Social commerce platform Payvment has launched a one-click Facebook advertising service that enables sellers to quickly turn their promotional posts into Facebook Ads.
The new service automatically targets the ads using a proprietary algorithm that predicts which audience segments are most likely to be interested in a seller’s products based on previous social shopping data. Initial tests of the service have shown up to a 25-percent increase in click-through rates over standard self-serve Facebook Ads.
A recent survey of Payvment’s customer base of over 165,000 small and mid-sized businesses revealed that more than 60 percent have yet to try Facebook Ads, with 25 percent saying they haven’t tried them because they don’t understand how to use them.
Of those who had bought Facebook Ads, two-thirds who said they weren’t satisfied cited low click-through rates or poor targeting as reasons not to use the service again.
Payvment’s new one-click Facebook Ad buying service is integrated into the company’s standard promotions tool. When sellers create a promotional post, they can opt to reach beyond their fan base via a Facebook Ad. The seller edits the headline and body of the post, selects their budget (which generates an estimated reach for the ad), then clicks “promote” to launch the ad. Once the ad is live, sellers can track performance in their Payvment dashboard.
Payvment instantaneously analyzes a seller’s inventory and shopper engagement patterns and correlates this with aggregate profile data from the more than 40 million Facebook users who have interacted with Payvment storefronts, and uses this analysis to predict which types of users are likely to be interested in the seller’s products.
“Targeting Facebook Ads can be a bit of a guessing game – it’s hard for sellers to know exactly which audiences will respond to their products,” says Christian Taylor, founder and CEO of Payvment. “Since Payvment powers a majority of the shopping on Facebook, we see patterns that we use to create very effective targeting. No one else can do this. The small and medium-sized businesses that use Payvment have historically looked at Facebook Ads as out of reach for their business – either they’re not clear on how they work, or they don’t want to spend money learning as they go. They can now use Payvment’s new ad offering to get started with very little effort or cost – in one click they’ve placed the ad, and Payvment does the rest for them.”