What is Meta's role in the future, and what does it mean for your business

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At Algorize, we are constantly aware of the latest trends and technological advances in our field. One of the most exciting developments in the industry is Meta's role in the future of marketing. In this article, we will delve into how Meta's investments and technological innovations will shape the marketing landscape and provide insight into how your business can benefit from these advances.

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Virtual Reality (VR) og Augmented Reality (AR) – A new dimension in marketing

Meta is heavily investing in VR and AR technologies, and this opens up new marketing opportunities that will revolutionize how companies engage with their customers. Imagine your customers visiting a virtual store, trying products in an augmented reality experience, or interacting with immersive and engaging advertising. These are just some of the possibilities that VR and AR bring to the table, and companies that are quick to adopt these technologies will have a competitive advantage in the future.

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Below is an example of what this can look like already at the time of writing:

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Here we see an example of how we have created an ad with MessyWeekend where, using Facebook's AR function, you can get an idea of how their sunglasses fit you, from where you can click "See more" and order them home to your letterbox. One can imagine this developing further with more forms of virtual try-ons, size guides, fitting rooms, virtual stores, and much more. Another practical example is with filters that place a piece of furniture in your home, so you can assess how you think it fits before ordering it home.

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Data analysis and artificial intelligence (AI) – Understand your target audience like never before

With huge amounts of data from user interactions across its platforms, Meta's advanced data analysis tools and AI technology can help businesses gain deeper insights into their target audiences and optimize their marketing strategies. This means that your business can make more informed decisions based on data that reflects your customers' behavior, preferences, and interests. 

We have seen a general increase in attention to privacy and user protection among organizations and consumers over the past few years. And although, for example, Apple's privacy policy has a major influence on Facebook's tracking capabilities through the customer journey, there are still a number of ways in which we can benefit from. Meta's data analysis tools and AI technology in the future:

1. First-party data: As a response to the changed tracking capabilities, companies will increasingly be able to focus on collecting and analyzing first-party data from their own platforms and customer contact points. This will help us gain a deeper understanding of customer behavior and preferences, even though we cannot track them in the same way as before.
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2. Alternative attribution modeling: Meta is working on developing alternative attribution models that can help businesses understand how their ads perform without violating users' privacy. This can include aggregated and anonymized data that still provides insight into the customer journey and the effectiveness of fine campaigns.
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3. AI-driven content optimization: With AI technology, companies will soon be able to automate and optimize their marketing content by analyzing which types of content work best for their target audience. This can help create more engaging and effective campaigns, even without detailed tracking data.
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4. Consent-based tracking: Instead of relying on implicit tracking, companies can give users the option to consent to share their data in exchange for a more personalized and valuable experience. This will create a more transparent and ethical approach to data collection and analysis.
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5. Partnerships with third-party data providers: We already have the opportunity today to enter into partnerships with third-party data providers that specialize in collecting and analyzing data in a way that complies with applicable privacy regulations. These partnerships can help businesses gain access to valuable insights into their target audiences without violating users' privacy.

There are several tools that you can already implement that provide increased insight into attribution driven by AI, profit from advertising, customer journey mapping, customer lifetime analyses, and much more. A few of the tools we have been happy to use include Tracify, Triple Whale, and Reaktion.

There are many different attribution models, such as last click, first click, even credit, position-based, and now data-driven attribution. Which attribution model you choose can affect your ability to measure the value of your channels, which ultimately determines your budget allocation and tactical decisions.

Social commerce – An integrated shopping experience

E-commerce and social media platforms are merging, and Meta is at the forefront of this development. Features such as Instagram Shopping and Facebook Marketplace are becoming increasingly integrated into the platforms and make it easier for customers to buy directly from companies via social media. This creates a more seamless and convenient shopping experience for customers, which can lead to increased sales and not least customer satisfaction. Social commerce, including Instagram Shopping and Facebook Marketplace, will likely continue to evolve and become more integrated into the user experience on social media platforms. Some of the possible future developments within social commerce may include:

• Direct checkouts: For example, one of the developments could be the possibility of direct checkouts on social media platforms, without users having to visit the webshop's website. This will make the purchasing process faster and more convenient for customers and can potentially increase conversion rates for webshops. However, there will also be disadvantages in giving up that part of the customer journey from webshops to Meta, as it will mean losing control. In addition, one can imagine that Meta will see this as an additional earning opportunity, by taking percentages of sales or fees, when companies eventually become more dependent on direct checkouts.  
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• Product recommendations: The use of chatbots and AI assistants in social commerce can eventually provide users with a more personal and efficient shopping experience. Meta is getting better and better at predicting which products we are interested in. You may recognize this from often being hit by ads with products that you have recently thought about or searched for. These technologies can help provide product recommendations that are relevant to each user.
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• Liveshopping: Liveshopping is already widespread in the Danish e-commerce scene. But it is still a growing trend in e-commerce, and we saw in 2022 that the Live Shopping format in some cases grew our customers' turnover by up to 30%. Liveshopping tools like Elisa.io give brands the opportunity to present products and offers in real-time and interact with viewers as well as integrate directly with your webshop solution. It could be an integration with Shopify or Woocommerce, where customers are automatically led from your Live Shopping event to the purchase page. It is also possible that Meta itself develops integrations, which are currently being solved by third-party providers like Elisa.io.
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Conclusion

Meta's role in the future of marketing is both exciting and full of opportunities. By understanding and utilizing the technological advances and innovations that Meta brings to the table, companies can create engaging and effective marketing campaigns that provide competitive advantages and to a greater extent automate current processes. At Algorize, we are committed to helping our customers navigate the changing landscape and take advantage of the new opportunities that arise. By keeping up with the latest trends and technologies, we can help your business be at the forefront of Meta's role in the future of marketing and ensure that you are equipped to meet your customers' needs and expectations.‍‍‍"

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