Facebook ads can get you major bang for your advertising buck. But the data isn’t always easy to interpret.
Facebook ads don’t seem to be going away anytime soon. With the social media platform’s latest algorithm switch, less and less business content is being shown authentically in news feeds, meaning that paying for ads or boosted posts is the best way to get eyes on your content. Add in extremely accurate targeting methods and pretty affordable pricing models, and it’s easy to see how Facebook ads can make a big difference in a company’s sales.
But tracking the effectiveness of ads can be a whole different ball game.
Facebook provides you with a lot of analytical details. This is helpful—but only if you can figure out how to interpret them. Here are four steps to actually comprehending your Facebook ad analytics so you can see what worked, what didn’t, and what you should try next time.
- Pay more attention to your click-through rate than your ad impressions. An impression is simply who saw the ad in their feed, but the click-through rate is who clicked on it. If you correctly targeted your audience, you should see a high click-through rate. If your click-through rate is low, that means your ad isn’t pulling anyone to click on it. That could either mean you targeted incorrectly or you missed the mark on your ad image or copy somehow.
- Focus on your conversion rate most of all. This is how many people not only clicked on your ad but made a purchase. This is obviously the most effective metric and looking at the difference in your click-through rate and conversion rate can help you troubleshoot potential issues with your landing page.
- Keep your cost per conversion rate as low as possible, within reason. If your product has a high price point, you may be able to get away with a higher cost per conversion. But if your product is only $5, you want to make sure you’re actually seeing a profit from your ads.
- Ignore how many likes or shares your ad gets. These are vanity metrics—it’s great that people liked the ad and that it resonated with them, but those metrics don’t actually make you any money. An ad that gets a ton of shares but had no conversions was not a good ad, no matter how witty or well-designed it was. Focus instead on the rates above to make sure you aren’t wasting your time and money.