Analyze Facebook ad performance
1. Go to your Facebook ads manager to improve campaign results like increase ROAS, cost, or increase leads/ sales.
Make sure that you are looking at the Facebook Ads manager.
2. Select, modify, or remove the columns that best fit your advertising goals to analyze the most important information of your campaign.
In the image below you can see that we have selected, Delivery, Results, Reach, Impressions, Cost Per Result, Budget, Amount Spent, Link Clicks, Cost per lead, and Website leads, as the columns that we want to see based on our lead generation goals for this client. To change the columns click on the Columns button (highlighted in green on the image above) Facebook gives you pre-created columns that you can select from. Select Customize Columns and select the columns that best show the data you want to see. Facebook gives you lots of options for the columns you want to see. Select the columns that will give you data to achieve the goal of your advertising. For example: If you are focusing on Leads: Delivery, Budget, Impressions, Reach, CPC (ALL), Leads, and Cost Per Lead, are good columns to keep. If you are focusing on Sales Goals: Delivery, Budget, Impressions, Reach, CPC (ALL), Purchases, and Cost Per Result. Once you have selected the columns select Save as preset.
3. Select the Campaign tab to view the Ad Campaign level, and check for areas to improve.
Look out for things like activity, target audience, budget, and clicks. You want to make sure you start looking at the campaign on the Campaign tab, to see an overview of the campaign. A few things you should pay attention to: Is the campaign active and advertising? Are the ads being viewed by your selected audience? You can find this on the Reach and Impressions columns. What is your current budget for the campaign? How much have the campaigns spent this month, week, or per day? How many link clicks have each of the campaigns received? Which campaign is delivering results at a lower cost? Note: Facebook sometimes does not deliver data to some columns on the campaign level. Therefore, check the Ad set level to find this information. Your job is to not only analyze but find ways to improve the campaigns. For example, while checking the campaigns, you notice that one of the campaigns is delivering leads at half of the cost of the other campaigns. From here your job is to find out how this is happening.
4. Select the Ad Sets tab and look at the number of Clicks, Cost, Reach, and Activity, to start looking for ways to improve your ad sets.
Here are some of the things to analyze for in the Ad set level. Are the ad sets delivering Impressions? Are the ads getting enough Reach? Link clicks: Getting enough link clicks? Which ad sets are getting cost for less? When reviewing the ad sets go through the Cost per Result of each of your ad sets. Is one of them costing less to advertise? Are there ways that you can maybe further decrease the costs?
5. Select the Ads tab to find the ads that have the most impressions.
Looking at the Ads on the Ads tab make sure to pay attention to: Any ads delivering more impressions than others. Any of them delivering cheaper clicks. Also, make sure you open the ads and see the type of engagement that you are receiving from the ad. Are people giving positive feedback for the ad by leaving likes and good comments? Sometimes comments can give you great feedback on ways to improve the campaign. For example, the image above shows that one of the ads is receiving 28 leads for $17.48 per lead, while one of the ads received 1 lead for the month, at a cost per lead of $181.32. These are the type of insights that you need to find in your advertising campaigns. Find the ads that are costing too much and not delivering the intended results like leads or sales. You may want to decrease advertising spend for this ad or completely stop these ads.
6. Look at demographics like age, gender, location, and other data like placement and devices in the Reports tab, to find optimization opportunities and improve the campaign.
Click on the Reports button on the right side of the Facebook Ads manager page, and create different reports to find improvements. Some ideas to find improvements within reports: Look at age and gender reports to see if a specific gender or ages are converting at lower costs. Look at region reports to see if specific areas of the country of a state convert much more than others. Look at placement and device reports to find if a specific placement or device performs better than others.
7. With the iOS 14.5 update, you may notice that many of the popular breakdowns shown in Reports do not show, such as Results or Conversions. You have options to resume tracking, but keep in mind that your ability to view performance is now limited.
Verify your domain in Facebook business manager. This allows you to begin the process of setting up 8 conversion events that you’ll be able to track. Identify the top 8 tracking events you’d like performance data on. These could include purchase, add to cart, view content, etc. Prioritize them from highest to lowest because Facebook will only track one per session. See instructions on setting these up here. Change your Attribution Setting to 1-day click or view for more accurate reporting and better optimization from the Facebook algorithm. You can change this setting at the Ad Set level. Because you might not be able to see detailed conversion metrics and other performance data in Facebook, you can alternatively gather insights by setting up different UTM parameters to test campaigns and copy. Currently, Google Analytics may offer more demographic data that is not available on Facebook. A more advanced way to ensure performance tracking is to implement first party cookies (which is different from third-party cookies that Facebook uses to track activities across multiple platforms). For first party cookies, you must have Google Tag Manager installed (which creates the cookies), and have a form with hidden fields that you can “iFrame” on your website.