Metaplatform is once again the target of complaints. Advertisers, who are the lifeblood of revenue streams, appear globally to be dissatisfied with the profits platforms are giving them these days. This isn’t the first time Mr. Mehta has had a rodeo with irate advertisers, but the current turmoil feels like it’s reaching its climax.
Reduced meta spending by 40-50% overall. This channel is currently in disarray. I don’t know what else to say.
Those on Facebook are up 30-35% since the February 14th outage, and those on IG are about the same. Still, Meta continues to pour more and more dollars into FB listings…
— David Herrmann (@herrmanndigital) March 8, 2024
A recent report from Bloomberg points out that Meta’s advertising system has become unstable. “The costs of running advertising campaigns have increased significantly, with mixed results and subsequent sales declines, and ad buyers say there has been no official explanation from the company,” the report said. ing.
Tweets from some global ad buyers and marketers also support this claim. For example, Cody Plofker, chief marketing officer of cosmetics brand Jones Road Beauty, tweeted that big tech’s platforms are in a terrible state right now. “When people complain about algorithms, I usually think seasonal buying behavior, but I think the meta is messed up right now. I’ve seen some of the weirdest performance and data I’ve seen in a while.” he wrote.
The current meta is terrible. When people complain about algorithms, I usually think it’s seasonal buying behavior, but I think the meta is messed up right now. I saw the strangest performance and data I’ve seen in a while.
— Cody Plofker (@codyplof) February 24, 2024
Similarly, media buyer David Herman’s tweet read, “We have cut spending on meta by 40-50% across the board. This channel is in shambles right now. I really don’t know what else to say. ” Herman added that he is rather conservative and would like to make up for it if a solution is found.
However, it appears that not all advertisers are unhappy with the platform. If you scroll down from Herman’s tweets, you’ll notice that some media buyers cite a total of $1 million a month in ad spending and are also getting desirable results from it.
So basically on a global scale, the advertiser community is divided into two camps. One group is unhappy with Meta’s shortcomings, and the other group is still finding success with the platform.
A Meta spokesperson told exchange4media that the platform’s advertising system is working as expected for the vast majority of advertisers. However, there were some technical issues, which a spokesperson says have now been fixed.
“We are reviewing a small number of additional reports from advertisers to ensure the best possible results for businesses using our app,” the spokesperson further added.
What’s going on at home?
Some in India’s advertiser community say there are no red flags yet, but some are considering pulling ads from the platform. A senior FMCG marketer told his Exchange4media: After all, in order to get your budget approved, you need to show them the numbers up front. The meta hasn’t given me that opportunity yet, but we’re looking at alternatives. ”
“There are no red flags so far,” said a digital expert at a major agency. The official added about the much-talked-about “malfunction” with the automated bidding system. “Most agencies do not rely heavily on automated bidding systems. These types of glitches have occurred in the past, and FB’s algorithm will be fixed in a matter of weeks.”
He also said that glitches tend to occur during major policy changes, such as when updating IOS or applying GDPR. “I think a possible reason for this ‘glitch’ (I would like to call it an algorithm re-tuning) could be the integration with the Gen AI content engine.”
Experts also believe that the deprecation of cookies is contributing to Meta’s inability to meet the expectations of all advertisers.
Sajal Gupta, CEO of Kiaos Marketing, said this is being noticed across all markets in the US and India. “This is a result of the loss of audience signals due to cookie deprecation. The sharp targeting that was previously possible in the meta has become blunted, thereby reducing the effectiveness of the medium. Apple ATT We saw a similar trend when it was rolled out in a market with high penetration rates (the US),” he said.
Mr. Gupta also pointed out that in the Indian scenario, there are not many options to move the funds other than Google and YouTube. “Performance advertisers will be moving money, and this is the input-output equation (ROAS) that advertisers continue to measure,” he said.
Meanwhile, Shradha Agarwal, founder and CEO of Grapes, said she has not seen any major differences in the accounts managed by her company. “All metrics including traffic, leads, and conversions/sales are consistently on target and operating at a normal pace,” she added.
However, regarding the prevailing issue, Agarwal said a possible reason for the high purchase rate could be due to the widespread adoption of the meta platform by several companies and its use to drive sales. Stated. “As a result, competition is increasing and companies are having to step up their strategies to stay ahead.”
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