Massive new opportunity opens after Facebook relaxes restrictions on crypto ads
Meta (parent company of Facebook) has made it easier to advertise crypto products and services on Facebook. This is great news for the growing number of providers in this area. Until now, anyone who produced crypto trading, exchange, lending, NFTs or wallet-based apps had to submit an online application with supporting documentation to Facebook and wait to see whether they passed eligibility criteria defined by internal Facebook policy. The recent announcement has shifted the responsibility of assessing the advertiser over to 27 recognised authorities in a range of countries.
The criteria is much more straightforward, if you have a license or registration from one these authorities then you can advertise on Facebook after submitting the proof. There is likely to be a rush to get these licenses so crypto companies can start advertising on one of the most lucrative platforms to acquire new users.
Bango is working with crypto companies who have successfully gone through the arduous task of obtaining authorization using the old process from Facebook. These companies are advertising on Facebook and achieving great results. So, what have they learned?
They are laser focused on users who can pay and even more importantly willing to make a significant investment. These paying users typically have a high retention rate due to the nature of buying an NFT or trading in crypto currency. Once users make a payment, they are bought into an investment with a potentially big future pay off. So how do you go about finding these super valuable users?
Common techniques advertisers use on Facebook Business Manager to target users are to:
- Specify interests e.g. financial trading, crypto, NFT
- Optimize around either a specific app event (such as a purchase) or ROAS
- Or use Facebook’s automated self-optimizing solution, AAA
In our experience, clients try multiple methods and then start increasing investment in the one that starts to show the best results. A bit like betting on a number of horses but mid-way through the race they switch more money onto the one that seems to be winning.
However, there is some secret sauce you can add to your Facebook ad campaigns, Bango Audiences. These are audiences of users who are proven to pay. Bango has access to $billions of in-app payments and is able to derive unique insight into the payment behavior of users. Identifying what content, when they bought it and how often they make payments. By accessing this unique payment information, an audience of proven payers can be built and made available on Facebook in a secure GDPR compliant way. Our clients combine this with the powerful targeting capabilities that Facebook provides to get more payers in their apps.
Specific Bango Audiences optimized for crypto and financial trading apps have been built and used successfully by companies such as Upland and a major crypto trading app to achieve some impressive results.
Upland (metaverse to buy, sell and trade virtual properties using NFTs) used a selection of Bango Audiences to target their global UA campaigns over a 90-day period. Focusing their Facebook ads with these custom audiences of users that pay in similar apps to theirs gained Upland:
- 95% increase in ROAS
- 37% decrease in CPA
- 34% decrease in average cost per unique purchaser
2022 promises to be a big year for all crypto-based apps. Governments and institutions are accepting that crypto is here to stay and that regulating the use is the way forward. Crypto apps need payers and if you need help finding those payers, then we can help.