If you count on Facebook ads to draw in more customers, it’s vital that you have a means to keep track of them. You need to know the impact they have and if they make any difference to your target viewers. Spending funds on Facebook ads with no understanding of their efficiency is a pointless endeavor. If you aren’t monitoring the results, you can never tell if your marketing campaigns are bringing a return on your investment.
Enter Facebook Analytics
Gaining access to in-depth information enables you to understand Facebook as a marketing medium far more thoroughly. It allows you to discover the areas that are effective, and see the ones that miss the mark. Facebook Analytics is a powerful tool that helps you look into users’ interactions with innovative goal strategies and sales funnels for Facebook ads.
Facebook Insights, the social giant’s free analytics tool, gives you the ability to easily monitor the efficiency of your business/brand page. Given the vast amount and complexity of measurable parameters, Facebook Insights provides you with a clear picture of where your brand’s social strategy stands.
Facebook Analytics Data
In the past, Facebook allowed marketers to see just the last touch point in their marketing funnels. For instance, if a Facebook user engaged with five of your posts and purchased your product on the sixth engagement, only the final one would be credited for the conversion.
Today, marketers can see the complete interaction course leading to the conversion. The updated Facebook Analytics is, arguably, the most critical change since the social network’s massive shift in algorithms.
The Facebook Analytics upgrade included the following features:
- Developed artificial intelligence features to show crucial insights, like which viewers are frequently interacting with your posts.
- Omnichannel statistics so you can quickly view users who jumped from the Facebook app to your site and back to Facebook on desktop before converting.
- Customized dashboards to see crucial details at a glance.
- The opportunity to establish custom viewers based on omnichannel information.
- The ability to set up event source groups out of the dashboard, letting you separate and retarget users who followed event paths on your business/brand page.
How to Effectively Use Facebook Analytics
The very first thing you must do using Facebook Analytics is to determine which metrics you need to monitor. Facebook will promptly presents you with a few; several of them are crucial, while others are considered to be simple “vanity” metrics. A vanity metric is a measurement that yields a significant number that looks great, but in reality, doesn’t provide a good insight to how the campaign is doing. Vanity metrics are satisfying to see, but you don’t have to monitor them meticulously.
Here are the parameters of Facebook Analytics that you should keep track of:
The clicks metric is extremely important given that it signifies how frequently someone has clicked on your advertisement. You need your target market to click often, as, theoretically, this implies that consumers have an interest in your campaign. Any activity someone initiates within the ad constitutes a click.
You need to monitor the number of clicks over the duration of each campaign. The higher the click rate, the better, since it shows that people are considering your ad before they make a purchasing decision.
Click-Through Rates (CTR)
The CTR metric indicates the percentage of people who click an advertisement among the people who watched it. Facebook Analytics displays the CTR in two columns. The first column shows all the clicks within the ad. The second column shows the links clicked within the ad. Put them together, and you’ve got more insight into how effective your ads are at prompting viewers to click through.
The conversion rate metric indicates what percentage of individuals who click the ad proceed to purchase and becomes a client. This is perhaps the most critical parameter as the general goal of your ads is to convert as many prospects as possible.
It’s crucial that you understand that a high CTR doesn’t lead to a high conversion rate all the time. To get viewers to perform a specific action and convert, your advertisement has to be clear about the value and benefits of the products or services you offer.
The impressions metric indicates how many times your advertisement was seen. Recall is most vital in a branding strategy. And so, if you’re monitoring impressions you’ll need to track frequency as well.
The frequency measurement indicates how often your ad was seen, on an average, by a user. For instance, a volume of five implies that, on average, each user who has watched your ad has viewed it five times.
Data can give you answers, but only if you ask the right questions. Start by identifying the goals you want your Facebook ads to achieve and use Facebook Analytics to obtain the answers.