Are you looking to improve your Facebook Conversion Ads?
Facebook is constantly changing its algorithm so social media marketers need to stay up to date to maintain their advantage on the platform.
One of the most important metrics social marketers track is the ROI on their ad spend.
For many marketers, conversions are a top priority. A good conversion rate is critical to the success of a campaign, which in turn is key to delivering a strong ROI.
Facebook ranks as the number one social media site for driving conversions and so used expertly, it can become an engine for your business’s growth.
But we get it; sometimes getting optimization tips can be overwhelming. So we wanted to give you 3 easy to implement quick wins that can start you on your way to improving your success on Facebook.
1. SEE WHAT YOUR COMPETITORS ARE DOING:
Ever wondered how your competitors are advertising on Facebook?
The Ad Library is Facebook’s most comprehensive ads transparency tool, providing a view of ads across Facebook’s apps and services. It makes advertising transparent by giving people more information about the ads they see.
The Ad Library contains all active ads running across Facebook Products.
All active ads a Page is running across Facebook Products are visible in the Ad Library. You can search for an advertiser to view the active ads running from the advertiser’s Page. When viewing a Page’s active ads, ad creative and copy will be displayed. Clicking “See Ad Details” will show additional information, such as from the Page’s “About” section, or more information about the lead form for a lead generation ad format. You will also be able to view the ads from a specific country using the country selector.
When viewing a Page in the Ad Library you can see additional context about the Page such as when it was created, name changes, and admin country locations. Admin country locations are only applicable for pages with high fan count or if they have run an ad related to politics or issues in certain countries.
You can search by Page name or keyword also, and then filter by:
- Page Name
- Status (Active and/or Inactive)
For these ads, results of both active and inactive ads for 7 years from date of first impression will be returned. These ads also include a disclaimer, so you can understand who is paying for the ads.
When you click on “See Ad Details” you will see specific information about the ad. This information may include some of the following:
- Active or inactive: People can see when an ad started running and whether or not it’s currently running.
- Disapproved notice: If an ad in the Ad Library was active but then became disapproved, it will show as “disapproved” in the Ad Library.
- Impressions: People can see a range for the number of impressions the ad received (ex 1K-5K), not the exact number.
- Amount spent: People can see a range for the amount spent on the ad (ex, $1K-$5K), not the exact amount.
- Demographic information (age and gender): People can see the % of people by age and gender who saw an ad.
- Location: People can see information about the location(s) where the ad was viewed.
QUICK WIN from Ads Library:
- See if and how your competitors are running ads.
- Run ads targeting competitors that aren’t running any ads.
- Check for any promotions and optimize spend based on what they’re running. For example, if a close competitor is running a big sale and you aren’t, you can expect a decrease in KPIs for that period. If that’s the case, you can choose to decrease your spend for the period to maximize your ROI.
2. OPTIMIZE FOR BEST CONVERSIONS:
Facebook’s standard practice is to utilize conversion pixels to track and optimize for conversions. This is especially essential when it comes to purchase based campaigns:
Now, we’re not going into this in detail because there are hundreds of other articles that can talk about how to set this up and do the standard optimizations. Here’s one from Ads Espresso.
However, there is one trick you can do, which not a lot of people talk about. This one optimization is especially helpful if you’re not getting enough bottom funnel conversions.
What do we mean?
If you’re campaign is currently optimizing for “Purchase” pixel fires, there is a chance that you won’t even get enough purchases to allow Facebook to optimize effectively. You’ll know if a conversion pixel isn’t getting enough data by the colour of the circle on the left side of the pixel as your setting up ads.
If this is the case, Facebook wouldn’t perform well because it’s optimizing for a conversion that doesn’t have enough data. So what can you do to get the ball rolling?
QUICK WIN from Conversion Optimization Trick:
- Try optimizing for the next best alternative. For example, if you’re Purchase pixel doesn’t fire often enough, you could try for the next funnel upwards, which is Add Payment Info (considering you have this set up).
- The closer you are optimizing for your end conversion goal, the better this optimization would work. For example, if you don’t have enough conversions on the Purchase level, or the Add Payment Info level, you can optimize for Initiate Checkout instead, bearing in mind that it won’t work as well because it’s two steps away from Purchase.
- We had a similar case where we weren’t getting enough weekly conversions during a period of a campaign run. So we wanted to test this optimization on a few ads to see how it would improve KPIs. We didn’t have Add Payment Info pixel set up due to client side limitations. So we could only optimize upward from Purchase to Initiate Checkout.
- The results were quite impressive and not so at the same time. Our CTR increased by 171% for the days we tested the optimizations! However, the increase in purchases weren’t there to back up the increase in CTR. In fact, purchases were quite slow during the period. We discovered that the reason for this was due to the high average order value of the product being sold, and that people upon seeing the price of the basket were leaving. We also learned that optimizing ‘Add Payment Info’ would’ve been a better way to go if we had the pixel in place.
3. AUTOMATED RULES BASED ON COST PER CONVERSION:
Automated rules allow you to create rules in Ads Manager and Power Editor that automatically update or notify you of changes to your campaigns, ad sets or ads. Automated rules put more control in your hands. Rather than checking the performance of your campaigns, ad sets or ads daily, automated rules can run these checks for you and take the actions you’d normally do manually.
QUICK WIN from Automated Rules:
This particular rule we tested allows you to maximize your ROI by bidding higher on ad sets that convert on a lower cost per conversion.
In the Create Rule window, choose All Active Ad Sets from the first drop-down list.
You want to set Action to “Increase bid by” = 20%. You can add more or less percentage based on how much more you’re willing to pay per conversion as well, but we kept it at 20% to be safe. We also set a maximum bid cap of €15.00 so we don’t overspend and hurt our ROI. This will depend also on what CPA you’re comfortable with. We wanted Facebook to constantly optimize so we set “Action Frequency” to “Once Hourly”, which is the most frequent Facebook can update the automated rules.
We set this rule to only activate when the following conditions are met:
- Lifetime Impressions > 8000 – this is to ensure we’re only applying the automated rules once there is sufficient history. This is optional, and you can change this to other metrics i.e. Clicks etc.
- Cost per Result < €5.00 – this is the key condition. This is what essentially will help drive down your overall cost per conversion so that your budget is focused more on getting conversions at a more cost efficient rate.
Comparing with last year’s performance, which had a similar spend, our Facebook ROI increased from 806% to 1032%! And these are one of the main optimizations we distinguished to be a contributing factor to this KPI improvement.
There you have it – 3 easy tips for improving your Facebook conversion ads!
If you want to do Facebook advertising better, get in touch with us TODAY at firstname.lastname@example.org or 01-7030405.