Facebook’s ad platform is constantly evolving to provide nearly every business with the essential tools needed to reach their target audience based on location, demographics, and interests.
The popular social media networking service has recently made three important updates to their ad metrics that businesses who use the site for marketing should be aware of.
First, Facebook replaced the single relevance score with new relevance metrics, including quality ranking, engagement rate ranking, and conversion rate ranking which can be checked under the performance tab.
The site also updated how they calculate potential reach, giving businesses a more in-depth look at how many people they could potentially reach with an ad campaign.
With the third update, Facebook removed some metrics that were used less often to make room for more actionable ones.
Update 1: Reporting Relevance
With a Facebook ad campaign, you will find a relevance score which determines whether or not the ads you have run are actually relevant to the audience you reached.
Instead of measuring relevance using just one metric, Facebook has replaced their single relevance score with three ad relevance diagnostics metrics.
Similar to the old relevance score, the three metrics are not factored into an ad’s auction performance.
The three metrics that will help measure relevance include:
⇒ Quality ranking. This metric can help you determine how your ad’s quality compares to the quality of ads that are competing for a similar audience.
⇒ Engagement rate ranking. This next metric can measure how an ad’s predicted engagement rate compares with ads that are competing for a similar audience.
⇒ Conversion rate ranking. This final metric measures how an ad’s predicted rate compares with ads that have the same optimization goal, as well as ads that have competed for the same target audience.
When these three new metrics are used in combination, advertisers can gain a better understanding of how audience targeting and similar factors can influence Facebook ad performance.
Get a more detailed article on Facebook’s 3 New Relevance Scores
Update 2: Calculating Potential Reach
On Facebook’s ad platform, potential reach gives businesses an idea of how many people they could possibly reach with an ad campaign.
Before an ad campaign is submitted, businesses are provided with a tool that displays this crucial information.
Prior to this update, potential reach was calculated based on the total number of active users on Facebook on a monthly basis.
With this new update, businesses have access to an estimate that better aligns with their target goals.
The potential reach now includes people who were shown a Facebook ad in the last 30 days.
Update 3: Removing Metrics
Some Facebook metrics are used much more frequently than others.
The social media platform has removed some of these less frequently used metrics and replaced them with more actionable ones that can better benefit businesses.
In April 2019, Facebook removed a total of seven ad metrics.
In October 2019, we have new video metric names:
Here are the metrics being removed right from Facebook
Facebook Metrics Updates
One of the newest metrics added was the posts saved metrics that allowed businesses to see how many people have saved their ads.
The offers saved metric has been removed as it was included in the new posts saved metric.
In addition to the new (3) relevance scores, Facebook has added several additional ad metrics.
These include cost per offers saved, cost per messaging replies, messaging replies, mobile app purchase ROAS, and web purchase ROAS.
Facebook will also continue to regularly update their Facebook Metrics and replace ones that are deemed less effective.
With the introduction of these new metrics, businesses in all industries can expect to gain better insight into predicted performance.
Advertisers can also get an idea of where they should focus their optimization efforts. If you are currently using Facebook metrics, be sure to reanalyze your ad campaign.
For My Personal Dash I like to use the following Metrics for hitting KPI’s(Key Performance Indicators)
5.Unique Link Clicks
6.Unique CTR (Link Click Through Rate)
7.Cost Per Unique Link Click
8.Content Views (Total /Cost)
9.Adds to Cart (Total / Cost)
10.Checkouts Initiated (Total / Cost)
12.Purchase ROAS (return on ad spend) Total
14.Engagement Rate Ranking
15.Conversion Rate Ranking
16.Video Average Watch Time