Campaigns using lead ads have an average conversion rate of 12.54% whereas Campaigns using landing pages had an average conversion rate of 10.47%
This shows that when you take users out of the Facebook app, there are high chances that they will close the landing page and go back to scrolling their Facebook feed. And hence, we recommend Digital Marketers to use Facebook’s Lead Ads when their campaign goal is to generate a high volume of leads.
When your business relies heavily on Facebook for lead generation, it is crucial to analyse your Ads’ performance consistently. And to do that, it is even more critical to use the right metrics.
Most importantly, to track your audience and run highly targeted campaigns for the ultimate lead generation, make sure you have your Facebook Pixel installed. It is a key factor to make the most of your Facebook Lead generation campaigns and have the conversion pixel installed before you go live with your Facebook Lead Ads. You get one default pixel for one Facebook ad account.
But before we get started with the metrics most helpful for lead analysis, let’s have a look at the metrics you can totally ignore.
Avoid Page Like
Having a look at metrics such as likes and shares on your Facebook Lead Ad for lead generation is a complete waste of your time. Likes may appeal to you as positive gains but frankly,
This metric is useful only when your Facebook Ads’ goal is to increase brand awareness.
But your desired goal here to make users click on the lead form and fill in their details. Hence, this metric won’t calculate your money’s worth and you can totally ignore it.
Don’t run Ads with Video View
s Ad Objective
We understand Facebook Videos Ads are creating a rampage for Digital Advertisers. But frankly, it won’t matter to you. Just because Facebook users are viewing your Ad doesn’t necessarily mean they will fill out the lead form.
Facebook Video Ads work very well with the lead generation objective. Not with Video view objective as that will make Facebook algorithm find more users who are likely to watch a video!
As your Facebook Lead Ads’ campaign goal is lead generation, you can ignore this metric too.
And even if you are targeting users based on video views, target users who watched more than 50% of the video.
Now that your time is saved, you can focus on the important metrics that will give you a better understanding of your Facebook Lead Ad Campaign. So here’s the list of the
KEY METRICS YOU CANNOT IGNORE
1. CPM (Impressions/Reach) – Can’t forget to check if your money is being optimally utilized. It’s an obvious one but a lot of times people forget to check if the CPM’s are optimum!
Impressions is simply the number of times your Facebook Lead Ad was on screen. It is one of the metrics you can use to measure the success of your Facebook Lead Ad campaign. As you are spending heavily on Facebook Lead Ads daily for lead generation, it is necessary to see if your cash is being utilized optimally. You need to study the number of impressions vs leads your Facebook Lead Ad has received.
What do you do if your Facebook Lead Ad isn’t getting enough impressions?
If the Impressions on your Facebook Lead Ad aren’t enough, it may tamper your lead generation. If you don’t get enough impressions, there is definitely something wrong with its framing.
• You may not be spending enough on your Facebook Lead Ad
• Your target audience isn’t live on Facebook much
• Like your budget, your bids may be relatively low too
Consider the above things in mind and re-frame your Facebook lead ad.
2. Engagement- is your Facebook Lead ad creative interesting enough?
Engagement measures the number of times someone took action on your posts. That could mean clicking a link, sharing your post, making a reaction or leaving a comment. This is a key metric for lead generation as it analyses how many users found your Facebook Lead Ad interesting to interact/engage with it,
The average engagement rate for Facebook posts is 3.6%
This should be your benchmark for analyzing the engagement on your Facebook ad, if you’re engagement rate is below this, you should again alter your target audience or your creatives.
You should also check the Frequency.
Frequency is a Facebook metric that shows you the average number of times your Facebook Ad was shown to a person. If your frequency is high, it means your Led ad is being shown to the same user time and again and hence, not much engagement and hence, not much lead generation too.
3. Cost Per Result – to check if you have crossed your targeted CPL
This THE MOST important metric for lead generation and needs to be tracked continuously. You need to see the actual cost you are incurring on a lead and compare it with your targeted CPL. If your targeted CPL for your lead generation campaign was $50 per lead but your actual CPL is $60, again, you need to check the frequency, CPM or the engagement rate of your Facebook Lead Ad.
This important Facebook metric tells you the outcome of your efforts. As your Facebook Ad campaign’s goal here is Lead generation, the data here will show you how many leads your Facebook Lead Ad has finally generated.
If your result score is low, it can also be the questions you ask on your lead form.
Don’t get too personal or ask too many questions. Your lead form fills will go down.
We recommend you to ask basic questions on the form and once when you start interacting with them, you can ask other questions you wish gain answers to.
2 more bonus secrets to optimize your Facebook lead ad campaigns
> Redefining your target audience
You can study the demographics of your generated leads and analyse if you are targeting the right audience. If you are targeting a broader demographic assuming it will garner you with higher lead generation, it is only going to cost you more (always remember that Facebook charges per impression). Hence, target an audience and keep a tap on this Facebook metric as it lets you know if you are targeting the right audience.
> Refresh your ad content and creatives every 15 days (for the ones that are not performing)
But with Facebook, you cannot view multiple audience breakdown at one go. You can either view your audiences’ gender and age or the region. But with Leadzpipe, you can study all your audience’s demographics at the same time on the same dashboard. Your target audience’s region, age, gender and you can even study the performance of your Facebook Lead Ad.
• Check frequency
• Redefine your target audience
• Study Demographics
4. Check comments- you can generate leads from here too!
You also need to constantly check comments on your Facebook Lead Ads. This metric aids you in examining how the Facebook users are finding your Ads. There might be comments about certain aspects of your Facebook Ad that users might not be able to understand or have queries about or they might have even adored it.
Lead generation can also be done from comments on your Facebook Ad.
Analyzing comments is a good way to study the performance of your Facebook Lead Ad. If there are any negative comments, it is better to get rid of them as they may create a ripple effect.
To wind up,
These Facebook metrics are suggested by Digital Marketers Experts who have over decades of experience in this field. So do let us know how helpful these metrics were to you!