One common mistake that advertisers make is launching a Facebook campaign and doing no analysis while it’s running. It’s the analysis of your campaigns and the subsequent actions you take based on your findings that deliver exceptional return on ad spend (ROAS).
By analyzing your campaign performance on a consistent basis, you’ll be able to quickly spot fluctuations in campaign metrics that signal a need for testing refreshes or reveal winning Facebook ads you should scale.
Understand what your metrics mean.
Analyzing four core metrics — cost, relevance, frequency, and CPM — helps you identify and assess the performance of your campaigns and the ads within them.
Create a customized report.
To measure the four core metrics in one reporting view, you want to create a custom reporting column in your Ads Manager dashboard.
Navigate to your Ads Manager dashboard and select Customize Columns in the Columns drop-down menu. Navigate to your Facebook Ads Manager dashboard and select Customize Columns in the Columns drop-down menu. In the Customize Columns window, remove irrelevant columns, and under the Performance section, select the checkboxes to add Relevance Score and Frequency. Then under the Cost category, add CPM. In the Customize Columns window, select the checkboxes to add Relevance Score, Frequency, and CPM. In the lower-left corner, select the Save as Preset checkbox and name your new column “CRFC Metrics.” Then click Apply to save your changes. In the lower-left corner of the Customize Columns window, select the Save as Preset checkbox and name your new column.
You now have a specific reporting view to use at the ad level of your campaigns.
Compare and analyze.
Use the Compare feature to track changes in these four core metrics to measure the effectiveness of your Facebook ads. By using this feature in your data reporting, you can track how these metrics change over time while your campaigns are running.
This gives you insight into how your ads are performing and when to make changes, known as “testing refreshes,” to reduce the impact of ad fatigue. One of the comparison reporting methods you can use is a 7-day running analysis.
To use this tactic, navigate to the ad level of a campaign that has been running at least 2 weeks. Once you’re at the ad level, select the CRFC Metrics reporting column you created earlier.
Have you tried doing a running analysis on your Facebook ads? Share your thoughts in the comments below!