Although Facebook has been quick to recover, the social network’s advertising sales took a significant hit during the early days of COVID-19 lockdowns at the start of the year.
According to results of an analysis by growth marketing agency Aisle Rocket, during March to May 2020, CPMs and CPCs on Facebook dropped 45% while conversions declined 53%. At the same time, the cost to acquire consumers rose 28%.
Although CPMs, CPCs and CTRs were all rising again during early April, on-site conversions stayed fairly flat.
With consumer behaviour adapting to the new reality, advertisers were quick to adjust their social strategy.
This drop an increase in cost per purchase by 15% during April 2020.
“Social media advertising has seen so much fluctuation during the pandemic, but we’ve learned that Facebook advertising remains resilient in the face of economic disruption and social unrest,” said Noah Freeman, Aisle Rocket’s Head of Product. “Many people rely on social media to be close in a socially distant world and advertisers will continue to get in front of audiences through Facebook.”
During June and July, global brands were shifting their creative in solidarity with Black Lives Matter protests and the community.
However, the findings also demonstrate that the Facebook boycott during July had nowhere near the same effect as the pandemic on metrics.
It shows just how resilient Facebook is as an advertising platform.
“Facebook continues to provide strong returns on marketing dollars, despite the pandemic,” said Ross Shelleman, CEO of Aisle Rocket. “While a diversified media mix is always important, our particular expertise in Facebook advertising has delivered real value for our clients throughout the disruption of 2020.”