Facebook has completely changed the way we engage with friends and family, the way we manage events, and the way we interact with our favorite brands.
It’s a pivotal piece of consumer culture, and it’s hard to picture a future without Facebook. According to Smart Insights, 400 new users sign up for Facebook every 60 seconds, and 317,000 status updates are shared in the same time.
Socially-savvy brands everywhere are capitalizing on these captive audiences through Facebook advertising. (And if you’re not one of them, today is a good day to start.)
But, as with any other form of advertising, you must monitor ad spend to remain agile and pivot as needed.
Luckily, with a tool like Pathmatics, you can track Facebook spend, as well as direct and indirect spend—all in one place.
Read on for five tactics to track your Facebook ad spend using Pathmatics.
1. Keep tabs on total spend.
Search for your brand’s advertiser report and toggle your dates to include a select timespan. Next, under device and format, select the Facebook Social icon. Pathmatics will auto-populate a report featuring Facebook-only ad information.
The most important data to monitor at a high level is the total spend and impressions. Ensure that your total spend is aligned with your expectations for total impressions.
Below is the Facebook report for Starbucks over 30 days. You’ll see that the coffee company spent more than $4 million, and drove more than 618 million impressions.
2. Identify which creatives are performing best.
Assess your creatives in one comprehensive view (see the Starbucks example below). You can click into each individual ad to review the creative’s lifetime performance by spend and impressions.
If impressions are low, determine if the creative is to blame, or perhaps audience targeting.
To complete your creative assessment, log into Facebook to track conversions. If impressions are high, conversions should also be elevated. Otherwise, you might need to rethink your approach.
3. Track use (and performance) by creative type.
Facebook offers various ad formats, including photo posts, carousels, links, and videos. You can A/B test these differing formats in Facebook to identify which type is most effective. Oftentimes, it depends on the type of offer (e.g. video is great for how to’s, and a carousel of photos works well with the release of several products or services).
Not sure where to start? We like this post from HubSpot on How to Choose the Best Ad Types for Your Goals.
4. Analyze your audience.
Finally, pull the data on who is viewing your ad (and converting), and determine whether you’re reaching the right consumer.
Your Pathmatics report will include a breakdown by: gender, platform (iOS vs Android) and geography. Take your audience analysis further by reviewing your Facebook insights as well. Facebook will show you who you’re reaching based on your initial targeting parameters. Advanced targeting is available based on behavior, interests, life events, and much more.
After all, if you’re not tapping into the right audience, then impressions are worthless.
5. Do some competitive sleuthing.
Armed with a more in-depth understanding of your current Facebook ad spend, next take a look at how you compare to your top competitor.
Use the advertiser comparison tool in Pathmatics (with the Facebook filter on) for a side-by-side analysis of spend, impressions and number of creatives. In the example below, Starbucks is spending much more thank Dunkin Brands; however, Dunkin has Starbucks beat on the variety of its creatives.
Use competitive intel to refine and perfect your Facebook strategy.
Interested in finding out how Pathmatics can advance your ad strategy? See how Pathmatics works here.