So you've had a go at a few Facebook ads and things look like they are going pretty well. But do you know what you are measuring your success against or how to optimise your ads on a regular basis to make sure you are getting the best bang for your buck?
The metrics that you need to monitor vary according to the type of ad you are running so in this article we take a look at a few of the most used.
Boosting your posts
The recent Facebook algorithm changes have made it very difficult for businesses to generate organic reach or engagement. with their followers. Facebook has really become a pay-to-play platform for businesses. So in order to have the opportunity to interact with your audience, you'll need to back your posts with some money.
Boosting a post on Facebook is a great way to increase people's engagement. In fact, un-boosted posts only reach about 1% of the total audience following your Facebook page organically! But how much money do you need to spend on boosted posts? Well, this usually depends on the type of post and how important the amount of reach is.
For example, if you're running a contest or giveaway and want to reach as many people as possible, allocating a larger budget and running your ad over a longer period of time is the way to go. If you are wanting to increase engagement on a brand, product or service then boosting for 3-5 days with a $5-$10 budget is probably all you will need.
Facebook ad metrics for boosted posts include any type of post engagement: likes, reactions, comments, and shares. The number of comments your post receives is directly related to the relevancy of your content, as well as how entertaining and informative it is. The number of shares you generate shows how loyal your prospects or customers are, and how confident they are in referring or recommending your brand to others.
Page like ads
Facebook page like ads are one of the best ways to increase your followers on Facebook. These ads ask people to like your Facebook page, so that they see your content and pretty much a must do if you wish to grow your audience and reach more people.
Page like ads require a dedicated advertising budget to run, but these are on an ongoing monthly basis, rather than a set timeline of one week or one month. The most important Facebook ad metrics for page like ads is the engagement and the actual page likes as well as reach and costs per like. The other useful metric is your ad's relevance score.
Taking relevance into account helps ensure that people see ads that matter to them, leading to a better experience for people and businesses alike. Your relevance score is calculated based on the feedback an ad receives. The more positive interactions an ad receives, the higher the relevance score. Similarly, the more times people hide or report an ad, the lower its score will be.
Reach/brand awareness ads
Another objective to use in order to increase engagement and overall brand awareness is a reach or brand awareness campaign.
A reach campaign simply shows your ad to the maximum number of people. This is great for when you have an important message to share with as many people as possible or for generating calls to action like getting in contact with you or learning more about your business, products or services. Brand awareness ads are similar, but they hone in on the prospects, who would truly be interested in your business.
Awareness ads again require a dedicated advertising budget to run, usually on an ongoing monthly basis. With either campaign, the most important Facebook ad metrics include reach, the cost per 1,000 people reached, the video views/percentage watched/average watch time (if your ad is a video), and the relevance score.
Traffic ads are great to run when you want to send people to a website or landing page. These are best for the call to action of learn more so you can drive more people to your website or landing page to get more information on what your ad is about.
The most important Facebook ad metrics for traffic ads include link clicks, cost per link click, link click-through rate, reach, and the relevance score. Link clicks show intent from the person who has seen the ad. A link click means they clicked on the ad or clicked on the button to visit the page to learn more.
You really want to keep your cost per link as low as you can, around $3 per click is probably a good place to aim for.
These ads are best for when you are offering a product or service to people. You can use these ads to drive people to your online store, convert them into a customer, and measure the revenue generated from each person, as well as the average cost per purchase from the ads.
Or you can have people book an event or appointment on your website, have people sign up or complete a registration for an event, or direct people to a landing page that has a form to fill out.
This form can ask for their basic contact information, or it can have additional questions specific to your business. When they land and fill out this form, this is called generating a lead. This person is interested in your business because they took the time to fill out their information. You can then reach out to each person via phone or email, in order to sign them up for your service.
With conversion ads, the most important metrics are the actual conversions! Whether this is a lead for your service or a customer of your product, this metric is by far the most important for this type of campaign.
Although each objective and type of campaign varies from one another, many have overlapping Facebook ad metrics and overlapping optimisations as well.
Facebook offers a wide variety of options to define your target audience, from basic demographics such as age and location, to specific interests and behaviours, such as being in a relationship or having graduated college. Changing the targeting can significantly influence reach, the cost per result, relevance score, and more. Once your targeting is at its optimal sweet spot, there are a few other optimisations you can make to improve your advertising results.
A great way to optimise your campaign is to heavily monitor all of the ads when you launch them and compare your metric results with your goals. After a couple weeks of running the ads, you will be able to notice the under-performing ads, the ones that have the highest cost or the lowest reach. Turn these off, so you can reallocate the ad spend to your better perfomring ads.
If you 'd like some help That's what we're here for! Feel free to contact us to see what we can do for your business.