Know Your Success Metrics

In this module, we’ll talk about analyzing data. 

Before we can figure out what to do to either fix underperforming campaigns or to scale campaigns that are performing really well, we have to analyze how it’s doing. 

Obviously, there’s a lot of data inside the Facebook platform. Not to mention inside of Google Analytics. And it all can get very, very overwhelming. 

But it doesn’t have to be. We’re going to simplify and focus on the data that actually matters. The metrics we’ll examine are universal, no matter your industry, what your Facebook campaign is, or your business goals. 

To help analyze your data and figure out the health of your campaigns, we’ve created this Health Checklist (get it in the Resources section below):

This checklist will allow you to pay attention to what’s important. It’ll keep you from getting distracted by any vanity metrics that don’t matter right now. When you’re looking at a campaign, you’re not going to judge the success of every metric that you see because not every metric that’s tracked actually matters.

We recommend using this checklist at least once a week to check in on the success of your campaigns. 

For instance, every Wednesday at DigitalMarketer, we look at the current success of our traffic campaigns in the last 30 days. That allows us to not just look at a super small window of data that can give us a false positive or a false negative, it allows us to really keep the pulse on our campaigns if we’re looking at 30 days’ worth of data every week. 

A few things to keep in mind before you start filling out this sheet. 

First, give your ad enough time to collect data before you start measuring and analyzing. After a week (or so, depending on your audience), you should have enough data on your ad to start measuring it and seeing how it’s doing. 

Next, each metric on the checklist may not apply to every one of your ads or campaigns. 

And not every metric on this list is the metric to look at. Your success metric (the main metric you should be focused on) is going to depend on the goal of the campaign, i.e. the outcome you selected when you set your ad up. 

So if you set the outcome of your ad as “Get More Leads,” that’s your objective and your success metric is going to be cost per lead and it trumps all other metrics on the checklist. For instance, if your cost per click is high and that’s the only metric you’re looking at, it may appear that your ad isn’t doing well. But if your cost per lead is your success metric and it’s performing well, then, it’s okay that your cost per click is high with this campaign because your success metric is where you want it to be.  

Finally, right off the bat, you might not know what success looks like for you. 

For example, what your cost per lead needs to be for you to run a successful campaign. But after a week or so, you should be able to say, “Based off of the metrics in this campaign, based off of what’s happening in this particular selling system, in order for me to make my money back or for this to be worth it, the cost per lead needs to be under $7.” 

Before you move onto the next module, fill out this checklist. 

We left some blank metrics open on the checklist. If there are other metrics that you want to track that are more specific to your particular campaign, fill them in there. 

Now, to find ROI, you’ll need to use your CRM or Google Analytics. The rest of the metrics can be pulled from Facebook Ads Manager or Ads Reporting. 

If some of your metrics aren’t showing up in Ads Manager, you can click on “Columns” or the little blue and white cross…

…then pick what you want to add or take away and click “Apply.”

So as we go ahead and wrap up this module, we can’t emphasize this enough… 

Check your metrics every week. So when it’s time to troubleshoot an ad or campaign, you’ll know which area needs optimization. Which areas, that if you improve them, are going to make the biggest difference in your campaign. 

After you have run traffic to this particular campaign for a week, you should be able to benchmark most of these and ask yourself: what is good, what is bad? 

It’s absolutely going to depend on the play that you selected and the market that you’re in, but don’t get distracted by vanity metrics. Make sure that you’re keeping your eye on the prize and that you’re really looking at what’s important. That ONE metric that’s most important for that particular campaign.

If you haven’t already, download the Health Checklist from the Resources section below and start filling it out.