October has presented us with some interesting changes in the industry. As a digital marketing company, it is important that we pay attention to what is going on in the world of social media. From Meta’s changes to help consumers increase ad performance, to Elon Musk completing his purchase of Twitter, and LinkedIn reporting ‘record engagement’ on their platform, we have kept our fingers on the pulse of the industry. 



Let’s dive right in and discuss these changes.

Twitter

Elon Musk has completed his takeover of Twitter in a deal worth $44 billion. Many executives of the company have already been relieved of their duties, including CEO Parag Agrawal and CFO Ned Segal. These moves were made to bring his own people in, but what is uncertain is how these changes will impact the overall quality of experience on the app.

Musk posted a tweet with pictured text discussing why he purchased the platform. He stated in the tweet: “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide rand of beliefs can be debated in a healthy manner, without resorting to violence.”

Over the next few months, the future of the Twitter will become clearer. More to come in the future.

Meta

Meta has been hard at work to combat the effects of data restrictions, rising costs, and the lack of growth in their most lucrative markets, which are all deemed to be causes for lowered ad revenues in Q3.

With this report, Meta has launched what they call the Performance 5 framework. This framework consists of five changes that you can make to enhance the performance of ads.

According to Facebook, those five changes are:

1. Meta Pixel and Conversions API can be used to understand the relationship between ads and website activity. By using these tools, there’s a potential for a 13% decrease in cost per action, saving you money.
2. Combining your ad sets can actually increase conversions by 41%. If you have to ad campaigns running at the same time, but with different audiences to target, you may see worse results because there are two of the same ads running. Combining the two age ranges and running only one ad will give you faster results.
3. Broad targeting and increasing your audience size can save you 12% cost per action because Meta’s delivery system works best when an ad is set up to reach the most people possible.
4. Using mobile-friendly videos can save you 12% cost-per-action on average because 15 second or less videos perform better than non-mobile-friendly content.
5. Using the A/B test to see which version of your ads will perform best will allow you to see what parts of each ad works best, and that will tell you what details like content, audience or placement you could change to improve the ad. Studies have shown that “winning A/B tests decreased cost per result by over 30% on average.”

This framework is meant for small businesses to help them increase their conversions by tweaking their ads. Visit the link here for more details.

LinkedIn

LinkedIn announced that the platform has posted a record number of engagement on the platform in Microsoft’s most recent earnings report. With over 850 million active members and counting on the platform, sessions on the platform saw a 22% growth, according to their latest report. Sessions on the platform have steadily increased 418% since 2018.

Although LinkedIn sessions and user numbers have increased, revenue for the company has increased as well. This 17% increase in revenue has come through ads and Talent Solutions. This professional platform continues to grow in user count and engagement, and the platform is doing its best to only provide features that make sense to the platform.

LinkedIn hasn’t fully clarified how they measure engagement on the platform, but with sessions and active users counts rising, it seems as though the platform is continuing to thrive.

Thank you for reading October’s social media updates. If you would like to know more about these platforms and what services Optimize offers, give our team a call and we’ll be happy to assist.