Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.
This week we did something just a little bit new. Kate was in studio at TechCrunch’s SF HQ. Alex was in his dork cave in Providence. And we had a guest in the studio as well. We’ve done similar setups before, but never with video all around. So, welcome to a slightly new chapter in Equity’s production history (all praise to Chris for making it work, video will be out today on TechCrunch’s YouTube page).
Our guest this week was the excellent Sarah Smith from Bain Capital Ventures. Before she turned to writing checks, Smith worked for both Quora and Facebook. Her fun fact? She’s an avid and competitive player of board games.
First up we dug into one of Kate’s latest, a piece looking at the influencer space, venture investments into it and what’s next for the power of the Instagram-famous. She highlights startups like Influence, Cameo, Karat and more.
Next up, Deserve raised $50 million from Goldman Sachs, making the round something that was worth touching on. Later, Alex spoke with the company’s CEO and picked up more context, but what matters for today is that Deserve is doubling-down on its credit card fintech service, not doing what other companies that handle money are up to — namely, trying to become neobanks at high speed.
Speaking of which, why is every fintech or finservices startup becoming a bank? Partially because they can, partially because it can be lucrative and partially because, we found out, it’s a way to juice customers that they’ve already paid to acquire. Want to make your CAC expenses look more efficient? Stretch out that LTV!
And then we spent a minute on Uber’s results, which proved better than expected but wound up being poorly received.
Glad you guys came back for another episode, we’ll see you soon.
5 Effective Ways to Run Facebook Ads A/B Tests
Facebook Ads A/B Tests or split tests help them try different versions of ads with various campaign elements. This process helps them arrive at the best version for the organization’s target.
A/B Tests offer a vast pool of resources to try out various versions. You may get caught up and lose your way to arriving at the best version in a limited time. To better understand this topic you can read the Facebook ad testing guide. Here are five effective ways to run Facebook Ads A/B Tests-
1) Start with the minimal number of variables
This approach will help you analyze the impact of a variable much better. The lesser the variables, the better will be the relevant results and more conclusive. Once you have various versions, you will need to run them through the A/B Significance Test to determine if the test results are valid.
2) The second way is to select the correct structure.
There are two structures in A/B tests. One is a single ad test, and the other is multiple single variation ad sets. All the variations will go under one ad set in the first structure. Each variation will be under a separate ad set in the second one. Out of the two, the second one works out to be better and gives better results.
3) Use of spreadsheets is important to stay organized.
These spreadsheets help collect and analyze data to get meaningful insights and arrive at data-backed decisions.
4) Do target advertising and set realistic time goals.
One approach is to choose an entirely new set of audiences. Also, the data pool should be vast and not the same as some existing campaigns. The reason for choosing a different audience is that Facebook may mix up your ads and give contaminated output.
Another approach to choosing the right audience is to pick geography. It works better, especially when you have business in a particular region.
It’s also essential to set a realistic timeline for your testing. Facebook suggests one should run a test for at least four days, but you can choose to run the test for up to 30 days.
5) Set an ideal budget.
The concept of a perfect budget is subjective. But, you can fix it yourself, or Facebook can do that for you based on your testing data. A large part of the test budget is spent on avoiding audience duplication. If the same audience sees variations, it could affect the test results.
Besides these top five effective ideas, you will need to take a few more action points to make the testing process efficient. Make sure you put the website’s domain link and not the landing page link in the ad, as that doesn’t look good. Put appropriate Call To Action Button, such as ‘Learn More,’ ‘Buy Now,’ etc. It’s also important to see how your ad is coming across on various electronic gadgets- mobile, tablets, etc.
Another strategy that works is trying to engage the customer. You may add social engagement buttons such as ‘Like’ or ‘Comment.’ Use high-resolution images as they work better with the customers. Low-quality, highly edited images are often not liked and trusted by the consumers.
You can learn more about the audience behavior patterns with A/B test results. Conducting these tests on Facebook streamlines the entire process and makes it smooth for you. With the test results, advertisers and marketers can work on the creatives they need to utilize.
To sum it up, you can run an effective A/B test campaign within the specified budget. You don’t need to spend massive amounts to get your advertisement right. You’ll make the correct assumptions about the performance of variations with a good understanding of business and consumers.
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