When investing more than $1000 a month on Facebook lead ads, it can be quite confusing to deduce which metric to measure for the best understanding of your Facebook Ads performance. Facebook provides tons of metrics to track your Facebook ads like- reach, CPC, CPM, Reaction, Link Clicks and the list goes on. It can be frustrating to come to a conclusion on which metrics should you keep an eye on to best measure the performance of your Facebook ad.
Hence, to ease out your task, we bring the compiled list of only the most important Facebook ad metrics you should track, irrespective of the Business your firm is in. and more importantly, how can you leverage the insights from these metrics to further grow your business.
But before going ahead with these metrics, do activate Facebook pixel so that you have key information on your Facebook users and leads.
1. Track Frequency- avoid the display of your Facebook lead ad repeatedly to the same users .
Frequency in Facebook lead ads tell you the number of times a user has viewed your ad. Though initially you may feel that more views means the user is interested and it’s good for your business, buddy, that’s not the case. If the user is shown the same ad multiple times, he may get bored with seeing the same ad again and again leading to Ad fatigue. He might even get annoyed and ignore or block you completely.
As we can see in the image above, the bottom 3 ads have high frequency and high cost per lead too. High frequency just eats up unnecessary funds from your budget and hence is an important Facebook Metric to track.
AdEspresso, after analyzing 500 Facebook campaigns concluded that increased frequency leads to an increase in your average cost per click (CPC) all the while decreasing your CTR.
If a user was interested in your offering, he would have filed your Facebook lead form in the first time itself.
So what could you do to avoid Ad Fatigue and make the most of your Facebook lead ads’ budget and generate more leads?
- Select a more defined Facebook Target Audience
- Design a completely new & refreshing Facebook ad with highly alluring texts and graphics
- Choose ‘Daily Unique Reach’ on Facebook to ensure your Ads are displayed to unique user
2. Conversion Rate- A Metric to calculate how many users completed the action you desired
Conversion is a metric whose definition differs from business to business, For some businesses, it may be just getting the Facebook lead’s contact information whereas for some it may be getting the user to sign up for newsletter. Basically, the conversion metric means the action a business desires from a lead.
The conversion rate metric is an indicator of how likely a user has reacted to your Facebook Lead Ads. As for you, your campaign goal is lead generation. When choosing what to advertise on Facebook, it is advised to market the products or services that are highly desirable and will make users to go ahead and fill your Lead form.
Though it is said that campaigns using lead ads had an average conversion rate of 12.54%, it still may differ from industry to industry.
But when you have multiple ad campaigns running, it becomes difficult to keep a track on where the lead came from. To avoid any confusion, we recommend you to sync to Leadzpipe. It is a Lead Management Tool where you can track the Facebook Ad or campaign the lead came form; that will help you analyse which of your Facebook Lead Ads/campaigns performing better than the rest.
It also calculates all the important metrics required by a digital marketer. For example, it shows you the number of clicks on your Facebook Lead Ads versus the number of leads that actually filled in their contact details and later even qualify the leads. You can also track your cost per conversion with the help of Leadzpipe.
3. Relevance Diagnostics- Is your huge budget for Facebook Lead Ads targeted to the right audience?
Relevance Diagnostics is a metric by Facebook that helps you know how relevant your Facebook Lead ads are to your targeted Facebook audience. It is a 10 pointer metric with 1 being the least relevant and 10 the highest. A low score suggests a high Cost per click and a high relevance score, by contrast, results in a lower CPC and more leads.
It is a metric explaining why your Facebook Lead Ads are performing the way they are. If you are unable to generate enough leads on Facebook, it simply means you are targeting the wrong set of users and paying more than you should. The Relevance Diagnostics metric is simply a feedback of your Facebook Lead Ads.
Once your Facebook lead ads has reached 500 impressions, Facebook will start generating a relevance score for it.
Relevance Diagnostics is necessary to track to have a successful Facebook Ad marketing campaign.
If you have a low relevance score, the best way to tackle this issue would be to initially launch an A/B testing campaign on Facebook, see which ad is performing better and then launch the best performing one.
Do not be overwhelmed with the work associated while measuring these metrics during your Facebook Lead Ad Campaign. If you need any assistance, we’d love to help you out! Let us help you take some weight off your shoulders so that you can focus on your core business responsibilities.