The Facebook pixel has been around for a few years now, and marketers all over the world are taking advantage of its data. Thanks to the pixel, marketers are now able to better understand consumer behavior and use their learnings to deliver more relevant advertisements to these prospects.
But let’s face it, marketers are NOT web developers, and getting us to understand the back-end lingo of the Facebook pixel takes us a little longer than the IT department to learn. That’s why I’m here to walk you through how to speak the lingo and better understand what your agency and marketing partner means when words such as ‘lookalike audience’, ‘custom conversions’, and much more are mentioned.
Buzzwords, Buzzwords, And More Buzzwords
As a marketer (or anyone who is passionate about a topic), I tend to nerd out on marketing terms and not realize that I have completely lost and/or confused the person I’m talking to. To ease the confusion, I went ahead and created a quick cheat sheet of buzzwords marketers tend to use in conversation. For future conversations, any non-marketer will be able to nerd out and follow along:
First Party Data: information that your business owns that your marketer will build lookalike audiences off of (i.e. email lists).
Custom Audience: an audience that will reach people who have a relationship with your business, whether they are existing customers or individuals who have interacted with your business on Facebook or other platforms.
Lookalike Audience: an audience built off of a custom audience to find new people on Facebook who are similar to your existing audiences.
Custom Conversion: a way totrack and optimize for conversions without adding anything to your website’s existing Facebook pixel code (i.e. Lead, Purchase, Complete Registration, etc.).
Conversion Optimization: what custom conversion your ad campaign is set up to best perform for (i.e. “Lead” is your custom conversion so Facebook will optimize the ads to generate more “Lead” conversions).
Website Traffic: anyone who visited your website or took a specific action by using the pixel’s data.
1st Party Data Is King
With Facebook’s recent data crisis, your business’ first party data is more important now than ever before. Moving forward, Facebook is no longer holding itself accountable for 3rd party data sources. Now your marketing partner will solely depend on your first party data to better target ads to potential customers. If you leave with anything from reading this article, make sure to nurture your first party data by keeping your member lists updated and ensuring that your Facebook pixel is tracking all website data, conversion, abandoned cart and lead form submission that happens on your business’ site. Data can be overwhelming and intimidating, but understanding data will keep you and your business ahead of the curve!
We’re sure you’ve been receiving privacy notices left and right about GDPR, but what is GDPR really? In 1995, the European Union (EU) adopted the Data Protection Directive – a mandate that regulated the way personal data was processed. Recently, the Data Protection Directive was replaced by the General Data Protection Regulation (GDPR). GDPR revamps the way organizations across the EU approach data privacy, making steeper restrictions and fines.
Clearer Language: Rather than explaining privacy policies with lengthy, complicated conditions, businesses are now required to have clear, straightforward privacy policies.
Consent From Users: Before, businesses operated off of “implied consent” – if a user didn’t respond, they were considered to have given their consent. Now, users have to give affirmative consent before their data can be used by a business.
Increased Transparency: Now, businesses have to clearly inform users about: (a) Any data transfers in which data is transferred outside of the EU (b) Whether an algorithm is used to make decisions about the customer (c) The purpose behind data collection and usage
Stronger Rights For Users: Users will now have more agency over their data as they will be able to
(a) Move their data from one social media platform to another
(b) Access/have a copy of their data from a business
(c) Have their data deleted
(d) Know when they are the victim of a data breach
Stronger Enforcement for Businesses: GDPR enables 28 data protection authorities to enforce the new laws – including charging fines up to €20 million or 4% of a company’s worldwide turnover.
Why Is This Important?
Although these laws are confined to the EU, any business conducted with an individual in the EU has to follow GDPR guidelines. Because of the global nature of business through the internet, many companies don’t realize that, if they have a consumer or potential consumer in the EU, they are bound to the GDPR guidelines.
Obtain Consent From Users: In instances like an email campaign, this may look like sending an opt-in consent form to all users included in your email marketing list.
Be Transparent With Your Customers: When you send your customers a survey, make sure to tell them what you’re going to do with the results.
Know Your Customers’ Rights: If you have a data breach, let your customers know about the breach within 72 hours in compliance with the GDPR.
Understand Your Limits: Because these regulations are new, it is still uncertain how strictly the GDPR is enforced. There is, however, an increase in data protection authorities. Businesses need to understand that there is a high penalty for noncompliance.