When many companies advertise on Facebook they often tend to shoot from the hip, firing out ads and boosting posts here and there in the hope they’ll take off.
Sometimes this will lead to positive results, but often the ads will flop. But either way, there’s a way to make sure your ads are delivering and adjust them when they’re failing. To do this we need to understand the power of Facebook analytics.
Facebook Analytics vs Google Analytics
Unlike Google Analytics (GA), Facebook Analytics (FA) looks at data in terms of giving you a complete overview of your audience members as people.
For example, whilst GA gives you data on who viewed your site via mobile, and who left a comment via desktop, Facebook Analytics notices when different actions have been taken by the same person and presents that information to you.
Facebook analytics in a nutshell
This ‘whole person’ approach allows you to track users in a “omni-channel” way. This reflects the fact that the same person who discovers your brand on mobile is also the person who bought your products via their desktop. Facebook analytics puts the focus on people rather than on devices, and that makes it very powerful.
More than this, Facebook has access to a much greater range of information than GA does. FA takes user actions and links them up to the user’s profile data and any relevant info from 3rd party data and combines all this into a holistic overview of your customer base and the myriad ways they interact with your brand.
Events Source Groups (ESGs)
An event is any kind of user interaction such as liking a post, leaving a comment or making a purchase. An event source is the channel where this event happened, such as Messenger, your Facebook page, your website or your mobile app.
You can group these different ‘event sources’ together in an Event Source Group and name them.
For example, if you wanted to understand the relationship between your mobile app and your Facebook page you could create an Event Source Group called ‘app to page’. This would help you easily keep track of how many people your app is driving directly to your Facebook page. It helps you track the complex journeys customers make to your brand in an multi-channel digital world.
Automated Facebook insights
Sometimes checking analytics manually can be like keeping spinning plates going. That’s why Facebook’s automated insights are so exciting. Facebook automatically pulls together different data to present you with insights on how your ads are performing. It can tell you not just when there’s a dip in traffic, but it will tell you which demographics are dipping.
If older people check out your site more you could focus your content more on older audiences, or alternatively try and attract younger audiences. You may not have discovered this insight on your own, but Facebook automatically serves up analytical treats like this all the time.
Facebook has over 2 billion users, and despite recent changes to how the platform handles data it has a staggering amount of demographic data that can help you reach the right audience for your brand.
Here are some of the key demographic data you can track via Facebook analytics:
Facebook analytics reports
Facebook can also generate analytics reports that drill down into essential data.
They can show you how much revenue is being generated and by what demographic groups, and it can even track the Lifetime Customer Value (LCV) generated by your customers. This is a particularly important metric to monitor because it helps you understand how much you are spending on customer acquisition and what the returns are.
Understanding your ‘sales funnel’ and how it works is crucial to seeing how people are coming to your brand and what journeys they are going through before they make a purchase.
Facebook can generate funnel reports for you to help you visualise this process.
As you can see, Facebook’s powerful analytics tool leverages an incredible amount of user data to give you the information you need to create ads that perform and give you evidence based insights into the effectiveness of your online operations.
To find out more about how Facebook analytics can help you, get in touch or book a Power Hour to help you get your Facebook analytics up and running today.