In cooperation with Allegro.pl we tested the use of AddToWishlist event in dynamic remarketing on Facebook. The goal was to reach visitors that added items to the Wishlist but didn't buy them. Campaigns have had great results right from the start, and have become a significant source of conversions.
Their Story: Maximizing the potential of dynamic remarketing
Allegro, the largest marketplace in the Polish market, is selling a wide range of goods from electronic components to clothing, furniture and industrial machinery. As Facebook dynamic remarketing campaigns managers, we always try to come up with new ideas to fulfil the potential of dynamic remarketing. In September 2018, we launched our first campaigns targeting the AddToWishlist event and the results were great.
Their Goal: A new source of conversions, high ROI
The goal was to use the Add To Wishlist functionality in dynamic remarketing on Facebook as a new source of positive ROI conversions.
Our Solution: Launching the new campaign type via ROI Hunter
The basic and required events to run dynamic remarketing on Facebook are ViewContent, AddToCart and Purchase. However there are more events that can be tracked. We decided to test the AddToWishlist event targeting with Allegro.pl. The basic idea was that customers adding their goods into the Wish List are doing so because of one of these reasons: stockouts, waiting for price reduction, serious consideration of buying goods. As Facebook dynamic remarketing ads show only products that are currently in stock (you can also set up a filter in your product set to be hundred percent sure), we will notify the customer who is waiting for the goods and remind others that the goods are still available, ideally on special offer.
There are two options of setting the AddToWishList event depending on how the functionality is set on your website - the pixel loads either when the button is clicked or when the page loads. We recommend inserting all dynamic parameters into this event pixel, i.e. product ID, product type, price and currency (fig. 1 event). Be sure to test that the pixel is set properly and sends all the necessary data.
Unfortunately, you cannot set up an AddToWishlist-targeted campaign directly in Facebook Ad Manager, but it is possible to do so via ROI Hunter.
- Select the Dynamic product ads - remarketing objective.
- Fill in all necessary data and select the Product catalog.
- At the ad set level, you can define the product set you want to run your campaign on.
We highly recommend setting a minimum price for the products you advertise. This will increase the purchase value and ROI.
- Choose the bidding strategy that works best for you together with best converting placements.
- In the Targeting section, select Dynamic Remarketing. Include AddToWishlist audience and
exclude those who bought (or even those who have already put items into your cart) and set membership durations (see RH_setting).
- Continue with targeting as needed (gender, age, location, etc.)
- Set up a relevant ad.
For Allegro.pl, we run AddToCart campaigns separately, so we exclude this audience here. We use a 7-day audience in this case. However we advise you to test what membership duration works best for your eshop. If a 7-day audience is too small to show ads, try 14 or 30 days.
We use carousel ads in our campaigns and a template created via Template Editor (TEDI) with current product-related benefits (discounts, extra points, free shipping, etc.). It works great, but you need to have all data in the product feed as a separate custom_label.
Our Success: Above-average ROI campaign results
The basic metric for assessing Allegro campaigns' performance is ROI based on custom data. We import the data daily from the client's internal system directly into the ROIHunter platform, which guarantees only click-through purchases (not view-through conversions).
We compared the results of AddToWishlist-targeted campaigns to ViewContent and AddToCart ones, while AddToCart (or Abandoned Cart) is the most relevant audience that we can use for dynamic remarketing. AddToWishlist campaigns had on average 32 % higher ROI than ViewContent campaigns and only 15 % lower ROI than AddToCart campaigns (see the graph). With this new campaign type, we increased the number of purchases by an average of 18 %.
Results: A new type of high ROI campaigns is found
By running AddToWishlist dynamic remarketing campaigns, we have found a new conversion source (purchases) with above-average ROI. Campaigns are still running and consistently showing great results.
Published: 24. 2. 2020
Facebook Ads Specialist