Facebook is quickly becoming a major player in the online advertising game and with a surprise improvement to its ad platform, advertisers have even more powerful tools at their disposal.
In January, Facebook launched Conversion Lift, which helps businesses analyze the metrics related to their ad campaigns. An improvement, announced via a blog post yesterday, will help advertisers run comparison tests to see which campaign they should use to best maximize their return on investment (ROI).
Before, Conversion Lift only allowed advertisers to see how their ads were performing compared to a randomized test group to see how they were performing according to a previously stated goal (Sign Up, Shop Now, etc.) But now, agencies and individual businesses can quickly and easily see how multiple ad campaigns with the same objective are performing against one another. Variables like choice of images, text, or user incentives can be compared, increased, or halted depending on performance.
You can also study the way each campaign performs against a control group to find out which ad is best accomplishing the intended objective, the performance of mobile ads, and how brand awareness ads compare to direct response ads for your company.
Advertisers can also get a glimpse of how direct purchases are being influenced by any given ad through multiple channels, such as an online store or through an in-app purchase. From there, you can also see the cost per acquisition and catch any snags that may be disrupting a user’s purchase path.
The end goal of all of this is to help advertisers find ways to better spend their money on Facebook Ads. Small businesses with tight budgets should take a strong look at these tools to maximize their spending and find their niche targets in Facebook’s demographic tools. While there’s plenty of competition in the online advertising space, a smart advertiser will find their audience and reduce their core advertising budget by using the best available information. We don’t know if Facebook’s newly upgraded Conversion Lift will provide that, but be certain that we’ll be running it through its paces in the near future.
Image source, labelled for reuse
Comments are closed.