Recently in the marketing world, there has been a lot of conversation about the attribution, or the ascribed value, of advertising on Facebook. Only within the last few years, it has been fairly easy to place a value on different links or channels for traffic to your products or services; but, now it is significantly more complex. So, if you feel lost and wonder what is the true ascribed value to your Facebook ads, you are not alone. Many businesses and business owners struggle through this same problem. We will go through some basic principles to try help determine this ascribed value.
One of the nice things about Facebook is that they have tools to help you determine the value of your different ads. Let’s work through these:
- Facebook conversions
A Facebook conversion is created on the day that a customer or potential customer clicks your ad and they are taken to your product, service, or information. Facebook will use the last day a user clicked on the ad if there are multiple clicks from a single user. Facebook has a standard view which is a 28-day view, but there are options for 1-day, 7-day, or 28-day.
- Which window is best?
There is no perfect answer to this question–you need to determine which one works best for you. You need to determine which one will give you the clearest idea of what is going on. This will allow you to manage your Facebook Ads Manager and Power Editor appropriately. To have the best results you probably want to review and really understand your back-end average order value, return on advertising spending, and lifetime value. By understanding these, you can really manage where your money is going and get the best utilization of your Facebook ads.
- View value
When you go back to the basics of marketing, think about the value of someone viewing an ad. Just because you got your ad in front of tons of people and you have a large amount of traffic does not mean anything significant if it is not in front of the right customer. Facebook allows third party viewers to evaluate your data at the ad level and this can give significant more information.
- Determining who is who
Facebook can determine if you are you no matter what device you are using. Facebook can track what you do, your preferences and hobbies, and can also determine if you are using a new device. Facebook has a people-based marketing strategy, and it works.
- Conversion lift
On Facebook, this tool allows you to determine how much business growth you have had due to the ads. It will calculate in a scientific, methodical way the increase in business from your ads.
- Third party attribution
Facebook has multiple ways to determine the ascribed value to our Facebook ads, but one of the best ways may be third party attribution. This allows you to have an even better understanding of your business niche.