Understanding your ad performance is crucial to assessing whether you should invest more or less in your social media marketing.
Measure the results
If you’re seeing high profits that meet your goals, see if you can add more money to your advertising budget to continue scaling.
Measuring performance is also fairly easy, as all major social media platforms include campaign analytics.
For example, Facebook has a visual representation of your ad performance. And it lets you drill down into metrics like clicks, CTR, CPC, and more.
To access Facebook analytics, open mobile phone numbersMeta Ads Manager by clicking “Ads Manager” in the top left corner of your business page.
Navigate to your Campaigns dashboard by clicking on the campaigns icon on the left side of the screen.
Here you will see all your ad campaigns for all Meta apps, including Facebook.
To dig deeper into your analysis, hover over a campaign and click “View Charts.”
This is what your earnings report will look like:
You can also customize which metrics are visible by clicking “Customize Metrics” in the top right corner of the report.
And selecting up to three metrics that align with your campaign objectives.
One of the best ways to measure this is return on ad spend (ROAS). This metric tells you how much revenue your ads generate for every dollar you spend.
Analyzing your ROAS will help you evaluate the effectiveness of your advertising campaigns and allow you to make data-driven decisions to optimize your campaigns and continue growing.
How to calculate ROAS
ROAS is calculated by dividing the revenue generated by the advertising campaign by the amount spent. So, ROAS = Revenue / Advertising Spend.
For example, let’s say you spend $10,000 on a social media advertising campaign and generate $25,000 in revenue. The ROAS would be 2.5.
This means that for every dollar you spent, you earned $2.50.
Test your ads to optimize their performance
Social media ads are perfect for testing and finding content that truly resonates with your target audience and helps you reach your goals faster.
A/B testing (sometimes called split testing or bucket testing) is used to compare two different versions of an ad shown to a split audience.
For example, ad “A” (the control ad) is shown to 50% of your target audience. And ad “B” (the variation) is shown to the other 50%.
So:
The goal is to measure which ad version performs best. You can then use this information to replicate the successful ad.
You can A/B test virtually any element of an ad you want. For example, text, color use, images versus videos, video thumbnails, ad format, CTAs, and hashtags.
Pro tip: We recommend focusing on creating engaging ads that perform well before jumping into testing.
Social Media Audit: Frequently Asked Questions
How much does it cost to advertise on social media?
The cost of social media advertising varies benefits of seo for lawyers and law firms depending on factors such as the platform, your target audience, the ad format, the length of the campaign, and your competition.
But it’s good to know that the average CPC for social ads ranges from $0.38 (on Twitter) to $5.26 (on LinkedIn).
You can also control costs by setting your budget in advance.
Is social media advertising effective?
Social media advertising is an effective way to get your products or services seen by your target audience when they spend time on their favorite platforms. And it helps drive engagement, create conversation, and increase revenue.
The best time to post on social media varies depending on your audience, platform, and time zone.
But you can use Social Tracker to learn more about a competitor’s posting cadence and when their audience tends to engage.
To view this information about your cell phone number competitors on Facebook, open the tool and click on the “Facebook” tab.
Next, click on the “Activity” button.
You’ll see an overview of their post types and engagement.
Scroll down and you’ll see graphs showing when the competitor posts and when their audience engages with the posts.