latest effort to keep marketers happy and the cash rolling in involves a new product to help businesses better target their ads at users of the social networking site.
According to Facebook, its new “product ads” feature is designed to “help businesses promote multiple products or their entire product catalog, across all the devices their customers use.”
Essentially, it’ll give businesses much more control over who sees its ads, with increased management over the targeting of specific products to specific audiences.
The product ads service will let businesses automatically reach users who previously visited their app or website, or target people based on their interests and location. In addition, they’ll be able to control whether a user sees an ad for a single product or multiple items.
The new feature has apparently already yielded positive results for companies that’ve been putting it through its paces.
Retail giant Target, for example, says product ads have resulted in a 20 percent increase in conversion compared to other Facebook ads, with users on mobile apparently responding well.
Services like Facebook are constantly looking at ways to make ads more relevant to users in an effort to please businesses and boost its bottom line. The social networking company’s latest quarterly financial data showed mobile ad revenue leaping by 53 percent on a year earlier, with overall income from ads for Q4 totaling $3.6 billion, up from $3 billion in the previous quarter.