In its second-largest acquisition, Amazon buys the company for $970 million.
An IRCE speaker will explain how he leverages the social network’s wealth of consumer data.
There’s a good reason that Facebook was the leading U.S. publisher of display ads last year—the social network has a wealth of data about its users that enables marketers to finely target ads at very specific customers, says Richard Mumby, vice president of marketing at clothing e-retailer Bonobos, No. 789 in the Internet Retailer Second 500 Guide.
That data enable marketers to target consumers who Like a particular brand, artist or just about anything else on the social network, which can be extremely valuable because it offers a deep insight into a shopper’s interests, Mumby says, who will speak at the Internet Retailer Conference and Exhibition 2012 on June 8 from 2:15 p.m. to 3:15 p.m. during a session entitled “The Ins and outs of Facebook ads.” “Facebook ads enable us to offer up relevant content to specific audiences,” he says.
But finding the right way to leverage Facebook’s various ad formats can be challenging because the social network sells ads in a variety of ways. There are self-service formats that marketers can buy themselves. The social network’s sales team sells other ad formats and a third group of ads sell via an auction system that lets marketers indicate how much they are willing to pay for clicks or impressions of their ads. Facebook then places these ads based on a formula that includes relevance as well as the price per click. Moreover, the social network’s offerings regularly evolve, he says.
At his session Mumby will talk about how Bonobos manages its Facebook advertising strategy, and how the ads that work on Facebook are not the same as the ads that work on Google or elsewhere. That means the retailer has to find new ways to craft and target Facebook ads that draw consumers.
Internet Retailer’s editors asked Mumby to speak because of his experience managing the Bonobos brand, which requires him to find ways to ensure concepts and assets resonate with the e-retailer’s target consumer and retain Bonobos’ distinct competitive position. Mumby joined Bonobos from the Gilt Groupe, where he ran marketing for Gilt Man and Gilt Home. Prior to Gilt, he was a consultant at Bain & Company and led regional and destination marketing in American Express’ Establishment Services organization.