Facebook today revealed a new suite of tools created to help marketers better understand how ads on the social network boost their business.
In a blog post, Facebook wrote they are expanding their “conversion lift measurement capabilities.” Facebook notes its advertising partners need to learn more about conversion lift because it’s the best way they can understand how ads placed on the social network drive sales.
How does conversion lift work? The blog post states:
- When creating a Facebook campaign, a randomized test group (people that see ads) and control group (people that don’t) are established
- The advertiser securely shares conversion data from the campaign with Facebook. Typically, this data comes from sources like the Facebook Custom Audiences pixel, conversion pixel or secure point-of-sale (POS) data.
- Facebook determines additional lift generated from the campaign by comparing conversions in the test and control groups
- The results of the study are made available in Ads Manager
“Advertisers who work directly with Facebook teams will be able to set up conversion lift studies with their account representative and then see results, in near real-time, right in Ads Manager reporting,” Facebook wrote. “In time, we will look to expand our conversion lift offerings to cover more use-cases and more complex studies.
Facebook also offered examples of the power of conversion lift. Open Colleges, Australia’s leading online learning provider, used a conversion lift study to analyze the full impact of its Facebook campaigns. Results from the study revealed a 95 percent lift in conversion rate for website inquiries and a 12 percent lift in offline enrollments, Facbeook writes. “The study also showed that the cost per acquisition was 23 percent lower than what Open Colleges’ last click model had indicated.”
Facebook sees immense potential with this rollout. “What’s really important to the marketers is figuring out what exactly is working, and more importantly what’s not working in their marketing campaign, so they can invest more money in the things that work and they don’t invest in the things that don’t work,” said Brad Smallwood, the company’s vice president of measurement and insights.
Latest posts by (see all)
- 5 things law marketing can learn from the Kansas City Royals - November 6, 2014
- B2B News for Wednesday, April 21, 2021: All Shaken Up at the Collision Conference, Remote Work is Socially Isolating & Marketing Has the Power to Improve Lives - April 21, 2021
- Cloud Innovations & the Workforce: In Conversation with Brent Weiss - April 18, 2021
- B2B News for Friday, April 16: Fighting Screen Fatigue with Better Animated Videos for Business, Digital Wigs for Virtual Meetings & Gamified Sales Coaching - April 16, 2021