Facebook advertising can be very cost effective, but you have to know what you’re doing. A lot of money can be lost on social media ads unless you pay close attention to metrics.
Facebook however, is one of the best social media channels to advertise with due to it’s in depth demographics. If you want a good ROI you must test ads constantly.
The narrower you target your audience and the more you test ads by rotating and tweaking them, the greater your return on investment. Ad blindness occurs when your audience are continually shown the same ads.
Up until now Facebook have provided 3 separate data points for analysing metrics. Cost per website purchase, cost per mobile app purchase, and cost per offline purchase.
Facebook combining all metrics into single data point
Facebook have decided to combine all metric data into one single data point. This should make it more user friendly, and easier to calculate results.
You’ll still be able to work out channel specific costs by dividing the total spend by the number of conversions from that particular channel.
The ads manager dashboard will look different as Facebook are redesigning the customise column selector to reflect these changes.
Cost per website purchase
Cost per website purchase simply means the number of purchases tracked by a pixel on your blog or website. This is vital information allowing you to determine how much ad spend it took to make a sale.
Cost per mobile app purchase
Cost per mobile app purchase is valuable data allowing you to laser target your audience. You’ll probably find that mobile app purchases are more popular with the younger spectrum of your audience.
Cost per offline purchase
Tracking sales in your high street store as a result of Facebook ads is invaluable. This gives you a far greater insight into your audience’s wants and needs.
Standard event actions
Facebook is adding to their standard events actions, enabling an even greater way to track audience behaviour. These include;
Find location
Customise product
Submit application
Subscribe
Schedule
Contact
Donate
Facebook is also launching 2 new app specific metrics. Ad impression and ad click will give you an insight into how your audience found the app on Facebook. It will also show how they engage with ads shown on it.
Some metrics are also being replaced including button clicks. This showed the number of times a visitor clicked on a call to action button. Link clicks and event responses are to replace it.
If you outsource social advertising it may be a good idea to chat with your team about these changes. Facebook isn’t deleting any essential data, just that which is useless and outdated.
