Facebook Marketplace commercial platform is similar to eBay but different, in that it has an added touch of Socialness, and allows you to chat with the other party over Facebook messenger and also have access to their Facebook profile.
Facebook Marketplace offers an easy way to help increase the discovery of a brand and its products without charging for listing fees.
Sellers are able to list products relevant to consumers, thereby helping their business find the right customers. This helps ensure that their products are being viewed by the right audience, ultimately resulting in an increased opportunity that the interaction will lead to a purchase.
Facebook Marketplace Categories
The categories currently available in the Facebook market place that People and brands may list items are:
- Clothing & Accessories.
- Home & Garden.
Ways to use Facebook Marketplace to better your business
Whether you are gonna list products or run Facebook ads, there is so much you could gain from using the Facebook Marketplace channel.
Maximize your budget
Since there are no cost to listings and no cut on commissions, Marketplace listings are a budget-friendly way to promote product sales. But even if you don’t have access to listing on Marketplace yet, ads in the shopping channel have resulted in decreased conversion costs for brands.
For example, to test Marketplace’s impact on cost-per-conversions, Apartment Guide, a rental listing service, set up a two-week trial. The study found that Marketplace ads contributed to a 200 percent lift in conversions and a 45 percent decrease in cost per incremental conversion.
Test with Facebook Marketplace ads
Whether or not you can list products on Marketplace, ads with placement in Marketplace are a good way for your business to test the waters.
In an effort to grow its business, BarkBox decided to run a split-test campaign to promote its monthly dog treat and toy subscription service. They evenly divided the audience for their ads between News Feed alone and Marketplace and News Feed placement.
The campaign performed markedly better when ads were served in both feeds, with 49 percent greater reach and a 16 percent higher conversion rate.
To create an ad in Marketplace, go to Ads Manager and choose reach, traffic, conversions, catalog sales or video views as your objective. Marketplace is not currently available as placement by itself. That means you should choose Automatic placements or edit placements to include the News Feed and Marketplace in your campaign.
The recommended specs are the same for both spots.
Offer daily deals and promotions
Facebook has been experimenting with a Daily Deals feature for more than a year, and it’s likely to remain an important piece of the Marketplace channel.
In August, e-commerce company Daily Steals ran a promotion for Playstation 4 controllers as an early Facebook Marketplace deals partner.
Placement in the deals category translated to five times faster sales for Daily Steals compared with similar offers sold elsewhere. The company also saw a two times higher conversion rate when shoppers used Facebook Checkout as opposed to completing the payment on its website.
Boost your sales
If you run a small or medium-sized business with less-than-perfect online retail setups, Marketplace can be a good alternative. But even the largest businesses with the slickest sales features can boost sales by adding another distribution channel to their online retail portfolios.
Beach-themed retailer Tropical Breeze Décor turned to Facebook Marketplace to offset expensive customer acquisition methods and streamline operations. The company now generates 72 percent of its revenue from the platform.
Launch a new product
Buzz and awareness campaigns are multi-platform for a reason. And if one of your goals is to obtain pre-orders or early registration, Marketplace is a good place to gauge early consideration.
To promote the upcoming release of Tom Clancy’s The Division 2 Phoenix Shield Collector’s Edition and encourage pre-orders, Ubisoft launched a campaign with ads in Marketplace. The ads targeted lookalike audiences based on people who had recently made a purchase at the Ubisoft store and people who had visited its website.
In two weeks the company was able to unlock a thrill-worthy level of buzz, reaching upward of 3.4 million people.
Think beyond sales
Marketplace excels at conversions thanks to its audience of motivated shoppers. But sales are not the only thing you can do on the channel.
For example, the apartment-rental company Apartment List used Marketplace ads to increase registrations on its site. The ad copy targeted shoppers’ mindsets with taglines like: “Moving Soon? We Can Help You Find Your Next Home.”
The Marketplace ads led to a 17.5 percent higher reach than News Feed ads alone. They also produced a 16 percent decrease in cost per website registration.
More importantly, Apartment List was able to forge a longer-lasting connection with prospective customers.
When you plan your next online retail and social media marketing strategy, make sure that your Marketplace efforts align with your overall goals.