Facebook is giving its advertisers a better way to understand which campaigns are most effectively helping them meet their goals. The social networking company is making updates to its Conversion Lift measurement tool that can evaluate and compare multiple Facebook Ads.
But that’s not all. Advertisers can commission conversion lift studies to measure lift across purchase channels — like stores, websites and apps — to provide an expansive view of how well their ads are really performing.
Nine months ago Facebook unveiled Conversion Lift, a way to gauge an ad’s Return on Investment (ROI). “Knowing how and where advertising dollars are performing is crucial information, but many current solutions don’t offer a complete picture of how different marketing channels perform,” the company wrote in a blog post. “As a marketer advertising across many different devices, platforms and channels, it’s hard to know which channels are actually driving additional business.”
Starting today, advertisers can compare multiple ads with the same objective to see which approach is working best. Facebook cited a case study by the cloud-based website platform Wix, which sought to determine “whether direct response ads in combination with brand awareness video ads” would drive premium subscriptions better than direct response ads alone. It claims that the combination of direct response ads with video ads produced more subscriptions, even though direct-response-only had “notable growth.”
While you could simply publish an ad on Facebook and hope it does well, the company seems to be pushing Conversion Lift studies in an effort to help you maximize your marketing dollars. And as some advertisers are questioning the ROI value of Facebook, this update can be viewed as an important step, showing that Facebook recognizes the concern and wants to make it easier for brands to do business on its platform.