Top 3 FACEBOOK ADS METRICS You Must Analyze During Your Online Product Launches
Are you hesitant to invest or invest further in Facebook ads because you don't feel like you have a grasp on how they're performing or how you can tweak them to make them perform better? Have you launched them?
But as soon as you look at the Facebook ads metrics, you get overwhelmed by the numbers and money spent and just want to shut them off.
In this video, I will teach you the top three Facebook ads metrics to monitor when you are running ads, how to calculate them, and what exactly they're measuring. So you can get the biggest return on your investment. This video is for you, whether you manage your own Facebook ads or you have someone else measure them for you.
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Most of my clients either use or have used Facebook ads at some point. And I can tell you firsthand that it can be scary to invest a bunch of money into something and not know if it's actually working for you, or if you're just throwing money down the drain.
And even if you think they might be working, you'll want to continue tweaking and improving them to maximize your ROI. But how do you do that by looking at Facebook as metrics?
Now, I know it can be super overwhelming to click around in Facebook manager. And there's so much data that you can look at if you want to, but guess what? You don't have to look at it all. You don't even have to look at most of it.
There are only three key metrics that you need to look at to get all the information you need to start making optimizations on your ads.
These are the same three metrics that I advise my clients to focus on all their attention on to comment below. And let me know, are you currently using Facebook ads in your business? And if so, what Facebook ad metrics do you typically look at right now?
The First Metric Is Click-Through Rate.
This metric is calculated as total clicks, divided by total impressions for that specific ad. Now, if you're clicking around Facebook ads manager for the clicks metric, you might notice that you can look at all clicks, which measures every single click on that ad.
Even if the same person clicks a bunch of times or there's unique clicks, which measures only the first click taken by a person on that specific ad and not any of the other clicks that come from that same person. After that first one, you can use either type of clicks for your click-through rate calculation, and there are benefits to using both.
But the important thing is to use whichever one feels right for you and your business and to continue to use that specific calculation consistently. If you're using all clicks, your metrics might appear quote-unquote, better than if you're using unique clicks, but that doesn't actually mean too much. As long as you're staying consistent with how you're measuring it.
Click through rate is a percentage.
And I would say that a general benchmark is one to 2%. So what does click-through rate actually measure when you compare it to the benchmark, click-through rate measures, how compelling your ad creative is your copy and the image or video that you use?
If your click-through rate is above the benchmark, great, your ad creative is doing amazing. If it's below the benchmark, try testings and different images or ad copy to see if you can improve that metric.
The Second Metric Is The Cost Per Click.
This metric is calculated as the total money invested in that particular version of the ad divided by the total number of clicks.
And remember what I said about all clicks versus unique clicks earlier, the same thing applies here as well, pick which one feels right for you and your business. And stick to that one consistently the benchmark for cost per click can vary pretty greatly depending on what the ad is for what industry you're in, what you're pitching, and also dependent on the ad, creative, the copy, and the graphics.
It can vary from less than a dollar per click, all the way up to two to $3 per click. If you're selling something that's a little bit of a higher-ticket item, it's good to use your own business and products as a benchmark as well.
If your ad is performing below the benchmark on this metric, I would continue to test ad copy and graphics, but I would also look at your targeting. If you're not targeting the right audience, then you, they might not be enticed to actually take that clip causing your cost per click to be higher.
The Third Metric Is The Cost Per Conversion Or Cost Per Lead.
If you're directing someone to an online product launch sales page, that would be cost per conversion. And if you're directing them to an opt in form, you'd want to look at cost per lead.
If you want to learn more information about how to calculate conversion rate and why it is so important to measure, check out this related video that I created just for you. The benchmark for cost per conversion can also vary greatly. And it's usually dependent on what you're offering.
If it's an opt-in the barrier is lower and you can actually see metrics as low as 50 cents per lead. If you're selling a higher ticket product, your cost per lead could be like $20 or more. But if your cost per lead is $20 on a $200 product, then you're still coming out ahead. Does that make sense?
If your cost per conversion is higher than you would like it to be, and your other metrics are in line with benchmarks, you should probably tweak your targeting and maybe even reevaluate what you're actually offering in the ad. Is it something that your audience wants and needs? Is there alignment throughout the entire journey of seeing the ad clicking on the ad and landing on the landing page?
Alright! So now that you know what metrics to look at to determine the success of your online product launch, the next step is to understand exactly what those metrics are telling you and what specifically you need to tweak for your next launch.
If you made it this far, then you're ready to face your numbers head on to scale your business in smarter and more efficient ways. And I've got something just for you.
Check out my worksheet and step-by-step video training for entrepreneurs called the easiest way to interpret metrics and numbers to make your next launch your best yet.
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If you're ready to take your business and marketing to the next level, using metrics and systems, make sure you check out these related videos on my channel. Cheers friend to your business success!
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