Is Knowing Facebook Cost Per Engagement Enough?
If you have been advertising on Facebook, you may already know that one of the most commonly used ad metrics is – Facebook cost per engagement. And that’s because it’s quite easy to measure. But just because of that, you can’t assume that it’s the best way to rely-on for your ad expenditure. Besides cost per engagement, there are many other factors to consider that can make your campaign more effective.
Here we are going to consider all of those factors to know- what are the best metrics in the ad manager. And how it can help you to achieve your campaign objectives. But first, let’s find out more about the Facebook cost per engagement.
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Facebook Cost Per Engagement
Cost per engagement on Facebook shows the average cost for each interaction to your adverts. However, when people interact with a post on Facebook, it is not necessary that everybody would click on the ads and get converted. They can act in a variety of different ways. Some of them may also have some queries, which they can ask in comments. And there might be some people who may like or share the post but actually not converted in the end.
In such a case, the cost of your ad expense would increase more still you won’t be getting any purchase action on your webstore. But the best thing about this metric is that it covers so many different ranges of actions. Eventually, it depends on the purpose of the campaign whether it’s going to work for you or not.
How To Measure Cost Per Engagement On Facebook Ads?
As we have shown you earlier, the cost per engagement depends on the audience’s interaction with ads. And it’s calculated as the total amount spent on the ads divided by the overall engagement on the post.
For example, suppose the total expenditure on an ad campaign is $50, and the total number of engagement actions is 25, then the cost per engagement will be $2 (Total cost on ad campaign/ total ad engagement).
Basically, engagement counts with so many things, whether you are getting likes, views, shares, comments, and clicks. Still, you can say that it doesn’t give clear information regarding every particular action you are getting from your ad campaigns.
Average Cost Per Engagement on Facebook-
As you know, cost per engagement won’t help you to track any specific action on your Facebook ads. For example, if you have started campaigning with an idea of brand awareness and simply want to encourage shares on your post, then you won’t be caring about click engagement.
However, while building up the track record of Facebook ad campaigns, you can use the engagement figure to benchmark their performances. Setting up an average benchmark can help you to improve the quality of your campaigns. That way, it can be more effective and get a better reach with audiences on Facebook.
Track Beyond Engagement
Facebook values audience engagement on its platform. So if you are getting better engagement on your ad campaigns, then it can surely help you to gain better reach on Facebook. However, as we have told you earlier, it won’t give you a clear picture regarding your ad objectives, whether you are looking for clicks or views or shares on your Facebook ads.
Instead of focusing your campaign only on engagement, you can use metrics that target specific objectives like-
- Specific metrics like link clicks and page share
- The average conversion rate for your ad campaign.
- Number of people seeing your ads
- Those who have already seen your ads and those who haven’t seen your ads
- Lead generation from your ad campaign.
With the combination of the above-shown metrics, you could learn about the actionable insights. And accordingly, optimize it to generate better ROI.
Facebook Ad Metrics You Need To Know:
Facebook has been constantly bringing newer updates with new features. If you are an advertiser, you must know about such updates that can help you in improving your ad strategy. Here we are going to tell you about some of the most important updates on Facebook ad metrics that you must know.
Cross Account Reporting
It is the recently added new feature on Facebook ad metrics, which lets you look at all data from your different Facebook ad accounts in a single dashboard. In the ad manager, you can find this new feature added in the menu. There you have the options to check your campaign performances based on-
- Click through rate
- Frequency etc,
Accordingly you can customize your reports based on specific ad metrics that are more relevant to your campaign objectives.
This is another newly added feature in the ad reporting section of the Facebook ad manager. It will help you to closely analyze the details of your particular ad campaigns and you can also customize your preferences based on your business goals. It gives you the ability to mix up several standard Facebook ad metrics to compare the custom reports.
If you are looking for any specific information regarding your campaign, then custom metrics can be surely effective.
Cost Per Click
As the name says, cost per click tells you how many clicks on the link to the landing page are costing you? To check the cost per click, check on the total actions on your ads that bring the visitors to your landing page. Another way to track the unique visitor’s clicks on your ad campaign is by using Google analytics. First, use URL campaign builder to create URL parameters
- Now define your campaign source, medium, and name
- Give information on the campaign’s terms and content.
- Create a new campaign URL for your ad
- You are ready to track the performance of your Facebook ads using Google analytics.
We have seen that Google analytics can provide a bit more information compared to Facebook pixel alone. And it can also help you with improving with other engagement details that can help you get more acquisition from your ad campaigns.
Cost Per Lead
The main purpose of this metric is to attract new users to check out your campaign. If your ad objective is to reach more people and catch their attention, then this method can be most effective. For low-cost products or services, it can be easily calculated by measuring the ad expense for each new sales prospect you are getting. On the other hand, for high-cost services, you need to track down those leads and take them to the top of the sales funnel.
FB Ad Metrics That Works:
If you are spending money on Facebook ads, then you must be expecting some profitable results from it as well. While figuring out the Facebook cost per engagement metric seems to be the easier way, it’s not conclusive enough to get you the result. By tracking some other metrics like cost per click or cost per lead or cost per conversion will help you to know if you are really crossing the budget on your ad campaign. Also, instead of figuring all the things by yourself why not just have a look at what your competitors are doing. You can use a powerful ad intelligence tool like PowerAdSpy to learn about the most lucrative opportunities that you can target to gain more conversions in your business.
If you have any suggestions to add on, please mention them in the comments section. And also don’t forget to share this article with others as well.