We all know, Facebook is the leading social media platform for advertising your products or brands, but for a year or so, Facebook’s popularity has been going down. This downtime has affected the revenue and the conversion rate of ads, due to which most of the advertisers have been pulling their marketing campaigns from Facebook.
This scenario has changed since the Coronavirus outbreak, and in this period, Facebook had a record-breaking 2.6 billion monthly users. This sudden boost in the engagement is because people have been asked to stay home doing nothing, especially the students. With such high numbers of users accessing Facebook, it is the perfect time to revamp your ads and also to add new ones.
To perfectly revamp your Facebook ad account, understanding Facebook ad algorithms is crucial. And to do that, I have included a few steps in this article that will help you set up your account.
Prioritizing Your ROI
During this isolation period, people are using social media, especially Facebook, more so than ever. Some have logged in from their old ids, and some have created a new one. Due to this, Facebook has received a record-breaking user count. But, the same cannot be said for the revenues generated by advertisements.
Revenues have been decreasing as the advertisers are reducing the amount of money they are spending on Facebook ads. Due to this, cost per thousand impressions is decreasing along with CPM and CPA.
To sum it up in simple words, the pulling back of marketing campaigns have reduced the cost of advertisement, and the increased user engagement has quadrupled the reach. Therefore, you can generate high results at the cost of the same ad campaign.
Now, the next question that arises is how to revamp the advertising account back?
To revive your old Facebook advertisements, you need to check the current state of your ad campaign and devise a better plan. The following steps will help you enhance your Facebook ads while maintaining your account’s KPI.
Let’s get started then.
Getting Overlay Of Your Facebook Ad Foundation.
The first thing you need to do is to check your account and make sure you are doing everything by the book. Let’s review what you need to check:
- Conversion Event & Optimization Setting.
Conversion event informs the algorithm about the key elements that are responsible for your ads’ success, and the optimization part tells that the algorithm correctly optimizes the ad delivery. You need to check these settings and see if they are accurately aligned with your goals. It is important to do so as if they are not aligned; you can make the necessary changes at the beginning of your campaign.
- Campaign Objectives.
Campaign objectives tell Facebook about your current goal; hence, you should select the correct object. Facebook offers many options to choose from, depending on your goal. You should review your current objectives and align them with your goals. That being said, each business has a unique and different set of objectives/goals. Therefore, it is important that you set the objectives based on your business preference and advertisements.
- Conversion Tracking.
Next on understanding Facebook ad algorithm; we have conversion tracking. Conversion tracking is crucial to make your ad campaign successful. It tells your account, what success looks like in your terms, .i.e.; what you consider success when it comes to conversion of leads to consumers with the help of ads.
To do that you have to take the help of ‘event manager’; Go to the data source section and review your active signal, it should look like this –
View the last received time at the right-hand side and make sure your pixels are firing.
Facebook Pixels is a code that advertisers place on their website to collect data; it tracks the conversions from Facebook ads. The pixels work by targeting the cookies to track the user’s movement throughout the website; it tracks what and how people are interacting with your website and your ad.
Now coming to the why part.
The pixels are important; because it tracks the data which shows how people are interacting with your website and Facebook ads like I said above. It helps you get insights into your Facebook ads and see if they are working or not. It also helps you implement a better and more fruitful ad campaign by working on the lacking points.
- Best Practices.
Once you have reviewed all your account settings and made sure everything is perfect, it is time to move on to the best practices that your accounts need to follow.
- Check the placement targeting panel by going to the ‘placement’ option under ‘ad set,’ also make sure the ‘automatic placements are enabled.
- Next thing you need to do is to test your ad/creative messaging. To do that, go to ‘ad set’ and then to ‘ads’ here make sure you have a minimum of 2 ads per ad set; any less will really don’t make sense as it is an ad set.
- Lastly, review your budget settings under ‘campaign settings’ and tally how much you are currently spending on your Facebook ads.
Steps For Revamping Up The Facebook Account.
Now that we have properly analyzed the Facebook ad account, and made successful changes to optimize it, let’s move on to revamping your account. The steps listed below will help you successfully revamp your account:
- Recent Changes That May Have Been Done To Your Account.
If you have lost touch with your account, then you need to review it and see how much it has evolved in your absence. Start by adjusting data and time once you do that you can easily see all the recent changes that have been made to your ad account, including the paused campaigns.
- Do Performance Analysis.
