With more than 1.71 billion monthly active users, Facebook remains one of the most profitable and productive ad platforms for marketers who want to build an audience.
Despite Facebook’s popularity, creating a successful ad campaign still requires a deep understanding of key metrics. In addition to cutting waste and ensuring that Facebook ads function the way they’re supposed to, identifying, measuring, and evaluating key metrics also helps companies be competitive in Facebook’s news feed algorithms. This, in turn, makes it easier to get noticed on the platform and helps drive traffic back to landing pages and websites.
With that in mind, here are the five most essential Facebook ad metrics every good marketer must know.
While it’s easy to get lost in Facebook’s ambivalent metrics, paying attention to what Neil Patel calls the five most critical metrics will boost your company’s social advertising abilities. With that in mind, be sure to measure and adjust these things, as needed.
1. The conversion rate of your ads
The conversion rate is one of the most important metrics in Facebook advertising. When measured properly, it can go a long way toward helping you understand what makes people convert and what doesn’t.
By understanding the conversion rate of your Facebook ads, you can determine which CTAs are most effective. This, in turn, allows you to improve your lead generation efforts across the board.
To determine the conversion rates of your ads, consider how often people take your target objective after viewing your ads. For example, how many people navigate to a landing page from a Facebook ad and then sign up for the offer on the landing page? If the number is high, your ad is performing well.
If, however, people navigate to your landing page, but few people sign up for your offer, you need to run through the landing page and strengthen it accordingly.
2. The number of sales your ads drive
If your ads are advertising products, one of the most critical metrics you can track is how many sales the ads produce. If the sales are lower than expected, it’s time to raise the budget for your Facebook advertising or evaluate your ad copy to ensure you’re not alienating new customers with an overly sales-y approach.
3. The frequency with which your ads are served to users
If you have a large advertising budget and run many ads each month, paying attention to how often Facebook serves your ads to a given user is essential.
Here’s why: the same ad displayed to the same person time and time again results in boredom and “ad deafness.” In some cases, it may even create a negative response from followers. According to AdEspresso, as soon as the amount of times their ads displayed on Facebook went up, their target audience responded angrily, often leaving upset comments.
This is a dangerous trap to fall into since people who are alienated by your advertising typically won’t do business with your brand again. As if that weren’t enough, angry users may submit negative feedback, which can harm your relevance score with Facebook and damage your entire Facebook ad campaign.
With this in mind, pay attention to your frequency metrics and take pains to build new ads if needed. This will help save you from annoying your users and getting yourself into hot water with the people you target on the social platform.
4. Your ad’s ROI
Since you’re paying for Facebook advertising, you need to be sure to measure their ROI to ensure you’re not dumping money into a black hole. In addition to preventing you from going into the red on Facebook advertising, this will also help you gauge the performance of each ad, and decide where to allocate or alter your budget.
5. The click-through-rate of your ads
The click-through-rate of your ads is one of the most essential metrics out there, and monitoring it closely will help you stay on top of your Facebook ad spending and all that it has to offer.
When your click-through-rate is high, it means that a large number of people are clicking on your ad to wind up on your website or landing page. When it’s low, though, you know that your ad isn’t doing everything it can to drive visitors to your site. In situations like this, you may be better off re-evaluating your ad and retargeting them to your intended audience. This, in turn, will help to boost your click-through rate and drive more users to your landing pages and websites.
Why Evaluating Your Metrics is so Critical
While many people treat Facebook advertising like a hit-or-miss pursuit, it’s not. Many components of Facebook advertising can and should be carefully measured, and keeping a close eye on these five essential metrics is an excellent way to improve the overall efficiency of your advertising. This, in turn, ensures that the money you’re spending on Facebook ads is stretching as far as possible.
What’s more, measuring these five advertising metrics on a regular basis allows you to participate actively in your advertising, and ensure that it’s doing all it can to boost your business and drive readers back to your site.
With this in mind, feel free to abandon meaningless Facebook ad metrics such as likes, but be sure to pay careful attention to these five critical Facebook ad metrics and how they affect your company. In addition to boosting your readership and improving your online reputation, evaluating, tracking, and measuring these metrics will also help you avoid annoying your readers and inadvertently costing your company business.
So I want to hear from you, in the comments below or on Facebook. What are the metrics that you’re relying on for measuring the success of your campaigns? Do you need help overhauling your Facebook advertising? Advertising is tough, but we make sure you don’t have to go it alone!