After running campaigns/advert sets and gathering data there is the process of optimisation. Everyone has their own systematic approach, supplemented by experience.
For looking at day-to-day stats, the power editor is fine but the FB ad manager has recently been revamped and provides campaign, advert set and advert level stats with graphs.
I tend to use the reporting function for stats. Go to reports. Now edit the columns to whatever you want and drag them around to reposition them - I use something like this:
Like I have probably said, there is no right answer here.
However, the following points may provide some guidance:
Set a baseline CTR below which you cull ads purely based on performance, provided they haven't created conversions. I recommend a CTR of 0.100%. At high payouts (e.g. >$5.00) you will want to get an idea of the average EPC before implementing such a rule.
Never cut an ad based on CTR if it is profitable. Only do so if you have other, more profitable ads.
Example: an ad gets 45 clicks at 0.076% CTR. Other ads are getting 0.150%+. However, this ad converted at 7 in 45 and the EPC > CPC. Don't cull it based on low CTR as it is profitable.
Learn how the CPC trends for a particular demographic. At >0.2% CTR the ads may descend from an initial CPC of ~$0.45 and settle at around $0.27. Note down or mentally record this behaviour.
When using Facebook's reports, always compare to conversion data in your tracking system or at the network end. Facebook misses conversions often and sometimes the appear on the wrong ads - either due to errors or more likely, someone clicking multiple ads of yours.
Use this knowledge of how CTR influences CPC to make decisions on advert potential.
Example: Say the average EPC across all ads in a particular demo is $0.31. An ad has a CTR of 0.091% after 30 clicks and has converted several times.
It is not profitable, but might work. You run it a second day. The CTR is similar and the CPC sits at around 0.47 after 75 clicks and 10 conversions. That ad's CPC is unlikely to drop below the average EPC from that demo/campaign and the conversion rate is similarly unlikely to jump considerably. I would prune the ad.
Kill duplicate ads early when they fail to stick. Remember how we made triplicates of each ad in an advert set? Let them out of the gates together and kill the weak starters ruthlessly. Volume should go where it can do the most good. If two ads perform similarly, leave them. Sometimes one is blessed by the gods on the second day and sticks better from then on in. Facebook is fickle this way.
Have an ad that is nearly break even? Try launching a new campaign with the same image but tweaked ad copy. Remember, images are the most important factors to split test at the start but you don't have to stay in that mindset forever.
oCPM and CPC behave differently. oCPM bids will vary day to day, and by the hour - sometimes wildly! Make sure you are using the FB pixel if you want the most out of oCPM and look at oCPM ad performance over a decent timeframe - killing these ads 2 hours in because the CPM is too high defeats the purpose of testing oCPM in the first place!
Are you using landing pages? Split testing offers? Remember that advert performance is harder to gauge against EPC in this situation. Track your clicks pragmatically and consider that a specific ad > landing page > offer combo may be giving 3x the average campaign EPC.
It has been said before, but when scaling don't increase your advert set (campaign) budget substantially during the day. Small increments aren't that detrimental but jumping from $10 to $200 because something converting well is a bad idea. Do it at 12:00-2:00 AM in the timezone of your account. Don't rush things - the traffic isn't going anywhere.
Develop an optimisation system. Write it down. Rules that you follow. Checklists before campaign launch. Data manipulation and comparison instructions.
Many marketers will tell you to develop a system and for good reason! It's not just about automation, avoiding mistakes and pragmatism. It's also about developing an awareness of how a traffic source behaves and getting every bit of insight from your dollar as possible.
I know a lot about Facebook, because I pay attention to the data.
Facebook offers a myriad of targeting and this makes it difficult to adequately test everything before making decisions.
If something is working, my advice is to first scale up that to the point that it requires less of your time. E.g. if your Male 18-25 offer X campaign is profitable but you haven't yet tested the other age brackets, scale this first. Afterward, more of your time can go to testing new campaigns whilst more of your money goes to what is already working.
Don't expect other age brackets, genders, countries and interests to garner the same results. Facebook rarely works like that.
However, this variation does have benefits - there is often a pocket of traffic somewhere that DOES work. So, if an offer is performing reasonably (e.g. -25% ROI across the board), consider testing multiple age brackets and then focusing on the highest performers.
Try different interest sets. A new audience.
If click prices are too expensive, consider scaling to a similar country that has lower click prices.
On the other hand, offers can simply flop.
If you see pathetic ad performance, ROI, etc. across the board and this happens with several interest target groups and age brackets, then chances are you have a problem in your conversion flow or it's simply the offer. Don't try to beat a dead horse. If the offer sucks, it sucks, move on. Unless it is proven, your time is better spent elsewhere testing different campaigns and different offers. Fail over and over and over and you converge on success.
Once you become more comfortable with Facebook you will surely want to learn more, test more, spend more, etc. Here are some other suggestions.
Use em! http://stmforum.com/forum/showthread.php?17649
Keep your finger on the pulse
Facebook changes, often! They are social, they constantly redesign and implement new features. Be ahead of the pack. Know what's available, when, and how you can exploit it.
I keep track by monitoring the AllFacebook blog. Add it to your reader application e.g. Feedly.
Leverage the Power of a PMD
Is that like a WMD? PMD = preferred marketing developer. They are platforms that have API access to Facebook's advertising system.
They are generally far more powerful than the power editor, have added functionality like automation, custom tracking, streamlined and bulk ad creation systems, etc. Once could go on all day about extra features but what are the benefits?
Time. Spend less time deploying ads, less time crunching data.
Capabilities. Some features are simply not available unless through API access. Other features are often picked up earlier compared to the power editor.
Scale. These platforms are generally designed to let you manage a lot more ads/campaigns than usual.
The main con is that they are not free. Many of the platforms that I consider good are quite pricey. They tend to charge a % ad spend fee - i.e. the more you spend the more you pay. The going rate is ~5% so you need to weight up the 5% ROI hit vs what the platform offers.
Most have monthly minimums, e.g. $500-1000 ad spend fee per month.
Many offer free trials for you to test the platform. Feel free to do so, but go in as a business or a professional not a noob affiliate. You will likely do a Skype/video call and run through the platform with reps + answer and ask questions.
Note: they are probably not suitable for people burning through accounts. PMD partners have an obligation to communicate with Facebook when their clients' accounts are being banned excessively, so they aren't a firewall.
Some PMD partners worth noting:
Social.com - my favourite. $500/mo minimum and 3-month contract, lower % fee negotiated with higher contract term and volume.
Qwaya - cheap - have a low monthly fee, but I don't like the platform at all.
Smartly.io - these guys are new and charge 5% ad spend with no monthly minimum. I have started testing the platform and it is certainly easier than the power editor in terms of bulk ad creation.
There are certain missing functionalities but the platform is in an infant stage cf. many other PMDs.
Adspresso - Basic, cheap.
Absorb knowledge wherever you may find it, e.g. white papers and infographics, reports from PMDs that have access to billions of impressions worth of data, etc.
That's it! I hope this guide has helped demystify your entry into advertising on Facebook.
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Note: cite from stmforum, Author: Zeno