The least fun, but the most important part of running Facebook ads is tracking the data. You need to consistently be checking in on your ads and making tweaks to optimize their performance.
Now if you’re allergic to numbers, like me, don’t worry. Facebook likes to show off and show us a ton of data that isn’t as important as they make it out to be.
There really are only about 7 numbers that will give you a good overview of how your ads are performing. Also referred to as your key performance indicators, or KPIs, these are the important metrics you should be tracking when it comes to your ads…
Results – depending on your campaign type, your results may look a little different. Essentially, results will reflect how many people are purchasing or signing up for your offer (conversion campaign), clicking to your blog post (traffic campaign), engaging with your post (engagement campaign).
Cost per result – How much is each new lead or result costing you, and compare this to other ad sets so you know which audiences are giving you the most valuable lead.
Click Through Rate (CTR) – The percentage of people clicking on your ad to either engage or follow the link. You want this number to be 2%+ for cold audiences and 3%+ for warm audiences.
Conversion Rate – The number of people who are converting, or opting in to your offer. Find this number by dividing the number of results by the number of link clicks. You want this number to be 20% or higher.
Purchases – If you’re aim to sell a product, you definitely want to be tracking the number of purchase.s. Keep in mind, Facebook sometimes likes to inflate the data so cross check this with another tracking system you have in place.
Cost Per Purchase – This will help you determine which audiences are performing the best.
Frequency – How many times someone is viewing your ad. Keep an eye on this number, as you don’t want it too high as people might get annoyed and report your ad. I like to keep mine between 1-2.