When Facebook and Microsoft formed a partnership for banner ad syndication in August 2006, it marked the beginning of the social network’s rise to prominence in the realm of online advertising and marketing.
A little over a year later, in November 2007, Facebook introduced users and businesses to Facebook Ads and pages for brands – further solidifying its position in the online ad world. Now, Mark Zuckerberg & Co. are attempting to change the game yet again.
Recent years have seen the social network debut additional features like daily deals and sponsored stories, but for the most part, Facebook’s ads, with their familiar position on the sidebars, have remained unchanged through the years. The simple ad, with a graphic and a few lines of copy, has become a staple of the social network.
With Twitter stepping up their advertising offerings as of late, the onus was on Facebook to take things to the next level – something they clearly intend to do with Facebook Exchange (FBX).
This past summer, Facebook allowed advertisers to target users based off of their off-Facebook browsing habits, a first for the social network. The results were quite encouraging as companies and brands were able to not broadly target users based off of their “likes” as indicated by their profile, but rather by what websites their visiting – greatly enhancing their ad campaign’s effectiveness.
“How re-targeting works: You visit Warby Parker, the online glasses seller. You look at a pair of glasses you might like to buy. You decide not to buy them right then. You leave the Warby Parker website. Later, on other Websites you see ads with the pair of glasses you liked,” explains an article from Business Insider.
The article goes so far as to call the new FBX program “three-times more valuable.”
For a social network that already gives businesses a tremendous amount of resources when it comes to online advertising and marketing, is FBX enough to push Facebook’s advertising offerings head and shoulders above the competition’s?