Facebook has come up with a plan to stifle falling ad spend and prove its worth to media agencies and brands Down Under with the creation of a “Client Council”.
According to The Australian, the council will be formed by big boppers from media agencies and big advertisers, with executives from Facebook’s Californian headquarters having reportedly been sent to Australia to find out why the demand for advertising has slumped.
The biggest decision-makers in the local advertising industry have been targeted by Facebook to reinforce its benefits and learn from each other how “Facebook could do better”, one industry leader told The Australian.
Furthermore, executives brainstormed on how Facebook could better succeed in the Aussie ad market and gain a bigger slice of their budgets, as the social media giant aims to grow local ad revenues by 60 per cent this calendar year to around $1.1 billion, according to The Australian.
Standard Media Index booking data shows that Facebook lost $3.2 million in media agency bookings in February – down 27.4 per cent fall compared to the previous corresponding period.