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Mastering Facebook Ads Analysis

Published on: November 17 2023 by Dara Denney

Mastering Facebook Ads Analysis

Table of Contents

  1. Introduction
  2. Free Training Series with Motion: Make Ads That Convert
  3. Analyzing Facebook Ads Data the Right Way
  4. Dashboard Column Setup
  5. Key Performance Indicators (KPIs)
    • Main KPIs
    • Secondary KPIs
  6. Going Beyond Metrics: Utilizing Ad Comments and Organic Social
  7. Why CPMs, CPCs, and Click-Through Rates Don't Matter
  8. Conclusion

Article

Introduction

What's Up Marketers!

Hey there marketers! Are you ready to take your Facebook ads to the next level? Well, you're in luck because in this article, we're going to dive deep into the world of analyzing Facebook ads data the right way. Forget about the traditional metrics like CPMs, CPCs, and click-through rates. We're going to uncover the real insights that drive success in your ad campaigns. So buckle up, grab your notepads, and let's get started!

Free Training Series with Motion: Make Ads That Convert

Before we jump into the nitty-gritty of analyzing Facebook ads data, I wanted to bring your attention to a free training series I've been working on with Motion. It's called "Make Ads That Convert", and it's been receiving incredible feedback from marketers like you.

In this training series, we cover everything from setting up your ads to optimizing for conversions. We dive deep into the power of Motion, a tool that has completely automated my top-performing reports, individual ad creative reports, and even helped me build out dashboards to answer critical questions like whether to invest more in user-generated content or image graphic ads.

If you haven't signed up yet or missed the live sessions, don't worry! Recordings of the previous sessions are available too. So don't miss out on this opportunity to supercharge your Facebook ads game. Head over to the description bar below and sign up now!

Analyzing Facebook Ads Data the Right Way

Now, let's get down to business. When it comes to analyzing Facebook ads data, there's a specific approach you need to take to uncover the true insights that drive success. In this section, I'll walk you through my exact dashboard column setup and the key performance indicators (KPIs) that truly matter.

Dashboard Column Setup

To start analyzing Facebook ads data effectively, it's crucial to set up your dashboard columns in a way that provides insightful metrics. Here's the column setup I recommend:

  1. Delivery

    • Bid Strategy
    • Attribution
    • Budget
  2. Performance

    • Amount Spent
    • Purchase
    • Reach
    • Impressions
    • Frequency
  3. Key Metrics

    • CPM (Cost Per Mille)
    • CPR (Cost Per Reach)
    • Hook Rate
    • Hold Rate
    • Video Average Watch Time
    • Unique Outbound Click-Through Rate
  4. Conversion Metrics

    • Landing Page Views
    • Leads
    • Checkouts Initiated
  5. Engagement Metrics

    • Post Shares
    • Post Engagement

Now, let's delve deeper into the key performance indicators (KPIs) you should focus on.

Key Performance Indicators (KPIs)

When it comes to analyzing Facebook ads data, it's essential to have clarity on the KPIs that truly matter. Here are the two main KPIs that will guide your decision-making process:

  1. Amount Spent:

    • This metric tells you how much you've invested in a specific creative, ad set, or campaign. It's a crucial indicator of what is working best in your ad account, as identified by the algorithm.
  2. Purchase and Cost Per Purchase:

    • For e-commerce businesses, tracking the number of purchases and the cost per purchase is of utmost importance. These metrics help you identify the top-performing creatives that are driving conversions.

If you're running lead generation campaigns, you can replace purchases with leads in these metrics. By focusing on these primary KPIs, you can zero in on the creatives or ad sets that are delivering the most significant impact.

Additionally, it's crucial to consider secondary KPIs that support your storytelling and provide deeper insights into what works and what doesn't.

Going Beyond Metrics: Utilizing Ad Comments and Organic Social

While metrics play a vital role in analyzing Facebook ads data, it's essential not to overlook other valuable sources of information. Two areas that often go unnoticed are ad comments and organic social engagement.

By diving into the ad comments, you can gain additional insights into why a particular creative is or isn't performing well. Users often express their opinions and provide feedback, helping you understand what resonates with your audience. Similarly, monitoring engagements on organic social platforms like TikTok can provide valuable hints about your content's effectiveness.

Don't underestimate the power of these qualitative data sources. They can provide tangible insights that may not be captured by traditional metrics alone.

Why CPMs, CPCs, and Click-Through Rates Don't Matter

Now, let's address a common misconception – the significance of CPMs, CPCs, and click-through rates. While these metrics are often considered crucial, they shouldn't be the sole indicators of success or failure. Here's why:

  1. CPM (Cost Per Mille):

    • CPMs can vary significantly based on the industry you're in. Some industries naturally have higher CPMs, so it isn't an accurate benchmark for optimization. Instead, use CPM as a storytelling metric to compare against your account's baseline average.
  2. CPC (Cost Per Click) and Click-Through Rate:

    • Broader audiences often yield lower click-through rates, as relevance and interest are spread across a wider population. Don't base your creative decisions solely on these metrics. Facebook ads are designed to reach a broad audience, and focusing on click-through rates may lead to overlooking effective creatives.

While it's essential to monitor these metrics, they should be used as points of comparison rather than optimization criteria.

Conclusion

Congratulations! You've now gained valuable insights into analyzing Facebook ads data like a pro. By leveraging the right KPIs, exploring ad comments, and going beyond traditional metrics, you'll uncover the secrets to success in your ad campaigns. Remember, the real power lies in understanding your audience, crafting engaging creatives, and optimizing based on meaningful conversions. So go ahead, put these strategies into action, and watch your Facebook ads soar to new heights!

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