On January 23rd, 2013 Facebook rolled out
1. Facebook Conversion Tracking by Categories
After years of fumbling for an answer to Google AdWords tracking, the new Facebook Conversion feature offers multiple conversion types to digital advertisers. You can now measure the checkout revenue driven by ads, see where your registrations & leads are coming from and average shopping cart abandon rate. It also includes an “Other Website Conversions” option that can be used to track specific goals and interactions like white-paper downloads.
2. Pixel Verification
Once a pixel is generated, all you have to do is add it to the page you want tracked (ex: thank you page or order complete page.)
One of the nicest feature is “pixel verification.” Facebook will tell you if the tracking pixel is correctly installed. The only con is that it verifies only once a conversion registers, but after that happens it offers assurance that if the code ever got erased, you will quickly notice in your conversion dashboard.
3. It’s Available in Ad Manager
Unlike other features that were only available in Power Editor (such as custom audiences), the Facebook Conversion can easily be managed from the much user-friendly Facebook Ad Manager. The Conversion Tracking section on the left allows you to manage all your conversion pixels. You can share them with your advertising agency or client, check whether the pixel status has changed or get a new pixel.
4. Optimized CPM for Conversions
When your conversion pixel is in place, it’s time to set your ads to Optimized Cost per Impressions (CPM.) The difference to your standard CPM is that Optimized CPM delivers those impressions to eyeballs that are most likely to convert, based on what your conversion specs are. The possibilities seem endless! In addition to the standard actions Facebook ads used to track, such as page ‘likes,’ app installs and event RSVPs, you can now track the re-sharing of a particular object, the mentions of a page and offsite actions such as accumulated revenue. Here is a full list of Facebook’s new conversion specs.
5. A Measurable ROI
The Facebook conversion is one of the many new features and ads that Facebook has rolled out in the last year to attract new advertisers and retain existing ones. The main reason companies were reluctant to start marketing on Facebook was the cloudiness around Facebook and ROI. What is a ‘like’ worth? How important is a mention? Was the Facebook referred revenue organic or paid? It seems these are questions marketers and agencies will no longer have to scramble for. Now, through Facebook Conversions you will be able to account for every penny spent on Facebook.
What is your favorite thing about Facebook Conversions?