By Tim Bosch
Facebook’s new ads reporting tool is a game changer. It’s easy to use and much more powerful at delivering actionable insights than the old reports tool. Facebook already has the best ad targeting platform around, but adding this much needed update to its reporting capabilities gives the platform an extra leg up. Here are 5 major advantages of this exciting update:
1. Edit Columns
Editing columns allows marketers to see the metrics that are most important to them and leave some of the more "fluffy" metrics behind.
2. View Performance Based on Objectives
If you have ever promoted a post directly from your Facebook page, you know that this ad is auto-optimized for "engagement." Facebook would have shown you Cost Per Engagement as the default performance metric. Since the “engagement” objective contains so many actions, some more important than others (sorry photo views), you will want to compare other important performance metrics.
In the past, you would do this manually. But now, Facebook gives you a long list of “Cost Per [Action]” metrics to compare. So even if your ad was optimized for "engagement," you could compare things like Cost Per Page Like, Cost Per Link Click, Cost Per Video View, and Cost Per Share .
3. View Performance Based on Gender & Age
This new feature has already boosted performance on several campaigns I'm currently running. Knowing the difference in performance among various user groups is crucial for your optimization strategy. Not only will this function lead to better ads, it will save you time! Marketers can now skip testing ads to different demographics and simply fine-tune existing ads based on which user segments are performing best.
Take advantage of this tool as soon as you can! This is a groundbreaking component of the new reporting tool and should have an immediate positive impact on your current campaigns.
4. Performance by Ad Placement
Just like the demographic performance enhancement, this new addition to the ads report gives you insight into what ad placement is performing best. You can now see what placement works best for your unique audience/objectives and optimize based on the insights.
5. Less Testing
Proper use of the new ads report will scale down your split-testing workload. There is no longer a need to create ad variations based on gender, age, or location. Now you can create one ad and run the Facebook ads report to determine what works best. Of course, you’ll still need to test variations based on copy and imagery.
If you don’t have this new reporting tool yet, don't worry: it’s being rolled out as we speak. Let me know how you are using this exciting tool!