Knowing your numbers is the key to success in the Facebook ad space.
If you’re planning to invest in Facebook ads in 2020, it’s essential to know your numbers. Running ads without consistently tracking your analytics is like sending something into a void and not really knowing if it’s landing. You can throw tons of money at ads, but if they aren’t done well and monitored regularly, they aren’t going to convert. You’ll also spend more money than you want to for a much smaller result. Whether you’re outsourcing or doing ads in-house, it’s important to have a firm grip on how well your Facebook ads are performing in order to make the right decisions for your business. What should you be doing to ensure your Facebook ad blitz is a success?
Install a Conversion Pixel
You want to know how many clicks are headed to your website through your ads. The simplest way to do this is to place a conversion pixel on your website. It’s just a small snippet of code that’s simple to add, or to have your web designer ad. That way you know you’re getting an accurate reading on your click conversions.
Utilize A/B Testing
The great thing about Facebook ads is that they’re easy to test and change. Turning various ads on and off helps you see which ones are converting well and which ones need tweaking. It will also help you see if your individual audience responds best to video vs. graphics vs. text and allow you to adjust accordingly. A/B testing is essential in an ad spend; it helps you to get the most value out of your money and isn’t hard to implement. If you’re just starting out, create a variety of ads and see which ones convert the quickest.
Set an Effective Conversion Value
It’s essential to know how much it costs to acquire each new customer. But it’s also important to know the average lifetime value of each new customer. If you’re spending more money to acquire new customers than each customer is paying, something is broken, and you aren’t going to be in business very long! It’s easy to spend a lot of money on ads without thinking about the long-term ramifications of customer value. But truly understanding the lifetime of a customer and how much they’re likely to spend in your business will help determine both your ad budget and your targeting strategy. This will help you see if you need to find a way to get increased conversions and where the kink in your “customer experience hose” is.