Facebook Ads. If you are a modern marketing agency, you’re using the platform. And if you’re a modern agency client, you want to know what ads are working and just what they are doing. Chances are you’ve been shown some KPI’s that have included relevance score. Facebook Ads’ relevance score is changing. It’s reported as single metric, but as of next month, it will be broken up into three categories. Those categories are as follows:
This new piece refers the perceived quality of your Facebook Ads compared to others that are competing for the same audience. This will show you a ranking of your ads versus your competitors ads. It should be a fantastic feature to show just how you’re matching up to people in your industry or business sector.
Engagement Rate Ranking
This feature will work in tandem with the metric above. It will show you how your ad engagement rate is compared to ads competing for the same audience. Engagement rate is massively important. Most successful campaigns don’t run cold traffic, but aim for engagement and then funnel down to those that spend time with, comment, like or share content. You’ll be able to tell if your ads are getting the same or better engagement, and adjust accordingly. *Note* This should vary greatly from sector to sector.
Conversion Rate Ranking
Here’s where the sizzle meets the steak. This section refers to how your Facebook Ad conversion rate holds up compared to ads with the same optimization goal who are also competing for the same audience. Conversion rate will trump everything. Be prepared.
All in all, these three “new” metrics are really quite similar to the existing relevance score, as they are not taken as inputs into the ad auction. However, when your ads don’t meet expectations, they’ll be valuable. Even if they do meet expectations, this will have value. Moving forward, your potential universe is no longer “all users” on Facebook in a group, it will only include those who were shown an ad on Facebook within the past 30 days. This should help curb “fake” profiles and also seasonality issues that don’t make sense (hey, my mom’s interest in knitted socks around Christmas just isn’t the same as it is in July)…
Long story short, ad relevance was a great indicator of if you’ll get lower CPE’s or CPC’s than your competition. And these new metrics will give even more detail. Again, conversion metrics will rule all. Facebook Ads continue to evolve, and they way your agency works with them will also.
NOTE: If you are a B2b decision maker causally browsing this article and thinking “Facebook…not really a fit for B2b”, please think again. This is still one the most profitable channels for B2B lead generation there is. Set the scandal and personal feelings aside and you’ll find a rich resource for targeting unknown prospects who are indeed in your target market.
Now, regardless if you are B2B, B2C or some combo of both…if you’ve read this and aren’t sure what your current metrics are, how you are performing relative to others in your space, or even if you are getting ROI from Facebook in general, it might be a good time to source a new marketing agency. If you’re spending $10k to $50k a month on marketing and not seeing the results you want, please contact us today.