Earlier this week, Facebook debuted two new measurement tools built specifically for advertisers, Facebook’s marketing partners and other third-party measurement partners. In doing so, the social media giant made it easier for marketers to develop and execute successful, meaningful ad campaigns.
The first of the two tools is called “Lift API.” This builds on the Lift measurement tool, which originally debuted in January 2015. In explaining the Lift API debut to Adweek, a Facebook representative shared that the new tool enables users to create their own lift studies for conversion rates, sales and mobile app installs.
For the second tool, which is intended to help alleviate guessing as to which ads lead to conversions, Facebook will begin testing new fields in its ad reporting. According to a Facebook representative, the fields “will help advertisers understand which ads people saw or clicked on before a bottom-funnel conversion, such as making a purchase or becoming a qualified lead.”
In short, depending on just cookies and clicks isn’t always accurate. Relying solely on these metrics can be deceptive and may not provide a true depiction of the consumer’s path to purchase. The Facebook representative added, “That’s why we believe in people-based measurement and measurement methodologies, which more accurately show which ads are driving business value.”
As marketers, providing results to our clients is important. They want to see the bottom line going up, and we want to provide ads that support this goal. Through these new tools, we should be able to provide more insightful results, leading to better performing ads, more conversions and increased sales.
BUT WHAT DOES IT MEAN?
Social media is fluid. What was true last year, last month and sometimes even last week can change in an instant. The uncertainty surrounding when the tides will shift is why brands hire industry experts to manage their social platforms.
This most recent Facebook Ad change will transform how social advertisers digest ad results. We will be able to learn more about consumers’ personal responses, from the first impression of an ad until the close of the sale. The focus will be on human behavior. The strategy of test, implement and re-test, re-implement will become less of an art and more of a science. Bigger data and information will be available to help guide your ads, target a more meaningful audience and generate more sales conversions.