12: Metrics Basics you need to know

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Episode Summary:

In this engaging episode, the discussion centers on the common pitfalls in tracking digital advertising campaigns and the importance of understanding key performance metrics. 

Stacy goes  into why many advertisers feel their ads aren't working, highlighting the significance of tracking the right data. She offers insights into the misconception surrounding the return on ad spend (ROAS) and stress that not every campaign can be measured by this metric, similar to expecting a fish count without having fished. 

This clarifies the need to set realistic expectations and objectives for every advertising campaign.

 The episode concludes with valuable steps on customizing reports in Facebook Ads Manager to ensure accurate data analysis, further enhancing the listener's knowledge and confidence in managing ad campaigns.

Key Takeaways:

• Understanding the right metrics to track is crucial for determining ad effectiveness.
• Return on ad spend (ROAS) may not apply to all campaigns; knowing your campaign goals is key.
• Beginners should focus on affordable campaigns like traffic or video view campaigns with appropriate metrics.
• Customizing your columns in Facebook Ads Manager is essential for an accurate understanding of your campaign data.

Notable Quotes:

• “You're not looking at the right metrics. The best way to know what metrics you need is to understand your campaign objective.”
• “Not every campaign you can track and base any decisions on ROAS.”
• “I'm going to give you just a short, a short demonstration… you can customize what results you want to see.”

Resources:

• Facebook Ads Manager: Link to Facebook Ads Manager (URL provided for context)
• Stacy's Quiz GPT  for advertising readiness 

Listeners are encouraged to tune into the full episode to gain deeper insights into optimizing ad campaigns and to explore upcoming episodes for more expert guidance on effective advertising strategies.

Grab my free resource to set up your Facebook ad account!

Transcript

SPEAKER_00: 0:00

What if your ads have been crushing it the whole time? You turn them off because you thought they didn't work. Today, we are going to talk about why it's so important to know how to track your data and what you should be tracking. Because so often people are thinking their ads don't work and turns out, They were working, they just didn't know either how to look to see if they were working or they were looking at the wrong metric. You hear a lot of times out there, oh, I got 10X, I got 5X, you know, whatever your ROAS is. And so a lot of times when I'm talking to business owners and they're wanting to work with me or seeing if I would be a good fit to work with them, they'll ask me, just this blanket, what's your ROAS? And It's such a misunderstood, a lot of campaigns don't have a tangible ROAS. That's like going to the lake for the weekend and coming home and having people say, how many fish did you catch? And you say, none. And they say, oh, you're a terrible fisherman. And you say, well, I didn't fish. So I can't really, it doesn't matter. So that's the first thing I want to get out of the way. Not every campaign you can track and base any decisions on on ROAS. So Let's talk about some basic metrics that every brand new person to ads should know about. Because if you've tried to do ads and you're learning and you're watching YouTube videos, you may be looking at like low budget. I have a small budget. What kind of ads can I run? And a lot of times people will say either run a traffic campaign or or run a video view campaign for retargeting. Let's say that's what you're doing for a video view campaign and you go into your metrics and it looks like, oh God, these are doing terrible. And that's probably because you're not looking at the right metrics. The best way to know what metrics you need to know and what to track for are what is your campaign objectives? Are you going for sales? Then yes, that would be return on ad spend, cost per result, how many results you'd want to track for that. If you're doing a video view campaign, you're not asking anyone to click or to opt in or to do any kind of conversion whatsoever. You shouldn't be looking at click-through rate and clicks and cost per click. Because you're not asking anyone to do that. In order to do this, you want to know a basic overview of what you're looking for and how to set it up. I'm going to share my screen. I'm going to give you just a short demonstration. So really quick, since you're listening and you can't see my screen, let me walk you through it. To find your reports in Facebook Ads Manager, click on Ads Manager, and then look for the columns dropdown near the top right. And what I want to show you or point out is that you can customize what results you want to see, like leads, cost per result, and more. And when you first go in there, and let's say you're running a video view campaign, and you go into that setting, it's already pre-populated. So if you didn't customize it for the metrics you're looking for, you could look at the metrics and say, oh my goodness, this is really tanking because maybe it says zero across the board because it auto-populated or it was preset to clicks and click-through rate and cost per click, and that is blank. So you feel alarmed. Now, if you want to see the screen share example, there's also a video of this and I'll put the link to that in the show notes. So let's say you want to do a low cost campaign and you want to track for video views. You would set up your campaign as engagement, video views. You would go down to your columns and you would set them up. And here's the settings that I like when I'm doing a video view campaign. I like to do through play. cost through through play and cost per result, 50% video watched and for 100% as well. So check out the video if you want to see me demonstrate it. Hopefully this has made sense and you are one step closer to understanding just simple metrics enough to make good decisions and hang around if your campaign is actually doing something good and make some decisions if it's not. I will end this with thank you for listening. As always, this was a little bit longer and clunkier because I'm doing this video thing at the same time. But I also want to say that I had fun yesterday. I created a custom GBT. And if you're deciding whether or not you want to run ads, this custom GBT is like a fun little quiz. And it's going to ask you the questions and you get to interact with it and see if your business is ad ready. You need to have a paid version of ChatGBT. But if you do... Come have a look. I'll put the link in the show notes. Click on it. Have some fun. And if you don't have the paid version of ChatGBT and you do want to do this, I am in the process of creating this in a PDF type quiz. So you can reach out, message me, and I will get that to you. In the meantime, thanks so much. And I will see you next time.