Meta suffered a major Facebook ad glitch on Sunday that some ad experts believe is one of the biggest in over a decade.
The glitch caused many companies to fun Facebook ad campaigns that were essentially ineffective.
Gorlick, the CEO of marketing agency Intensify, checked in on one of his client's accounts on Sunday, and noticed that it had spent 90% of its daily Facebook ad budget by 9 a.m. That meant it had only 10% left for the remaining 15 hours of the day. For brands that are already lowering ad costs to manage through a sluggish economy and a mobile ad market that no longer allows for targeting based on user data, Facebook's miscue is more than just an unfortunate blip. In low-margin industries, where every dollar counts, it can turn a profitable weekend into a big loser, while also raising further questions about the reliability of Facebook's ad systems.
Data analytics and marketing firm Varos provided data showing that, of the more than 3,000 ecommerce and direct-to-consumer companies that use its technology, the software bug caused a majority of them to experience a rise in cost per thousand impressions, or what those in the industry call CPMs. "Everyone came in in the middle of the night for some reason and started a bidding war over that old toaster," Shaked said. "You know, it's completely ridiculous."
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