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Libra’s critics are missing the forest for the trees

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But Facebook is probably not the right actor to spearhead this initiative

Nik Milanovic

It would be an understatement to say the last few months have been rocky for Libra, Facebook’s proposed stablecoin.

Since its announcement in June, eBay, Mastercard and other members of the cryptocurrency’s elite consortium have jumped ship (many due to direct pressure from legislators), a congressional hearing on Libra turned into an evisceration of Facebook’s data and privacy practices, Federal Reserve Governor Lael Brainard assailed the project’s lack of controls and the Chinese government announced its own competitive digital currency.

Critics, though well-intentioned, are missing the forest for the trees.

In spite of Libra’s well-cataloged risks and unanswered questions, there is a massive opportunity in plain sight for the global financial system; it would be a tragedy to let that opportunity be destroyed on the basis of Facebook’s reputation or Libra’s haphazard go-to-market.

Governments should heed the lesson of the U.S.-Soviet space race of the 1970s and use the idea behind Libra, if not the project itself, in “coopetition” to build a better, more inclusive global financial architecture.

A few key points to begin: first, Facebook is probably not the right actor to spearhead this initiative.

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Mark Zuckerberg promises that Facebook will only be one board member in a governing consortium and that the project will comply with U.S. regulatory demands and privacy standards. But just as the company reneged on its promise not to integrate the encrypted WhatsApp into Facebook’s platform, it’s easy to picture Facebook pushing through standards that benefit itself at consumer expense. While Facebook would be a great platform to distribute Libra, its track record should make constituents uneasy about giving it any control.

Second, global payment systems are outdated and slow, and many businesses have been set up to extract rents from that fact. This burden disproportionately falls on the shoulders of poor consumers. People living paycheck-to-paycheck are forced into high-interest loans to smooth their cash flow due to slow settlement speeds. Immigrants sending money home pay up to 17 percent to move money across borders, costs that take a sizable bite out of some countries’ GDPs. In a ubiquitous currency regime, however, foreign exchange fees would vanish entirely .

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5 Effective Ways to Run Facebook Ads A/B Tests

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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. 

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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.

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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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