You have to analyze your account’s current performance, and see how it has evolved in this Pandemic. It is important as this situation is unprecedented, and anything can happen, your ads could have gotten a huge lead or none at all. You want a clear picture telling you how performance has evolved on Facebook.
To do this effectively focus on these key metrics –
- Check how prospects are engaging with your Facebook ads. Check average click-through rate (CTR), average engagement rate, and average conversion rate (CVR).
- Check how much the cost per ad has increased based on the average cost per click (CPC) and cost per action (CPA).
- Check how much average daily spend has evolved in your account. To do that, go to ‘ads manager’ and click on ‘ad sets;’ here you will see how much you are spending on each ad set. Note the amount spent and divide the amount spent on your ad set by the number of results that your ad set was optimized for within your conversion window.
- Do Competitive Analysis.
Doing competitive analysis is also important as your competitor ads could have impacted your ad delivery. It may have slowed your conversion down by grabbing all the engagement. Therefore it is necessary for you to do a complete in-depth competitor’s analysis.
To do that, you can take the help of an app that lets you spy on your competitor’s ad campaigns. There are several tools, but the best ones are PowerAdSpy, AdSpy, and AdPlexity.
You can use such tools to see what ads your competitors are using to target their audience and how they are doing it. They give you a complete insight into the competitor’s ad campaigns and tactics. You can also search for ads based on a keyword or any other factor.
While you do all these analyses, you have to keep in mind that your competitors can also implement the same strategy and spy on your ad campaigns. Therefore, it is necessary to implement some original ad ideas of yourself along with the research.
The Final Step.
There are a few more things that need to be taken care of to ramp up your ad account on Facebook perfectly.
First, you have to understand the spending growth in your budget. You must have a clear vision of how much you are willing to increase your average daily spend. It should line up with your plan and shouldn’t be less than minimal spending.
Next thing you need to do is to increase the ad campaign budget. You could first map out the areas where it needs to be increased. It is important to do so in order to avoid focusing your budget and energy on the wrong segment of your campaign.
As you are increasing the budget of your campaign, you should also review and revert the changes wherever necessary to revamp your account.
The last thing you need to do is to ensure that your account is on par with the scale to which you are trying to increase the budget. Here are a few points with the help of which you can easily set up your account.
- Let the Facebook delivery system do the automatic placement; it’ll help you get the most out of your budget.
- Always make sure you have a good audience definition. The audience definition on Facebook shows that the people or audience you are targeting is either broad or specific. It shows a meter to define your audience stats. Remember, always keep this at 50%, meaning not too broad, and not too specific, and avoid situations where you are shown the following message – Your audience is too specific for your ads to be shown.
- Again understanding Facebook ad algorithms is important. It requires 50 optimizations in a week to attain the proper learning and to reach optimal delivery. In addition to that, use CBO (campaign budget optimization) to deliver the best ad budget.
What To Do During Your Account Revamp Period?
You might think that your work is done after setting up your account correctly, but that’s not it. You have to work and manage your account through this whole revamp period. You might be thinking about what more I can do after setting up my account?
Well, for starters, you can set clear expectations during this period as you may encounter some performance disruptions. You should also:
- Closely monitor your results and try to improve them. Track everything that happens in your account in this period and record them.
- Don’t rush, keep in mind that such things take time, and be patient with your ad strategies. Facebook learning period is a week at minimum, and to return to your optimal delivery, it may take more time than usual, given the current situation of the world.
- Keep a closer eye on ad fatigue as many people ignore/forget it. Ad fatigue is referred to the situation where the audience gets bored of seeing your ads and stops paying attention, due to which ROI decreases. To ensure this doesn’t happen to your ad campaigns, monitor your ad performance regularly.
Facebook is the best place to market currently. It doesn’t take much to get started, and it offers a great many things like huge monthly user count, easy to customize pages, amazing tools, etc. All of these for free, it is perfect for a newbie and those who don’t have a large marketing budget.
However, it is important to keep in mind that Facebook’s popularity or its tool can’t get you the conversion rate you are trying to achieve. You have to implement your own ad strategies and use third-party apps to ensure their success.
Apply the steps mentioned above to revamp your Facebook account. It is important that you do everything by the book. Prioritize your spend for ROI, check your Facebook ads account setting and position, review if there are any recent changes & evaluate performance, and lastly, implement tactics to increase your spend on the account. Once you do that, give your account some time to bounce back up with high engagement.
I hope these steps help you boost your Facebook account perfectly, and you optimize your account to get the most out of it.