Nowadays, it seems like every business is running Facebook Ads. More specifically, most businesses are utilizing conversion ads to reach their customers.
Conversion ads allow you to track the individual actions of your customers, whether it be a click to your landing page, an add to cart, or a purchase. This allows you to optimize your sales funnel for the best possible performance.
Along with this data, you also have the usual metrics that the Facebook Ads platform provides: reach, impressions, cost per click, average view time, and more. You can organize these metrics into different categories such as age, gender, income, and more.
With all of this data behind you, you’re sure to reach your target audience. However, it takes some time to get started. Data doesn’t build up by itself; you’ll have to go through some trial and error before your campaigns are successful.
Perhaps your business is doing a solid job in attracting customers to your page, but can’t convert. Maybe you have an issue of people abandoning their carts.
Today, we’re going to be discussing the best strategies to achieve high conversion rates for Facebook Ads. The higher you can drive this value, the more profitable your business will be.
To learn more, keep reading below!
What Are Conversion Ads?
A conversion ad is a digital advertisement, typically presented on social media platforms like Facebook, that is designed to drive customers toward a specific action.
This objectives you can choose from include:
- adding payment info
- adding items to a wishlist
- contacting the business
- completing a registration
- donating
- adding items to cart
- finding a location
- starting checkout
- purchase
- making an appointment
- submitting an application
- search performed on your site
- subscribing to a list
- viewing content
Essentially, there are an endless number of conversion objectives to choose from. You can even input your own custom objectives by manually inputting code to your site.
Whenever a customer clicks on your advertisement, every action they take thereafter will be tracked. Basically, their initial click begins the tracking process. From there, you can see exactly how they navigate your site.
Most of the time, conversion ads are used to drive sales. However, they are also frequently used to build email lists and to get people to register for an account or download content.
Conversion ads differ from traffic ads because they are more focused on quality engagement, rather than volume. Traffic ads optimize for high numbers of clicks, whereas conversion ads optimize for specific objectives. Generally, conversion ads provide more data about your target audience.
Defining Success
Now, you may be wondering, What is a good conversion rate for Facebook Ads? Well, success can be defined in many different ways.
A typical conversion rate for a Facebook Ads campaign is between 9-10%. However, these values differ in varying industries.Overall though, Facebook conversion ads have a higher conversion rate than Google Ads.
Normally, high-value, high-cost specialized products take longer to convert than inexpensive, everyday products. For instance, a company that is selling $1,000 computers is likely to have lower initial conversion rates than a company that is selling bath bombs.
If you’re a company that sells higher-end products, don’t be discouraged by a low conversion rate. A single sale for your business is more impactful than multiple sales for a company with cheaper products. Before you set any lofty expectations for yourself, focus first on making your campaign profitable.
Also keep in mind that the new IOS 14 update by Apple has caused some disruptions to the Facebook Ads platform. Many businesses are reporting higher costs than usual and lower conversion rates. There are also some limitations in the data you can see now.
The IOS 14 update also has limited the number of events you can track on Facebook. Previously, you were able to track unlimited events. Now, you can only track eight events at a time. So, choose wisely!
Making Adjustments
Facebook’s native tools provide a ton of important information for your campaigns. You can even track this data in real-time.
To check on active and past campaigns, click on the Facebook Ads Manager home icon. Here, you can personalize your main reporting dashboard by adding extra columns divided by category.
To do this, click on Columns, then Performance, and scroll all the way down to Customize Columns. Then, click Conversions and Standard Events. You’ll find many different metrics you can add.
Use this data to make changes to your campaigns as they run. It is essential to check how your campaigns are doing and adjust accordingly. For instance, if a particular country is eating up your budget and yielding poor results, you may want to remove them from your targeting.
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