This action-packed episode is brought to you by the performance marketing experts at Voy Media.
https://voymedia.com/
Intro: Welcome to the podcast. Today we have a VERY special episode - DATA DRIVEN DECISION MAKING in Facebook Ads. This skill is so important because it affects every single decision you make, from analyzing ad creatives to determining profitability.
K: The NUMBER ONE tip to data driven decisions is Staying Objective
- The most common thing we see after auditing thousands of accounts, is that the marketer is too emotional, or subjective, about certain things.
- Often times this is the ad creative, for example the video they worked so hard on making just doesn’t perform well, but they put a lot of effort into it so they keep pushing it and it loses them more money. This is poison.
- This is one of the benefits of working with an agency. Agencies are typically less emotional about your marketing and can turn unprofitable things off without hesitation.
E: Making Decisions Too Early
- So many times we see people making huge decisions on very little data.
- Set your decision-making window based ABOUT every 50 conversions. If it takes you 7 days to get 50 conversions, always look at the 7-day window. If 14 days, look at the 14-day window when making big decisions.
- Don’t make huge decisions on ONE DAY of data unless you’re spending 4-figures per day and getting a ton of data.
K: Misunderstanding Metrics
- Learn what each metric means, and how they all relate to each other.
- Once you know what each metric means, you know which are important to you.
E: Set Up Columns in Facebook Ads Manager
- Once you know what metrics are important to you, you can set up your Facebook Ads columns to show you ONLY the important metrics.
- To take it a step further, you should set up your columns to show metrics at all levels of the funnel.
- FOR EXAMPLE From right to left: CTR, Outbound Link Clicks, Landing Page Views, Add to Carts, Purchases, Costs for each (in that same order), then Spend, ROAS, and finally Delivery.
- If you want a screenshot of how we set up our columns feel free to shoot me an email at eric@voymedia.com
K: 5) Knowing Your Business’s Success Metrics
- Knowing your business’s success metrics will save your business.
- You shouldn’t even be marketing until you know these metrics.
- Average Order Value and Conversion Rate, or close rate (for Lead Generation) are really important to benchmark and try to improve.
- You must know margins, and calculate breakeven ROAS or CPA accordingly.
- Once you know these metrics, you can set success metrics so you know when to scale, and kill metrics so you know when to stop a marketing effort.
