To access informative data about your existing Facebook ads, log in to the Facebook Ad Manager. In the column on the left side of the page, click the “Reports” tab and you’ll see an interface similar to the image above. You can create the following three reports in order to get detailed information about an individual ad, or an ad campaign.
Advertising Performance: Use this report to track and analyze variables like the overall number of impressions, clicks, and click-through-rate (CTR) your ad has generated. This report is your front line tool to measure your ad’s effectiveness.
Responder Demographics: This report provides specific information about the Facebook members who are viewing and clicking on your ads. Compare the demographics of this report with the target audience you’re trying to reach to determine if your ads are reaching the right people.
Conversions by Impression Time: This report tracks the average time it takes viewers of your ad to take action or “convert” after they have seen your ad. This can be a particularly helpful if your ad refers to a time sensitive offer.
Creating Facebook reports is an excellent method to track the effectiveness of your Facebook ads. All of these reports allow you to focus on a specific ad or campaign, along with a date range, so you can compare how your ads are doing over time.
Try a Few Varieties of Your Ad
Facebook itself advises you to create multiple versions of your ads. It suggests creating a few varieties of your ad with different images, copy, colors and so on to see which combinations are most effective.
You can also target slightly different audiences or demographics. For example, you could create the exact same ad visually, but modify the target audience so that your ad appears to people who are slightly older (or younger) than your first ad.
Use the reports from the Facebook Ad Manager to compare the results. Facebook ads can be very affordable. In fact, you can dictate how much you want to spend for each campaign, so you don’t need to worry about breaking the bank by creating multiple ads. Create a few versions of your ads to whatever extent your budget allows. Sometimes a trial and error approach can be one of the most effective means to track the effectiveness of your Facebook ads.
Include a Measurable Call to Action
No matter what demographic you’re targeting, or what variety of ad you choose for your campaign, make sure the action that you get your audience to perform is measurable. For example, if your ad promotes an external website, consider using Google Analytics on that site to track the number of referrals coming from Facebook.
If the goal of your ad is to generate more Likes on your Facebook Page, then use Facebook Insights to correlate the number of new fans with your ad campaign. The incredible power of social media advertising, and Facebook advertising in particular, is that almost everything is designed to be trackable. Facebook makes more money when your ads are effective, so don’t be afraid to use its resources to help you track the effectiveness of your campaign.
Farm it Out
As a business owner, you have a lot of balls in the air at any given time. In the course of running your business, sometimes you just don’t have time to try and figure out whether or not your Facebook ads are as effective as you’d like.
Although it’s usually preferable for those closest to your business to be same people who create and track your advertising, sometimes it might make sense to farm out the analytics tracking to a third-party.
Companies like Social Ad Manager or Acquisio offer Facebook ad tracking and ROI calculation of your social media advertising. If you choose to contract a third-party to track the effectiveness of your Facebook ads, make sure that the company answers all your questions, and make sure that you’re aware of all the associated costs up front.