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Facebook Has New Ways to Generate Leads & Connect With Customers

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Facebook is rolling out new free and paid business tools designed to help businesses find new customers and connect with them in more ways.

In addition, Facebook announced new features coming next year that are currently in testing.

Here’s an overview of all the new and upcoming Facebook updates for businesses.

Click-to-Message Ads Update

Facebook is updating its click-to-message ads, which encourage people to connect with businesses through Messenger, Instagram Direct, or WhatsApp.

Now, businesses can invite customers to connect through all the messaging platforms where they’re available to chat, whether they’re owned by Facebook or a third party.

Facebook didn’t provide an exact list, but “all” should be an all-encompassing list of messaging apps available on smartphones.

The Facebook ad will default to the chat app based on where a conversation is likely to happen. Presumably that means it will launch app the customer uses most often?

Start WhatsApp Chat From Instagram

Facebook is flexing its integration capabilities with the launch of a new feature that involves WhatsApp and Instagram.

It’s now possible for businesses to add a WhatsApp click-to-chat button to their Instagram profile. This may encourage more customers to connect with businesses if they prefer WhatsApp over Instagram DMs.

And, starting soon, businesses will have the option to create ads that click to WhatsApp directly from the Instagram app.

Request a Quote on Messenger

A brand new feature from Facebook will allow businesses to invite customers to request a quote.

Businesses can customize their request form by selecting 4-5 questions to ask consumers prior to sending a message.

The customer can then quickly request a quote from a business on Facebook by completing a short questionnaire on Messenger.

This feature is currently being tested with select advertisers.

Lead Generation on Instagram

Facebook plans to test paid and organic tools to help small businesses find and qualify leads directly within the Instagram app.

This will create another business case for using Instagram, and Facebook says this will be a more cost effective way to generate leads compared to existing solutions.

Features in Testing

The following features are currently in testing. There’s no release window for any of them, though Facebook is known to thoroughly test these kinds of things before rolling the out to everyone.

Updates to Facebook Business Suite

These features are being added to Facebook Business Suite, which is a free web-based dashboard for managing Facebook and Instagram activity in one place.

  • Emails: Facebook is testing the ability for businesses to manage emails through the Inbox app, and send remarketing emails from Facebook Business Suite.
  • File Manager: Facebook Business Suite is introducing File Manager, a new feature that allows businesses to create, manage and post content.
  • Post Testing: Facebook is making post testing available in Business Suite to let businesses test and compare multiple versions of a post to see which one people are more likely to engage with.

Work Accounts

Facebook is testing another type of account called a work account, which will allow business-minded users to log in and operate Business Manager without requiring a personal account.

Businesses will be able to manage these accounts on behalf of their employees and have access to enterprise-grade features like single sign-on integrations.

Facebook plans to test work accounts through the remainder of the year with a small group of businesses. Expand availability will follow in 2022.

Source: Facebook For Business


Featured Image: 88studio / Shutterstock

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Stock spikes after better-than-expected revenue, buyback announcement

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Stock spikes after better-than-expected revenue, buyback announcement

Meta (META) reported its Q4 2022 earnings today after the bell, and the Facebook parent beat key revenue expectations and growing losses on its metaverse operation. It also announced a $40 billion stock buyback plan.

Here’s what the key numbers looked like, as compared to analysts’ estimates compiled by Bloomberg.

Q4 Revenue – $32.17 billion actual versus $31.65 billion expected

Advertising Revenue – $31.25 billion actual versus $30.86 billion expected

Adjusted Earnings Per Share (EPS) – $1.76 actual versus $2.26 expected

Facebook Daily Active Users (DAUs) – 2 billion actual versus 1.98 billion expected

Family of Apps Daily Active Users (DAUs) – 2.96 billion actual versus 2.92 billion expected

Reality Labs Operating Loss – -$4.28 billion actual versus -$3.99 billion expected

The company’s stock bumped about 14% in after-hours trading.

Good headline numbers aside, there’s a lot to question about Meta’s results today, as its metaverse division Reality Labs clocked a larger-than-expected loss of -$4.28 billion, more than $200 million more than Wall Street expected.

Perhaps more than surpassing revenue expectations, Meta has successfully cut costs.

“We anticipate our full-year 2023 total expenses will be in the range of $89-95 billion, lowered from our prior outlook of $94-$100 billion due to slower anticipated growth in payroll expenses and cost of revenue,” Meta CFO Susan Li said in a statement.

The company’s in hot pursuit of efficiency, and appears to have been ruthless in its cost-cutting efforts.

“We expect capital expenditures to be in the range of $30-33 billion, lowered from our prior estimate of $34-37 billion,” Li’s statement continues. “The reduced outlook reflects our updated plans for lower data center construction spend in 2023 as we shift to a new data center architecture that is more cost efficient and can support both AI and non-AI workloads.”

Meta’s buyback was a strong move, given that the company laid off 11,000 workers in November and more jobs are reportedly on the table even now. Moreover, the company’s C-suite re-shuffled substantially through last year, with longtime COO Sheryl Sandberg officially leaving the company in September.

