Simply launching a digital advertising campaign isn’t enough. Ask yourself – Did it work? And what can be done better? By measuring and tracking the performance of your ads, you can continuously optimize and improve your strategy. There are two sources to acquire important metrics (the advertising platform and your website) but what measurements are most important to analyze on each?
Metrics on Social Media
Regardless of the social media platform you choose to analyze, you will be provided with numerous measurements to determine the success of your campaign as well as identify areas to improve. From the creative and targeting to the bidding and placement, each component plays a critical part in the success of campaign. Not sure where to look first? Begin with these crucial campaign details:
- Reach vs. Impressions: Compare how many unique (different) people saw the advertisement (reach) versus how many times the ad was seen in total (impressions).
- Frequency: Frequency is the average amount of times your ad has been shown to an individual. Take into consideration that more views isn't necessarily a good thing. Although frequent exposure to your ad may help to stay top of mind, many may become annoyed.
- Video Views: Video views are how many people viewed your video. Keep in mind that Facebook counts a view after a video has been watched for 3 seconds, which can include those who just slowly scroll through their newsfeed.
- Engagement: This shows how many people interacted with your ad (likes, comments, shares).
- Clicks: Clicks represent how many people clicked on your ad to visit your website or a specific URL. *Note: if clicks to your website are high, but conversions on the webpage are low, reevaluate your landing page.
- Click Through Rate (CTR): Click-through-rate is the percent of times your ad was clicked in comparison to impressions. If your numbers are low, reconsider your creative or targeted audience.
- Cost per Click (CTC): This tells you the average cost of getting a user to click on your ad.
- Relevance Score:How relevant are your ads are to your target audience? This metric gives you a good indication. Ads with low relevancy scores can still have high performance if you have a great ad, but might have a much higher cost per click.
Metrics on a Website
While advertising platforms will give you detailed information around the individual components of your advertisement, it is equally as important to analyze what your audience is doing on your website after they are led there.
While social media platforms are continuously providing businesses with new ways to convert directly through their platform, most businesses view their website as their biggest conversion opportunity. Therefore, the advertisement and your website must work well together. Be sure to pay close attention to the following metrics:
- Visitors and Visits: These metrics showcase how many unique individuals have viewed your page compared to how many times your website was visited.
- Conversions: Conversions are a crucial KPI to keep in mind. By reviewing your conversions, you can take note of how many people took an action you anticipated on your site. This includes form submissions, phone calls and even closed deals.
- Conversion Rate: The conversion rate shows how many visits have converted into leads. In order to determine this number, calculate by dividing leads by visitors.
- Bounce Rate: The bounce rate is one metric you'd like to see low numbers for. This metric is the percent of people who left the website before taking any actions or navigating to another page. Pages with high bounce rates do not help your SEO. Make sure to review why these pages may be driving users off your site.
- Revenue: It's best to understand if your ads are bringing in additional revenue, so this KPI is a great one to review. Please note, this metric might not be important for the ads within the awareness stage, but is crucial for those in the conversion stage.
Although this list may seem overwhelming at first, don’t worry! Where there is knowledge, there is power, Depending on your business and your objectives, benchmarks for performance will vary.
Before launching a campaign, have a clear understanding of your goals and identify important KPIs to track while the advertisement is live. Study these metrics in a combination to see the whole picture and to gain insight into ways for continuous improvement.
To learn all ins and outs of social media advertising, check out:
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