The new feature was described as follows:
Very simply put, there is a sophisticated recommendation engine, which takes into consideration all information that Facebook gathers about signals common for people interested in a particular product, and which allows Facebook to show the right products to the right prospects.
ROI Hunter also offered the following example for how prospecting dynamic product ads can be used:
Peter sells mobile phones. He uses dynamic product ads very successfully, but he cannot reach more traffic using only this feature. As he wants to scale, he decides to start using prospecting dynamic product ads. He obviously wants to achieve good return on investment, so he sets up the ads to use a product set based on all mobile phones with prices higher than $50 and decides to target lookalikes of people who visited his website recently.
His ads start showing relevant products to the right people using signals from the recommendation engine. For instance: The recommendation engine sees that people with the iPhone 5 are often interested in the iPhone 6, so it chooses to show the iPhone 6 to these people. This way Peter reaches people who are likely to be interested in particular items he sells.
Advertisers: What are your initial thoughts on prospecting dynamic product ads?