Just over a month ago, our social media strategist Dave Thomas wrote a compelling blog on Social Media ROI that highlighted the importance of a clearly defined objective in the process of measuring effectiveness. As businesses’ interest and commitment into social media continues to grow, we’re providing further insight into ROI of Social Media with particular emphasis on Facebook’s new ‘conversion tracking’ ad-tool & measurement service.
WHAT IS ‘CONVERSION TRACKING’ | FACEBOOK DEFINITION
“Conversion tracking helps businesses measure the return on investment of their Facebook Ads by reporting on the actions people take after viewing those ads. Advertisers can create pixels that track conversions, add them to the pages of their website where the conversions will happen, and then track these conversions back to ads they are running on Facebook. Conversion tracking also helps businesses leverage optimized cost per impressions (oCPM) to show ads to people who are more likely to convert off Facebook.”
Sounds pretty simple right? Zuckerberg has just created a way for us to measure Facebook-ad effectiveness through measurable actions taken by existing and potential customers ‘outside’ of Facebook-Land (after being exposed to an ad within it).
So, in order for conversion tracking to work effectively, Facebook have put a major emphasis on the ‘desired outcome’ of business’ and brand’s Facebook advertising efforts (in line with the ROI blog outlining the importance of defining the objective in measuring social media’s effectiveness). When businesses or brands are setting up Facebook ads with the intent to track conversion; they can now select a most-desired outcome of their advertising dollar, from a pre-provided category list:
Key Page Views
Adds to Cart
Other Website Conversions
Essentially, ‘conversion tracking’ centres around the creation of offsite pixels (i.e. coding) that can be generated through Facebook or third-party tool providers. This code can be integrated into another website (off Facebook) to track a corresponding ‘event’ from the categories listed above (i.e. on the business page where a purchase ‘event’ is finally made or a lead ‘event’ is generated). Offsite pixels are most effectively created through Power Editor Chrome plug-in, or any alternative software tool that accesses the Facebook API). The business/brand administrator simply ‘creates’ the offsite pixel through the self-serve function on Facebook and literally copies (Ctrl+C) the code to integrate back into the desired business/brand website (Ctrl+V). The user experience once off-site will be slightly different depending on what Content Management System (CMS) is being used. For WordPress for example, there’s an existing textbox for custom tracking & conversion codes ready.
Following the process and execution, the final and most exciting stage is monitoring conversions within your standard Facebook Ads Manager, whereby you can view the number of times the conversion pixels were activated and the average payment of each conversion. Welcome ROI results on your social media ad investment!
Thinktank Social have commenced Facebook Conversion Tracking for clients this week. If you have any questions or require any assistance with the set-up or management of Facebook conversion tracking, please don’t hesitate to CONTACT US.