People use social media for various different reasons. Brands find it especially useful to reach their customers quickly and easily. Social media platforms like Facebook and Instagram make things easier with their the data and analytics they provide and help you tailor make content for your customers.
So, how do you create customised content for your customers? This is where the Analytics tool comes into picture. The power of social media today is beyond our comprehension. It knows too much about an individual which makes it simpler for brands to custom-create content. For example, Facebook knows a lot of information about a person that he/she doesn’t realise that these details can be retrieved like the device one uses, browsing history, retail purchases, brands and websites they visit often, gender, location, etc.
When you have targeted information it is really easy to set up campaign based on people’s interested. Just like narrowing down your choices when shopping online by giving your preferences, the more layers you add to your ad campaign the more targeted it gets. This way you also get to spend less on you social media ad campaigns.
Now, Facebook Ads Manager can give you a lot information to parse. How do you make sense out of the data given? There’s an amazing feature called Analytics lying right below your Analyse and report section on the left. This feature can unravel all the valuable information and insights you are looking for to build you business using targeted marketing.
Dashboard is where you can find all the highlights of previous ads with data on engagement, likes, growth, etc. We can unravel innumerable information from Analytics. Assuming you have installed Facebook Pixel and entered your tracking code in all the necessary places, we have demonstrated five ways for you to make the most of Facebook Analytics:
- Funnels – Funnels help you understand if the customer journey went swimmingly right from the start to the end. They will let you realise if the users were comfortable with proceeding with your campaign or left as soon as they entered. You can create your own marketing funnel by clicking on the Create Funnel under Funnel option in Analytics.
Funnels give you accurate data and help you work on your marketing strategies. When marketers try to make a decision based on their gut feeling, funnels can actually help back the decision up or call it wrong with actual data. Decisions such as choosing the age group of your audience, amount to spend on a campaign, geography of the target audience – tunnels can assist you with accurate data.
- Lifetime value – it is yet another important report in the facebook analytics. You can cick on the Lifetime Value under the Analytics to open it. Choose the users based on your requirements whether they have made a purchase or just interacted with you at some point in time.
Usually marketers care about the cost per conversion. But customer Lifetime Value will give you data on how much valuable a customer is over a period of time. Based on this data, you can decide whether you should work acquiring more customers or retain existing customers while concentrating slightly on customer acquisition.
- Revenue – Revenue report is a pretty straightforward one. It makes you choose the date range from when you would like to see your revenue. Once that is chosen it will give you a report of how many people have made their purchase along with their age and gender. This data is highly important in choosing your target audience for your campaign.
- Cohort – We all know how much important it is retain customers. Cohort is an important report that helps you to retain your existing customers. Cohort gives a straightforward report of how many users have stayed over a course of time and a percentage of users that have dropped out.
Cohort is the best way to measure your efforts and find out if it is rewarding failing somewhere. Marketers may want to look beyond this and acquire more information. In that case, you can select your own cohort on which aspect you would like to see the report.
- Outcome – Outcome is an interesting Facebook Analytics report that provides data on whether your advertising content is good enough. Usually we post content with images and information based on our gut feeling assuming it will go well with the audience. But how do we quantify if it is actually well-received? Outcome gives you data on just that, it gives us information on the app downloads, engagement ratio based on the formats.