Facebook is a great platform in the sense that it can get real analytical and give us a lot of information about our campaign performance.
But in my experience of launching 1,000’s of campaigns and finding many big wins, there are some metrics that can tell you whether your product is a winner or a loser quite early on.
Likes, Shares, General engagement.
It’s not easy to get penny clicks at the start, (0.01 – 0.05), but when you do, you’ll find them more and more. You’ll eventually realise that getting 0.01 cent engagement clicks are not enough. Likes, shares, comments don’t mean anything if you’re not getting clicks through to your website.
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The main metric I look at is link clicks. If I’m not getting a good amount of link clicks to my website for under $5 or $10 then I know it’s not going to be a winner.
Think about it. The more people that visit your store the more chance you have of selling right? If you’re getting 100 people to your store for $5 instead of just 5 and you have a 5% conversion rate then you’ll make 5 sales instead of MAYBE 1.
That’s how my campaigns have worked. My most profitable campaigns have given me unique link clicks between $0.10 – $0.30. If I’m not getting this within $5 spend, I usually end it.
I know people say to spend $x amount daily but in ALL of my winning campaigns, (I’ve had over 100), I’ve seen low link click costs straight off the bat. Whether it’s PPE or CTW or whatever new ad there is out there. A good product matched with good targeting will get you a ton of clicks and most likely sales.
There are some cases where I get a lot of clicks but still no sales. Usually it’s because I’m pricing too high or there aren’t enough details on the product page.
Other metrics you should look at are,
When you have a profitable campaign, the ‘frequency’ number will tell you how saturated it is. The higher this number the more your ad has cycled through its audience and is reaching saturation.
Shares are the next best thing after unique link clicks. A high amount of shares usually means dirt cheap engagement costs. I’m pretty sure Facebook weighs this differently then the rest.
Comments are not really a metric but are worth looking into because sometimes customers will leave a hint to your next product launch!
Self explanatory really. If you enable ‘website purchase value’ then you can see how much $ your ads are generating. Shopify has the cool ability to link up to Facebook and communicate revenue.
But the king of profit/loss campaigns, (after sales), will always be unique link clicks. The cheaper these are, the more money you’ll make.
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