0:00 Okay, this message is for agency owners, advertisers, businesses, event organizers, or anyone who has run or had someone run Facebook, Instagram, or as they're combined known, meta ads before.
0:18 You may have noticed that over the last six months, things have changed where you once could get very high quality leads, a lot of great sales coming from these platforms, you may recognize that sales may have fallen off or stopped altogether.
0:37 And you've probably been wondering, what is going on? There are a lot of people who are normally posting about all these tips and tricks on how to, you know, kill it with Facebook ads, and they're not really saying that much.
0:49 So I'm going to walk you through exactly what is happening, and I've been working with people on what you can kind of do to pivot if your business solely relies on different advertising channels to bring in new leads, uh so let's jump in.
1:05 I'm going to just read to you this first paragraph, and then talk about what is not being said. So what is being said, and this is directly from Meta Business Help Center, is about the updates to the detailed targeting.
1:18 beginning July 15th, 2024, we are removing the ability to use detailed targeting exclusions. We believe this change will help improve campaign performance, and we are still offering alternative ways to restrict who you serve ads to, if you have a business need to exclude a certain audience.
1:38 Bye-bye. A recent advertiser test showed that the median cost per conversion was 22.6% lower when not using detailed targeting exclusions versus when using detailed targeting exclusions.
1:53 So I'm going to keep reading, but I want to point out a couple of things. First, there has been a lot of blowback on social media networks about how specific some of the ads are.
2:08 or you may have gone to a social media network and then seen a certain ad that is so specific to your gender, profession, and interests that it feels like an invasion of your privacy.
2:23 And so we know that there's been talk for some time about how some of the ways that social networks have been doing this is illegal, or at worst are unethical at best.
2:37 So what is not being said is that to kind of head off these conversations, the ability to really leverage social media advertising for what it's been intended for that whole thing is going away.
2:54 So, let's recap. The beauty of being able to advertise on social media is that they know exactly who your target audience is and you can reach them directly through paid targeted advertising.
3:10 But, that ability is going away, which means the value of these social networking ads, especially if you're an advertiser that does not have a huge budget, things are going to change for you.
3:26 And though it points out that the median cost per conversion was lower, that metric doesn't really tell us a lot.
3:34 if I'm spending millions of dollars and I'm paying a lower amount, that's one thing, but if I'm a small advertiser, and my budget ads don't really do anything, then the median doesn't mean anything to me.
3:53 So, there's a lot, there's a big elephant in the room, It's really gonna impact everyone. So, continue reading.
4:03 The following changes will start to go into effect July 15th. And will roll out over the coming months. Now, they had made an announcement in January, and people have started seeing these functionalities disappear or stop working altogether as early as January 2024.
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