Are you using Facebook Ads Manager tool to connect with your audience? Then remember that you should also be measuring how effective those ads are. Measuring process is essential and one of the most important parts of running resultative ad campaigns.
Research shows that only 8% of companies report they are able to determine ROI from their social media spending. So, if you aren’t currently measuring Facebook advertising effectiveness, you are not alone.
Facebook ads are not a one-size-fits-all process. So, you can’t report effectiveness based on the number of clicks or impressions.
Here are 4 quick steps for measuring Facebook Ad effectiveness, that will help you in building killing ads in the future.
1. Determine the goals for your campaign.
Companies create Facebook campaigns for different business goals. Some of them tend to raise social media engagement, while others want to increase brand awareness or promote their apps. It doesn’t matter what your goals are, you must highlight them as you begin to determine which metrics you will monitor for each campaign.
While developing a Facebook ads strategy, understand what you are trying to gain from with your promotion.
At first, you need to choose an objective. Consider what actions do you want your audience to take? These specific goals will be essential in determining which metrics you use to measure success.
2. Choose metrics that make sense.
Now, we have clearly defined goals, the next step is to choose the right metrics. Many metrics will allow you to measure and determine campaign effectiveness, use the following as a guide to get started based on content goals:
- Creating Awareness – impressions, CPM, frequency, the amount spent, CTR, link clicks, CPC, leads, cost-per-lead
- Generating Leads – impressions, cost per 1,000 impressions (CPM), frequency, the amount spent, click-through rate (CTR), cost-per-click (CPC), leads, cost per lead
- Generating Sales – impressions, CPM, frequency, the amount spent, CTR, link clicks, CPC, checkouts, cost per checkout
3. Monitor these metrics and create a report.
Yes, it’s time to start measuring and monitoring your metrics. Try to use Facebook Ads Manager to monitor some metrics or you might prefer to use a 3rd-party tool that creates reports for you based on the metrics you’ve chosen.
Once you have developed your Facebook data report, you can use this as a base for future reporting. Consider your progress and your expectations as well as your competitors’ campaigns. Include benchmarks and other data that makes it clear what the figures mean and how this campaign contributes to your overall advertising goals. Graphs and other visual data is also helpful. This helps you justify ad spend.
4. Adjust your measurement strategy over time.
You should review your measurement strategy periodically to ensure that it is still effective. If you realize that you are missing vital data or including data in your reporting that is unnecessary, it may be time to look for new metrics that may be able to address these goals.
Sure, it takes time. After you have adjusted your strategy to account for missing or extra information, revise your reporting process to make sure that your analytics are consistent.
Are you ready to measure and monitor your ads? Facebook Ads Manager gives you a chance to view your campaign data and make changes to your ads. For more assistance contact our marketing team and get effective ad campaigns.