With 1.13 billion daily active users on Facebook on average, it’s quite clear to see why this social media platform is so powerful when it comes to marketing for business; so much so in fact, that the network itself is equipped with an arsenal of tools to better business performance.
With features such as Facebook Pixel, Facebook Custom Audience and Facebook Lookalike Audience it is increasingly gaining ground as an advertising powerhouse. But what exactly are these tools and how are they best utilized? The following is a breakdown of Facebook and its tools for Success:
A Facebook Pixel is a snippet of code that is installed on a site to drop cookies on visitors in order to retarget them later as well as the ability to seek out similar audiences. The effectiveness of the Pixel in marketing is its ability to track conversions on website. Specific Pixels can be implemented to track precise information such as how many people purchased a product because of a Facebook ad and how many leads were generated from a form submission.
The Pixel offers three key business functions: Website Custom Audiences, Custom Conversions and Standard Events.
- Custom Audience
A Custom Audience is a type of audience that can be created from an existing customer list. This ability to create a custom audience allows Facebook to retarget website visitors. The customer list once uploaded or imported into Facebook takes data from it to match it to people on the network. Through the installation of the Pixel, the movements of visitors to your site who are simultaneously logged into Facebook, to be tracked. The data that is tracked allows for advertising to groups of users based on shared behaviors such as people who have visited your site within 24 hours and people who have visited a specific page on your website.
A custom audience is created independently from an ad which means that once that custom audience has been created it can be targeted in future.
- Lookalike Audience
In addition to a Custom Audience, a Lookalike Audience can be created. This audience is created based on data collected from the Custom Audience in an effort to reach new people who are likely to be interested in your business because they have been identified as having qualities similar to your existing customers. These lookalike audiences allow for ad targeting that will expand your outreach on Facebook.
- Custom Conversions
The Pixel can create Custom Conversions which is done by choosing a completion page (typically a Thank You page) and naming it, then tracking the information captured i.e. how many downloads of an eBook. This allows for the creation of a conversion, independent of an ad, that can be used in future.
- Standard Events
Events are actions that happen on your website (like when someone makes a purchase). The pixel allows these events to be tracked by installing a piece of code on your site in order to understand that an action has taken place. Tracking these actions is an additional method of tracking conversions and utilizing that data for targeted marketing.
The use of these specific Facebook tools will help to measure the effectiveness of your marketing campaign. They offer the ability to effectively target your marketing efforts and understand how your ads are performing which can lead to a greater return on investment for your advertising dollars.
If you wish to learn more about the use of the Facebook Pixel and other tools for business on this social network, then reach out to the experts at Social Know How.