If you’re a social media guru you’ll have noticed that Facebook ads manager has a fresh new look with some cool new features which are gradually being rolled out.
It looks like the game is changing with Facebook taking a note from Google Adwords, by wanting to improve user’s experience with ads, penalising users for using clickbait ads or having a poor landing page experience. So here are thoughts on how to keep your ROI solid.
Relevance Score Is No More ☠️
The 1-10 relevance system is gradually being replaced with quality, engagement and conversion ranking metrics which all follow five different rankings once you have reached over 500 impressions on your ads. The rankings are:
Below average 35%
Below average 20%
Below average 10%
Quality rankings are crucial when trying to understand if your audience finds your ads appealing or if they find them excruciatingly annoying. Your quality ranking will be based highly on the imagery you use, the quality of your ad copy and your landing page experience. If users are constantly hiding your ads, or lack interactions and clicks, then you should look to improve your assets, or add some flair to your ad copy in order to increase your quality ranking.
Engagement Rate Ranking
This ranking is important to keep an eye on as it judges how effective your engagement is compared to other competing ads. If your customers are liking, sharing and commenting on your posts then you can expect to see a higher engagement rate ranking. If you’re struggling to improve your engagement rate ranking, try using videos for a more immersive interaction with your customers or be more creative with your ad copy by asking questions to your audience such as, “Want to drive more ROI from your Facebook ads?”. Emojis in headlines are also likely to increase your CTR’s by up to 241%, as tested by Hootsuite’s Adespresso.
It’s important to note that engagement rate ranking isn’t available for the following optimisation goals: ad recall lift, impressions, reach, custom conversions or value.
Conversion Rate Ranking
Your conversion rate ranking looks at how your ads are expected to convert compared to how other competing ads have been converting. This metric is especially important if your business is e-commerce as it can evaluate if you could be seeing a higher conversion rate than what your ads are currently working at. In order to increase your conversion rate ranking, ensure that your ads have a clear CTA that matches the end result for the user. Additionally, ensuring your targeting is refined and that you have built up the correct user persona will improve your conversion rate ranking.
It’s worth noting that depending what industry your products are competing in, you may see naturally lower conversion rates and therefore if your ads are performing at a healthy ROI you may not need to worry too much if your conversion rate ranking isn’t above average. The conversion rate ranking isn’t available for the following optimisation goals: ad recall lift, impressions, reach, custom conversions or value.
If you’re constantly clicking through campaign, ad set and ad level like we are you’ll be happy to know you can now view all of these under one tab. At campaign level there is now a drop down button you can click which will bring up all of your ad sets and ads, showing you which are currently active and how they are performing, a handy tool for a general overview of your campaigns.
Cost Cap Bidding Strategy
Looking to reduce your cost per conversion? Cost cap bidding strategy may be ideal for you. Taking effect in the learning phase, cost caps work on your historical data and test variations of cost to find what can be considered your optimum cost per conversion is. This can be helpful as you’ll never have to spend more than the optimum amount for your conversions unless you widen your targeting. However, to increase cost capping’s effectiveness it is suggested to test your actual ad spend in the learning phase for the best results
If you’ve just created an ad account and wish to use cost caping, we would suggest running your campaigns on the lowest bid strategy to build up cost effective data, and then switch to cost cap bidding once you have some good data for Facebook’s algorithms to work from. When Facebook feels it has ‘exhausted’ your cost control the rate of delivery will slow down. From this, there may be more conversions available but at a higher cost.
Now get out there and start reaping the rewards from your newfound paid social expertise!