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How to Measure ROI Monday, March 13, 2017
The success of your Facebook campaign may seem like an easy thing to measure. After all, Facebook provides you with an abundance of feedback metrics that allow you to track your ad’s results.
However, the problem relies on the whole story. Even when many metrics report positive figures, your campaign may leave you wanting more. A surprising 88% of marketers are not sure how to measure the success of their social media campaigns.
The metrics most marketers use to evaluate their campaigns don’t provide them with everything needed to measure the actual success. For metrics that show results, you need to go beyond the CTR and CPC metric. It’s time to take a look at tangible data like clicks, views and conversions.
You should be constantly checking these metrics to see if your ad is being successful:
Very important, right? See how many conversions our ads are returning and the cost of each. You might need to create a Facebook Conversion Pixel for this, but it will be worth it to be able to track the journey of your customers and whether they complete an action once they have clicked on your ad.
For many this might seem not important. But putting yourself in front of more and more people should be one of your goals. How many users did your ad reach? What was the % reach of your target? Keep track to see if your product or service is being presented to as many audiences as possible.
Calculating your return on investment is a great place to start evaluating success. Don’t spend a lot to make a little. Calculate your ROI by dividing your net profit by the cost of investment and multiply it by 100.
As a rule of thumb, optimized campaigns will return better results. Determine the proper metrics that you want to evaluate and allow you to optimize your ad strategy, in return, it will improve your outcome.