While Facebook is an ideal place to build your audience and generate traffic, organic reach can be challenging. There’s a lot of competition and the news feeds are usually overwhelmed with multiple sources of information. That’s why many Singapore companies choose to use Facebook Campaign to help with their social media marketing.
However, when it comes to gauging their success on this platform, many of these companies pay attention to the wrong metrics. Instead of looking at their return on investment, they think in terms of how many likes they get on a post as well as their reach. While likes can be a source of social proof, you shouldn’t measure your campaign’s success by them.
Let’s discuss 5 of the best metrics for judging your ad campaign on Facebook. But first, let’s take a look at a few vanity metrics that you should avoid.
Vanity Metrics To Avoid
If you ask most companies how they judge the success of their campaigns, then they will likely say that it’s one of three things: likes and reach, video views, or their relevance score. Unfortunately, these are vanity metrics and you should never rely on them when working to improve your campaign. Let’s briefly discuss each.
Likes and reach
There are a lot of companies who have resorted to purchasing likes for their Facebook business page. They see that their competitors have thousands of followers and want to make sure that they look just as popular. However, these fake likes do nothing at all for your social engagement. In fact, when visitors see that you have thousands of likes but very few comments, it looks suspicious. Not only that but Facebook frowns on this type of practice.
You may be thinking, “Well, what if I use ads to get likes for my page?” While this may be preferable to buying likes, the quick likes that come from a creative ad don’t usually hold much weight. Studies show that the likes that come from ads won’t always improve your click-through weight.
It can be difficult to judge your progress by the number of video views you have. Facebook considers a view as someone who has viewed your video for 3 or more seconds. And many of these views are passive as many videos are set to autoplay.
Sure, your relevance score can be an excellent way to optimise your PPC campaigns. However, it only determines how relevant your ad set is to your audience, not if your content is of high quality. So there are some instances in which companies with lower scores may perform better than those with higher scores.
1. Conversion Rates
When it comes to conversion rates, there are three that you should keep an eye on: lead generation, sales, and traffic. Each is unique and can give you a better idea of your progress. Let’s discuss each.
This is the total number of people who actually sign up for your offer after they have clicked on the landing page from Facebook. The more well-crafted your landing page, the higher the number of leads you get. This metric lets you know if you need to make changes to your landing page.
Sales can be a great metrics to judge your progress. If you have a desired number of sales that you would like to reach but are struggling to do so, then you may need to refine your approach. Perhaps you should increase your ad budget or spend a little bit more time raising brand awareness.
After you have boosted your post, take a look at the number of clicks on your website. Facebook makes this process easy for you,. Simply set up your Facebook pixels so that the platform optimises your ad and tracks your conversion rates.
Frequency lets you know the number of times your ad has been served to a user. This metric is most useful to companies that spend hundreds of dollars on ads each month. If you show the same ad to the same person over a long period of time, they will either start to ignore it entirely, or worse, they will start to dislike your brand altogether. Many will leave negative feedback on Facebook and it will hurt your relevance score.
So what should you do instead of showing the same ads repeatedly? Try targeting your users more carefully and designed an ad that is fresh. Make changes to your value proposition. You may also select ‘Daily Unique Reach’ to make sure that your ads are only be shown once a day per unique Facebook user.
3. ROAS and Spend
If you want to earn revenue, then you’re going to need more than just traffic from your ads. You’re going to need targeted traffic from your ads. And you can make sure that your ads are targeted by testing. Take a look at how well an audience is responding to your ad set. Pay attention to your ad spend. Use it as a benchmark.
4. Cost Per Click and Click-through Rate
Cost per click, or CPC, will give you the cost of a click from your Facebook ad to your website. The click-through rate, or CTR, is the percentage of individuals who have click on your site after seeing your Facebook ad. If your CTR is low, then it could mean that your ad doesn’t appeal to your target audience. It could also mean that you are not targeting your audience correctly.
5. Cost per action
Any step that you want your audience to take is considered to be an action. For example, you may want your audience to click your site. You may want them to click your video’s play button. Perhaps you want them to share your content. While you could easily consider the total number of actions that your audience takes to be a metric, it’s better if your associate a cost with these actions.
Cost per action, or CPA, will give you a more accurate measurement of your success. And the goal is to lower your CPA. In this way, you will be able to increase your conversions and earn more revenue. It’s a good idea to measure this metric alongside others such as frequency. This will give you more context.
If you’re interested in generating more leads, then Facebook is definitely the place to do it. With each passing day, the platform is getting larger and larger. And that’s part of what can make the Facebook ad process so overwhelming. If you’re not working with an SEM agency, then it’s easy to get caught in vanity metrics without looking at what really matters.
Don’t fall into the trap of only paying attention to the metrics that will boost your ego. The above metrics are perfect for getting a true gauge of your performance. Though there are many more to choose from, the five we have just discussed are a great start.