Welcome to episode 92 of the Marketing Freaks podcast! In this episode, we’re going to be talking through our predictions for paid social in 2023.
In such a fast moving space it can often be really tricky to know what’s coming. However, we can make a sensible start by reviewing data from the previous year, looking at what’s working well now and also review some of the bigger industry trends.
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If you’re working in performance marketing and would like a view on how to get the most out of paid social this year, we really hope this one is useful for you!
With iOS14 being such a huge moment with Meta Ads, 2022 felt very much like the year that everyone re-adjusted their strategies and rediscovered the best ways to drive performance forwards.
As such, last year brought a huge amount of testing for many advertisers with the successful ones ending the year with a revised approach and a successful Q4.
As discussed in this episode, some of the biggest wins have been thanks to a change in approach to audience testing & rotation, and a far larger emphasis on creative. These trends and tactics are areas that we very much see continuing into 2023.
Very much hope you enjoy this episode and our predictions – do let us know what you think and what your predictions are for the year ahead!
Transcript….
Jon:
Sophie, we’re going to be talking about our productions for paid social in 2023, which I think is always really interesting because so much changes. It’s part taking learnings from the year before, part knowing where the platform’s going and part just … Who knows?
Sophie:
Yeah.
Jon:
So I guess a really good place to start is key learnings from last year. So what were the main standout things for you as we moved through 2022 on paid social? What do you think the big things were?
Sophie:
Well, I think at the beginning of 2022, everyone was still really adjusting to post iOS. Changes. Finding a new way of working around those things. And I think something that is going to roll over from 2022 into 2023 is targeting. Meta, it’s a different space now for finding your audiences.
Jon:
Definitely.
Sophie:
And I think everyone spent 2022 adjusting to that. Figuring out a way to make that work for them. And I think in 2023 we’re going to see some really interesting stuff come off the back of that when people have now relaxed into this more broader way of targeting, this less interest focused and allowing Meta to use the tools that it has to find audiences for you.
Jon:
Yeah, definitely. It was about being far less prescriptive last year, wasn’t it?
Sophie:
Yeah.
Jon:
Weirdly.
Sophie:
Yeah.
Jon:
I think if you rewind the clock quite a number of years, you could be really prescriptive with how you were setting up your audiences. I want to target men in their thirties who drive Audis and like playing cricket at the weekends. It’s been a while since that’s worked really. But last year, you’ve more so … if you’re too granular and too specific, it just doesn’t work.
Sophie:
Yeah. I think that was a huge adjustment for everyone in 2022 because-
Jon:
Massive.
Sophie:
-like you say, it’s been changing for a while, but I think 2022 was the year where we really saw all of that specific targeting go. Anything remaining is … There’s a few bits lingering, but pretty much you’ve got to be broad, you’ve got to be dynamic. You’ve got to use things like dynamic creative where you can test more … test creatives against headlines, against copy, and you’ve got to find your audiences that way.
Jon:
Definitely.
Sophie:
And it’s definitely more about discovery than it is about going in with an idea of who your audience is.
Jon:
So going to granular, the whole thing just tends to not work. And I guess what I’m hearing, and also what I’m seeing from the work that you guys did last year is about letting the Pixel and the Facebook al- Meta, sorry, algorithm work out who it’s best to target. Is that broadly right?
Sophie:
Yeah, definitely. I think that it’s going to be a year of exciting testing. Now that everyone has an understanding and has got comfortable with it, I think it’s going to be a really exciting year of figuring out audiences, testing this new broad approach even more. But I think 2022 was definitely the learning year and this year is to put things into practice.
Jon:
It definitely felt like the year that a lot of people worked out how to use the platform to its best, post iOS.
Sophie:
Yeah, a hundred percent. Definitely agree.
Jon:
Which is really cool, isn’t it?
Sophie:
Yeah.
Jon:
And I think a big part of the game with performance marketing on social last year and moving into this year as well is it’s not so much about the mechanics of loading in a specific audience and loading in this and that and the other. It’s about understanding how the platform’s changing and how to maximize it and play to its strengths whilst not giving over complete control and losing control over what you’re doing. It’s that fine balance and understanding that I think is the job now.
Sophie:
I think you hit the nail on the head there with a fine balance. We’ve definitely seen also with this new Meta and this new way of targeting people that you can’t just set an audience live and let it run. I think there’s a lot more nitty-gritty, keeping a really close eye on things. There used to be a time where you could just set an audience live and pretty much trust that if it worked well, it would keep working. Whereas now, it’s a lot more … you’ve got to be a lot more proactive in the account to find audiences and then keep them working.
Jon:
Definitely.
Sophie:
And if you don’t see them working, changing things up.
Jon:
There was a really good episode that we did together last year about, we’ll put it in the notes. It was about account turnarounds. And you mentioned that as being the thing and how it’s such a weird thing to say out loud, isn’t it? Automation, the best way to work on Meta ads now is to let the algorithm figure out the audiences. However, you’ve got to be in there all the time tweaking it, adjusting it, testing new creative. It’s a lot more hands on, but in some respects, a lot more hands off. It’s a weird balance, isn’t it? So what do you think about 2023? Because a lot of that will continue I imagine. What would be your biggest prediction for the year?
Sophie:
So I think my biggest prediction for the year is going to be a lot of diversification of social platforms. I think we’ve … Meta has been the king for a really long time.
Jon:
It has.