Meta Platforms Chief Executive Mark Zuckerberg leaves federal court after attending the Facebook parent company’s defense of its acquisition of virtual reality app developer Within Inc., in San Jose, California, U.S. December 20, 2022. REUTERS/Laure Andrillon

Meta’s got a lot of moving parts

Still, on the face of it, these numbers offer up a better-than-expected close out to what’s been an exceptionally difficult year for Meta, which also owns Instagram and WhatsApp. In 2022, the company’s stock declined approximately 63%, as the company battled macroeconomic headwinds and a slow ad market.

All in all, it’s been a solid day for Meta, which reportedly won its case against the Federal Trade Commission (FTC) this morning, getting the green light to buy VR developer Within. Meta’s proposed acquisition of Within, which makes popular VR app Supernatural, has been in the works since October 2021. However, they’re not out of the woods yet. The FTC, going forward, could appeal and will likely continue to scrutinize Meta’s future deals under Chair Lina Khan.

Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks and on LinkedIn.

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FTC finds GoodRx shared sensitive health data with Facebook, Google

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FTC finds GoodRx shared sensitive health data with Facebook, Google

Illustration: Gabriella Turrisi/Axios

The FTC on Wednesday filed a court order against GoodRx for failing to notify users that it shared their personal, identifiable health data with Facebook and Google and said it would permanently ban the company from sharing such information for ads, should the court order be federally approved.

Why it matters: The court order is the first FTC action under the Health Breach Notification Rule, which requires companies to notify users when their health data is infringed upon, and includes several safeguards aimed at protecting consumer data.

  • “We’re making clear that apps violating this rule need to come clean with consumers when they share sensitive data improperly,” an FTC official said during a press briefing about the order.
  • The order must be approved by the federal court to go into effect.

Zoom in: The health data GoodRx shared with tech companies includes individually identifiable data on users’ prescription medications and health conditions. Per the complaint:

  • In August 2019, GoodRx compiled lists of users who’d purchased medications for heart disease and high blood pressure and uploaded their email addresses, phone numbers and mobile advertising IDs to Facebook so it could identify their profiles.
  • GoodRx then used that information to target users with relevant ads.

Details: The court order, filed by the Department of Justice on behalf of the FTC in California’s Northern District, found GoodRx shared data with companies including Facebook, Google, Criteo, Branch and Twilio. The order found GoodRx:

  • Monetized users’ personal health data to target them with health- and medication-specific ads on Facebook and Instagram.
  • Let third parties it shared data with use the information for research, development or advertising purposes without getting consent.
  • Misrepresented its HIPAA compliance, displaying a seal at the bottom of its telehealth site falsely suggesting it complied with the law.
  • Failed to maintain sufficient policies or procedures to protect its users’ personal health information.

State of play: GoodRx, which offers prescription discount coupons and telehealth services, lets users track their personal health data to save, track and get alerts about prescriptions, refills, pricing and medication purchase history.

  • Per the complaint, the company collects data from users themselves and from pharmacy benefit managers (PBMs) that confirm when someone buys a prescription drug using one of its coupons.
  • Since January 2017, more than 55 million consumers have visited or used GoodRx’s website or mobile apps, the complaint says.

What they’re saying: A spokesperson for GoodRx told Axios the company does not agree with the allegations, saying the order “focuses on an old issue that was proactively addressed almost three years ago.”

  • “We admit no wrongdoing,” the spokesperson said. “Entering into the settlement allows us to avoid the time and expense of protracted litigation.”

  • “Health data today isn’t just what your doctor keeps in a file behind a desk,” an FTC official said during the briefing. “And the way we’re enforcing this reflects that new reality.”
  • “We expect this to have a significant impact on the marketplace,” the official added.

Flashback: The FTC in 2021 issued a warning to health apps and others that collect or use consumers’ health information that they must comply with the Health Breach rule.

  • “We are now showing the market that we meant business when we issued that policy statement,” the FTC official said.

What’s next: In addition to charging GoodRx with a $1.5 million civil penalty and banning it from disclosing user health information for ads, the order requires that the company:

  • Direct third parties to delete the consumer health data shared with them and inform users about the breaches and the FTC’s enforcement action.
  • Get users’ consent before sharing health data with third parties for purposes other than ads and detail the types of health information it will disclose to those parties.
  • Limit how long it can retain personal health information.
  • Create a privacy program that includes safeguards to protect such data.

Of note: While the order only binds GoodRx, companies including Facebook who received the data “are on notice that they were in receipt of data that was illegally collected,” another FTC official said.

This story has been updated to include the company’s comment.

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Facebook and Google ad oligopoly is over, fund manager says

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Facebook and Google ad oligopoly is over, fund manager says

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Inge Heydorn, fund manager at GP Bullhound, discusses competition in the digital ad market, what investors will be looking for in Meta’s results, and why it’s “all about TikTok.”

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