I’ve had clients ask “So… how did we do? Was this campaign successful or not?”
That’s a bit like asking “How long is a string?”
When people are asking about the success of failure of their ad campaign, they’re generally focusing on these stats alone:
- CTR (Click Through Rate)
- CPM (Cost Per 1,000 Impressions)
- CPC (Cost Per Click)
While watching the stats can give you an idea of the general performance of the ad within the Facebook platform, there’s a lot that can happen outside of the advertising alone that may help you judge the success or failure of your campaign.
Before you even start a campaign, you should have an understanding of your goals.
For most of the clients I work with, their ultimate goal is one of the following:
- Sell consulting, coaching or freelancing services
- Sell an info product like an ebook or course
- Sell out an event like a paid training, master class or group program
- Gain signups for an online summit or other event
Even if you don’t reach your immediate goals, it’s been shown that a person needs seven “touch points” before their willing to invest and trust you.
If someone likes your Facebook page because of an ad, but doesn’t immediately purchase “your thing”, that doesn’t mean they never will. If they purchase something you offer in two years from now, it’s obviously more difficult to trace that back to your Facebook ad..
The point being, trust that Facebook ads can play a role on the “long-game” of growing your business.
There are many entrance points to most customer experience journeys, and Facebook ads are a great investment in learning about your audiences. They might see an ad, then Google your website and sign up for your email list independently versus through the ad.
The point being, track your metrics and understand your lifetime customer value or LTV.
I recommend HubSpot’s calculator here.