Decide your Facebook KPI
1. Decide your main Facebook Ads KPI based on the business goals that you want to achieve:
Go to the Facebook Ads Manager to view the metrics on account, campaign, ad set, and ad level. If you use Facebook Ads to drive sales in your webshop use sales-related metrics such as, Purchases, ROAS, and Cost per purchase. If you use Facebook Ads to generate leads use the following metrics, Leads and Cost per lead. Use these metrics to optimize your campaigns: Increase budget for campaigns with the best results for example, highest ROAS and lowest cost per lead. Create duplicates of the best performing ad sets, and expand the targeting. For example, add additional locations or expand the targeting criteria. Deactivate the campaigns and ad sets with poor results.
2. Track the CTR of your Facebook Ads to better understand which ad creatives engage your users.
Go to the Facebook Ads Manager and click on Ads. Use the CTR to better understand which ads resonate with your users. Use CPM (Cost per 1.000 impressions) to understand how much you much spend in order to get your ads in front of people. Use these metrics to optimize your ads: Create ads similar to those with the highest CTR. Deactivate the ads with low CTR and high CPM.
3. Monitor Reach to understand how many users you reach with your Facebook activities.
Go to the facebook.com/insights In the left navigation bar click on Reach. Look at the timeline to understand how your reach develops over time. Identify positive and negative trends. Look at the dates with peaks and dips, and compare them with your content and campaign calendar. Identify the content and campaigns that help you generate reach. Use the learnings to optimize your strategy: Increase posting frequency. Create content related to a topic that resonates with your audience. Create additional paid campaigns to boost your posts.
4. Track the Followers growth rate to understand how your Facebook audience develops over time.
Go to facebook.com/insights Click on Followers. Analyze the timeline under Total page followers: Compare the number of followers by the end of different months and calculate the month-over-month growth rate. Compare the number of followers by the end of different quarters and calculate the quarter-over-quarter growth rate. Compare the number of followers by the end of different years and calculate the year-over-year growth rate. Identify which content and campaigns drive the negative or positive growth. Analyze the graph under Follower and find the dates with peaks in follows and unfollows. Compare these peaks to your content calendar. Inform your strategy: Increase posting frequency. Create content related to topics that resonate with your audience.
5. Use the Engagement metric to understand which posts resonate with your audience.
Go to facebook.com/insights Click on Posts and check the Engagement column. Identify the posts with the highest engagement rate. Use these insights to inform your content strategy; Create additional content on a related topic.