As a business owner you are probably reliant upon your digital go-to person for what is important online. The problem is, everyone has their favourite metrics to look to, and these may not be the metrics that your company needs to know about. Dependant on your ongoing or campaign specific business goals, you may actually need to be looking at completely different things! Don’t miss out on the most valuable offering of social media: transparency! As an over-arching rule, your business goal should always be directly measurable via social media OR through your website with social media attributed. You as a business need to start understanding that transparency and attribution are now easier than ever to measure. Don’t be fooled by the idea that social is purely an awareness game. Please find below in no particular order, the Facebook Advertising metrics that you really should be looking at to measure the real performance of your Facebook Marketing efforts.
Top Facebook Advertising Metrics to Focus On
Metric #1: Reach
Enquires from your website require someone to visit your site. For someone to visit your site they need to have seen something they like or have a specific need to visit your site. The basic assumption is that the more people you reach, the more people you can communicate with. Reach is still very important to review. However we recommend it be looked at in line with other metrics, not as a standalone.
Metric #2: Relevance Score
You may have heard this term being thrown around over the last year or so. Relevance Score is a term used to measure the relevance of your ads to the audience that you’re reaching. If you are reaching 100,000 people with a relevance score of 1, then you may well be throwing your money down the drain. It is important that your ads are constantly being refined and refreshed. This ensures that your ads are always relevant to your audience. Of course, relevance scores are not always required to be 10. Your social media marketer may have a very good reason why it is lower and if so then great. It is important to review though, to make sure money spent is money well spent. Note: There are circumstances where running ads with low relevance score is worthwhile.
Metric #3: Interactions
This metric is dependant on your campaign. If you have an offer, a share, like or comment promotion, an event or something that requires interactions than this is what you are going to want to look at. If you have a video which you are looking to promote to people then this may also be useful. In addition to interactions, COST PER INTERACTION will likely be of interest to you. Especially if you have a target in mind of interactions and what that is worth to you. ‘Cost Per Interaction’ is not going to be the term used in the Facebook Advertising platform. Instead, you’ll find it under the “Cost” tab of your campaign, ad set or ads, with some text under the figure as “Cost Per Engagement”, “Cost Per Video View” and so on.
Here is Some Bonus Information on Interactions
Depending on how up-to-date your Facebook Ad Manager is you will be able to create ads based on certain engagements. This is a great process to undertake to move people through a sales funnel. That is, from just seeing something they like from you, to genuinely considering what you offer. My company Knackmap ran a video campaign earlier this year. We were trying to build video views for our video about the day in the life of a social media marketer. We generated over 10,000 views on their video. Following this, we ran a FREE TRIAL ad campaign for users who watched their 2 minute video for longer than 45 seconds. To receive these video views we were paying about 1c to 2c depending on the ad. To reach the 500 people out of the 10,000 that watched the video was about 50c. As part of our advertising campaign, we ensured our audience was highly targeted. We then promoted to this audience with the Knackmap Enterprise Social Media Marketing Software. The cost per interactions and the quantity of interactions for the video views were very important as they assisted us in creating a very niche audience.
Metric #4: Traffic
Traffic is one of the easier Facebook Advertising metrics to quantify against a value for businesses. Let’s say for example that for every 100 people that visit your site, you are going to get 5 enquires or sales. These enquires/sales are worth on average about $100 each. Hence, you know that the average click to your site is worth about $5. If your campaign brings in 1,000 visitors who are highly relevant, then you’ll be able to measure your traffic value. You’ll need to have some attribution and conversion settings on Google Analytics to know what the value was thanks to your Facebook campaign. If your 1,000 extra visitors brings in $5,000 then the traffic from Facebook is just as valuable as that of other sources of traffic. If the extra 1,000 visitors brings in $10,000 of business, then your campaign is bringing in MORE valuable traffic. And of course if your ad traffic brings in less value than your regular traffic, then your campaign will need work. Hopefully not less than what you spent on your advertising campaign! Traffic really can be sliced however you want it. The above format for me though has always been a surefire way to measure the value of traffic as part of your overarching sales funnel.
Metric #5: Conversions
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The final of this Facebook Advertising metrics series that I’d like to cover is your conversion score. If you have your ad tracking set up correctly then you can measure conversions. That includes measuring the exact % or dollar value of those conversions. Furthermore, you can also run campaigns targeting people more likely to CONVERT. This is only possible if you have your ducks in a row so to speak on your website and ads/business manager. If you have any questions about whether conversion tracking is possible for your business then don’t ever hesitate to ask us :).
Bonus: Cost and Results
I’ve put these two points separately as they really do vary depending on the campaign you are running. Your ‘Cost’ and ‘Results’ of your campaign can help you determine your true Return on Investment (ROI). With the Facebook Advertising metrics above, you can paint a really clear picture as to what the actual value is of your marketing efforts. This can help you to plan for future campaigns and ensure that you are always reaching performance targets.
The Proof is in the Pudding
Every other metric that you are identifying as important outside the above better be assisting you to understand and refine your core sales funnel. Whilst some vanity metrics can sound appealing, they are often used in vain. Unless they are helping you understand your true return on investment then you may have just poured money down the drain. For most businesses this is monetary. Now more than ever, businesses have the opportunity to understand the raw truth about their marketing effectiveness. These Facebook Advertising metrics are just an example of how transparent digital marketing is. Measure + Refine = Ongoing Results. Smash it.