23 Nov How to Conduct a Revenue-Boosting Facebook Ads Audit [Guide]
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According to the latest reports, Facebook now has 1.79 billion monthly active users. Which makes it THE place to advertise.
If you want to get the maximum ROI out of your Facebook campaigns, tracking the number of likes and shares isn’t enough. You need to dig deeper to understand what works and what doesn’t.
By going through a monthly Facebook Ads audit, you’ll discover the highlights and problems overshadowing your ad performance. By examining your campaign results, you’ll be able to fix the bottlenecks and improve your cost-per-conversion.
Sounds pretty awesome, right? So let’s dig in!
If you’ve got lots of ad dollars in the game, there’re even more reasons to check out this guide. The more you spend on Facebook advertising, the more you’ve got to win from a monthly Facebook Ads audit.
How to conduct a Facebook Ads audit?
Conducting an impactful ads audit includes defining your goals, and tracking the key metrics that lead you towards these goals. Without specific goals, you’ll be conducting a simple review. Set your advertising goals early on to get insightful ad audits.
1. How to define your Facebook advertising goals
There’s a simple question that marketers often fail to answer: “Why?”
Ask yourself “Why are we advertising on Facebook?” What’s your desired business result that you’re looking to achieve by spending some marketing budget?
If you’re like most non-profit businesses in this world, your ultimate goal is to make a profit. Which means that you’d like to increase your revenue, likely by increasing sales. Facebook advertising can help you reach more people and get them to sign up / purchase something from you.
A monthly Facebook Ads audit can help you avoid situations where you notice too late that your ad costs have skyrocketed, turning the advertising ROI negative.
If you’re aiming to get people to convert into trial users or buyers, your end goal is for them to convert on your home page. And that’s exactly the goal that you should aim for: conversions.
Conversions are the ultimate goal of all Facebook campaigns.
There are multiple elements that contribute to lower the cost-per-conversion of your Facebook Ads. By following this guide, you can measure and improve each of these factors, leading to better Facebook advertising ROI (and higher revenue on the same marketing budget).
2. How to track your Facebook Ads results
If you’re an AdEspresso user, you can get lots of insightful data from the tool. For example, you can see which A//B test variation outperformed the rest…
Or notice when a campaign reaches a way-too-high level of frequency, and avoid the Facebook ad fatigue.
But even if you’re not currently using AdEspresso or other Facebook advertising tools, the good old Facebook Ads Manager will do the job.
If you’re not 100% familiar with the Ads Manager, here’s how the campaign view looks like (sorry, had to hide all the fascinating yet confidential data):
Read more: The Beginner’s Guide to Facebook Advertising
Using Facebook Ad reporting is simple at its core:
- In the table, you’ll see data for your active campaigns, ad sets or ads. To see data about specific campaigns, ad sets or ads, check the boxes next to them and then click View.
- You can sort the data you see by clicking any of the column names (ex: Delivery).
- You can set various time frames and use the Breakdown menu to break down your ads by placement, time of day when conversions happened, user’s age, etc.
You can easily customize the columns to see the exact information you need.
As you click on the link, a pop-up window will appear. Add whichever data points you’d like to track and audit (we’ll give you some advice soon).
As you hit the “Apply” button, the new data will appear in your ad reporting table in the campaign of ad set view.
Here’s another cool thing you can do: You can save the report and have it delivered to your inbox never to forget to review your ad performance again.
How to save Facebook ad report and schedule an email:
- Click on the menu icon on the top left corner, and then select Save new report.
- Enter a report name and click in the Schedule Email box to adjust the delivery and frequency of your reports.
3. What to track and measure in your ads audit
Now that you’ve got the basic overview of how to handle Facebook ad reports and get all the sweet data out of them, let’s talk about metrics.
Tip number one: Only track and monitor the metrics that contribute to your ads’ success.
Avoid checking vanity metrics such as engagement and organic reach. What you’re genuinely interested in is the CAC (Customer Acquisition Cost) and other metrics that contribute to it.
If your end goal is other than conversions, make sure to track the results that lead to this specific goal.
Tip number two: Make a list of all the relevant metrics you’d like to track month-over-month.
Even if some ad campaigns run less than for a month, you should still draw conclusions and insights from the results. You can use the list over and over again in the future to follow through your monthly Facebook ads audit.
To give you some initial ideas, here are some metrics you could track:
- Ad frequency – how many times on average has every audience member seen a particular ad
- Cost-per-click – how much does it cost for one audience member to click on your ad
- Cost-per-conversion – how much it costs to acquire a new lead/customer or to achieve your end goal, depending on the nature of your ads
- Click-through-rate – how many people out of 100 clicks on your ad on average (a good CTR is anywhere between 1.5% – 20%, completely depending
- on your audience and value proposition)
- Conversion rate – how many people out of 100 follow through an anticipated conversion (e.g. sign up, purchase, download, etc.)
- Relevance score – how relevant is your ad offer to your audience
- Ad performance by placement – which Facebook ad placements work best
For a helpful list of Facebook ad metrics and guidance on how to track them, see this guide.
Tip number three: Don’t compare your ad audit results with industry standards.
The best metric to compare your current month’s ad results to are the previous months’ insights. As AdEspresso’s research on Facebook ad cost showed, there are so many factors that can affect your ad costs, such as the age and location of your audience, ad placement, or even the time of year.
The best benchmarks to compare against in your ad audits are your previous month’s results. Which means that your ad audits will get ever more insightful the longer you’ve conducted them.
Conducting a monthly Facebook ad audit gets simpler every time. After a few months, you’ll have enough data and insights to evaluate your ad performance like an expert would. Think about this audit as an investment. One or maybe even five hours every month will give you invaluable insight to improve your ads and create even more efficient ad campaigns.
When was the last time you conducted a Facebook Ads audit and what did you learn from it? Let us know in the comments!
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