Sophie:
And I think it still will continue to be, but we’ve seen huge changes in 2022 with platforms like TikTok. Not only have they become a huge juggernaut of content creation, but we’ve seen a trickle-down effect of the way people advertise and create content on platforms like TikTok has leaked down into places like Meta. We’ve seen Instagram do a huge push for reels. And I think that has completely changed the way people advertise, completely changed the way people think about using other platforms. And I think we’re going to continue to see that happen in 2023, where people are just going to be … they’re not just going to stick to Facebook and Instagram and they’re going to be more diverse with their advertising.
Jon:
Yeah. I think the TikTok self-service ad platform will get better this year.
Sophie:
Yes. Definitely.
Jon:
I think that’ll definitely be a thing. I think the diversification point is massive. I would say do not hire an agency to work on one platform now. You have to be able to move budget around if Meta ads isn’t working for you at the top funnel but search is, do that. If search isn’t but Meta is, do that. I think anyway, our job as a performance marketing agency is to put the money in the best place for the best performance for the long term. We can’t do that if we are just doing one platform. And I think the ability to diversify and move money around is a really big thing.
Sophie:
Yeah, definitely. And I think as an agency, we were actually talking about this earlier today as a team, we’ve got to be, like you said, proactive about suggesting different platforms and being well versed in different platforms. Because I think clients will want … The number one question we got asked in Q3 and Q4 was, “Can we do TikTok?” Almost every client across the board. And I think that’s going to continue and we might see new platforms become the front-runners for advertising. And as an agency, we’ve got to be prepared to say, “We can do this.” Or even suggest to our clients … They come in and they want to do Facebook, Instagram-
Jon:
It’s how you look at it.
Sophie:
-and we say, “Actually, is that the best way for you to advertise?” It’s not a given anymore that that’s going to be the ultimate best platform for you. Because there’s platforms that are now becoming on par with Meta ads.
Jon:
Yeah, absolutely agree with that. And I think to follow on from that point, I’d say my biggest prediction is that acquiring traffic at the top of the funnel, good traffic at the top of the funnel, is harder than it ever has been. And you have to be smarter. It’s not impossible, but you have to be smarter. So where do those new people go? What’s that experience? How do you hook them in? How do you nurture them to a purchase? I think the days of running ads at the top funnel are not considering that entire journey, for most companies, are over. And you have to be really smart with how you’re acquiring that traffic and nurturing it through. So I think that’s going to be a key trend. If you want to profitably run top of funnel ads, you’ve got to really think about that. Whatever platform you’re on, it’s got to be the best fit for you. So that’s my prediction.
Sophie:
Yeah, I mean, I a hundred percent agree. And I think there’s going to be, alongside that point about a diversification in social platforms, there’s also going to be a lot of scrutiny I think on social platforms.
Jon:
You mentioned this before we started, didn’t you?
Sophie:
Yes.
Jon:
And I think I haven’t thought about this in the context of what we do as a prediction for the year, but I think you’re absolutely spot on.
Sophie:
I think towards the end of 2022, in the beginning of 2023, we saw on Twitter, as an example, Elon Musk removed the Trust and Safety Council. And immediately, users, brands, advertising retreated from the platform because there was a huge element of scrutiny of is this platform safe? Is this a safe place to be for brands, for users, for everyone? And I think that that spotlight is going, which it already had been … there’d been questions around brand safety and brand reliability I think all of 2022. But there’s going to be a huge scrutiny on the platforms and the brands advertising on those platforms to prove their reliability and their safety again. Because people aren’t just, as a given, saying, “We trust this platform. I trust this platform that they’re advertising something to me that is reliable is a good product.” And just in general, users of platforms who are not looking to buy things are questioning whether or not they want to put their own content on these platforms. I think there’s going to be a huge piece for brands to go out of their way to prove their reliability to the customer.
Jon:
Yeah. And does a brand feel comfortable putting advertising dollars or pounds into a particular platform? And I think that was a big thing with the whole Elon Musk Twitter debacle. A lot of brands pulled their advertising spend out, not … And all your points around safety, trust, so valid, but also just we fundamentally disagree. Not every brand will, but some brands will fundamentally disagree with what’s happening here and we don’t want to put our advertising money into it.
Sophie:
Yeah, a hundred percent. There’s that side to it as well where brands will say, “This doesn’t align with our ethos as a brand.” We are not giving this platform our money anymore. And I think it can so … any platform can so easily come under that scrutiny.
Jon:
I mean, there’s been an … It’s not just last year, is it? Facebook had years of PR challenges.
Sophie:
Yes.
Jon:
YouTube has around approving or not approving or restricting certain content. And I do think it’s a healthy discussion to have around, do we believe in the platform? Do we agree with it? Do we feel like it’s a safe place for our brand to be? Is it the right place for our brand to be? Is a massive thing. So I think that’s just a healthy, good discussion, isn’t it? Yeah. Not just, “Oh, let’s go and advertise here because everyone does it.” Actually it might not be the best place for your brand. Might not make you the most money either. And I think being considered with where you advertise is big.
Sophie:
Yeah. I think that-
Jon:
That’s a really interesting point
Sophie:
-ties into the first point we made as well. I think being super considered about the platform that you pick now is going to be a big thing in 2023 for brands in general.
Jon:
Yeah, that’s a really good point. And I think it’s, whatever happens this year, things will change and develop and move forwards because that’s the world we live in. And like you say, there could be new platforms emerging. There’s a lot that will happen that we don’t know will happen at this point, but I think there’s a lot of key learnings from last year that can help prepare advertisers for the best approach this year. Not next year, because we’re already in it. So yeah, all very interesting stuff.
Sophie:
Yeah. Really interesting. I think it’s going to be an exciting year.
Jon:
It will be. It will be. Cool. All right, Sophie, thank you so much and thank you to everyone for tuning in and we’ll see you next time.
