We already know that social media is a powerful way to target auction buyers. According to Facebook's most recent data, there are between 15-20 million daily active users who have expressed interest, engage with, or associate themselves with Auctions, Live Auctions, Online Auctions, and Public Auctions.
But how do you hone in on specifically those buyers within this large group that will be interested in your auction items?
Audience insights provides information that you can use to narrow your advertising to have it seen by only the people most likely to buy. By using this information, you can dramatically reduce your advertising costs and still increased engagement and buyer loyalty.
Let's look at how it works. While Facebook Audience Insights does not give you a list of names, we can tell Facebook to show our ADs only to users who have expressed interest in auctions. We can even ask Facebook to show us certain information about those users so we can tailor our ADs in a manner that is most likely to interest them.
From this query we were able to determine that Facebook's Auction Audience consists of slightly more females than males (54% to 46%) we also know that the largest portion of the female group is between 35-44 years of age and that 1 quarter of all males are in the 25-34 age range.
From the data, we also know that the majority (62%) are married and (60%) have a college degree.
All of this information can be used to tailor auction advertising to the kinds of people who are most likely to be interested and we can tell Facebook to deliver those tailored ADs directly to them.
Top-down demographics give us a great overview of the state of the auction audience on any given day, but that's not the whole story. As we all know the auction audience can vary greatly depending on the item. While there are many cross-overs different types of auctions/auction items draw different crowds.
In the above graphic we've included all interest types available to create a big picture overview. Now let's see what happens when we narrow our focus.
By including only auto auctions as an interest we can see a significant shift towards a predominantly male audience. The changes are not isolated to gender alone, we see major shifts in Lifestyle, Job Titles, Education & Relationship Status creating new considerations as well as opportunities in our marketing approach.
When marketing to auction buyers understanding these key differences can be the difference in whether you fill the seats or not.
Two unique audiences were tested to determine the winning audience to drive buyers to the Biltmore Loan Sale. From the two tested we were able to determine the audience which best matched sale items enabling us to focus all resources towards the campaign at a lower CPR (Cost Per Result).
You can see in the chart on the left that only a few people took action with a much higher CPR than the auction on the right. On the right we can see a shift in the type of buyer engaging with the campaign with a much lower CPR with greater CTR (Click Through Rate) than the campaign on the left.