Improve your digital marketing strategy to get the most out of the Meta algorithm.
As anyone who uses Facebook or Instagram for business knows, there are rules and systems that need to be followed to make the most out of your social media interactions and engagement. One factor that determines your success and growth on the platform is the conversion rate you manage to generate on your Facebook page.
What is Conversion Rate?
The term “conversion” is, itself, a broad term that defines when the goals of an advertisement have been fulfilled. These can change depending on the goals of the page or ad. Events and circumstances that could be considered “conversion” include when an ad is able to convince users to:
- Make a purchase
- Complete a survey
- Visit the home website
- Register for a newsletter
This makes it clear that conversion rate is the estimated rate at which people who view the ad engage with it out of everyone who sees it. Though it can be difficult to quantify engagement rate at times, it is necessary to understand which types of posts succeed at generating the desired conversion rate and how to improve it.
What Affects Conversion Rate?
Conversion rate is a key metric to ad relevance diagnostics, which takes conversion into account when analysing ads and their individual performance. Though the goals of pages may vary, user engagement with an ad is still an objective metric that can be measured. It is what the ad does that changes the amount of engagement it receives.
For this to happen, the business or marketers planning the ads need to know what factors affect the attractiveness of their posts and what can be done to improve ad effectiveness. Though every ad looks and functions differently, they are all dependent on the same 5 factors:
Ad Creative and Copy
These are arguably the biggest factors to the cost of your ads. When running a Facebook campaign, it’s vital to split test different images and ad copy. A common misconception is that your ad needs to be optimised perfectly for your target audience. However authentic, relevant, and genuine ads can also attract an audience in a more honest way.
When creating an ad for a specific audience, you need to create the kind of messages your audience will understand. Think of your audience’s level of sophistication and your market sophistication when split-testing different audiences. For instance, you wouldn’t want to try and sell a $3,000 offer to someone who’s never heard of you. Be mindful of who’s reading your ad and what impression it gives.
You have different options on where you want to run your ads (mobile newsfeed, Instagram or Messenger). There’s no right answer to which placement will give you the best return on ad spending (ROAS). It’s all about testing. Find out what works best for your business.
Quality and Relevance
Facebook ranks your ad based on how relevant it is to your target audience. The higher the relevance score, the lower the cost. The higher your quality score and the more your ad is shown to be relevant to people, the more your overall results will improve.
Your Facebook ad campaign is useless if you’re sending people to a poor landing page. Your campaign will burn money since no website visitors will convert. The landing page should have a clear title, subtitle, and one call to action (CTA). If possible, include social proof and tell your prospects exactly what they’re getting.
In order to improve the conversion rates of an ad or ad campaign, a business needs to be aware of these factors when creating its ads. These will help to make the ads more cost-effective, and reduce overall spending for greater results. It is also important to clarify the desired audience response when engaging with the ad, as it will either incentivise the target audience or disinterest them. Beyond highlighting the best parts of a product or event, ads with a higher conversion rate need to give an audience what they actually want.
Why Conversion Rate Matters
On its own, conversion rates are just ad data and statistics, information to inform you how effective a particular advertisement is. A high conversion rate can be a measure of an ad or event’s success based on how well its promotional material was able to draw in a crowd.
However, those keen on making the most out of paid advertising will want to understand ad effectiveness via conversion rate. On average, Facebook ads should have a conversion rate of 9-10% or higher. Suppose your ads are performing below this benchmark. In that case, you need to reevaluate its strategy against the strategies and designs of more successful ads to understand what can be improved.
By developing an understanding of, and how to utilise, ad conversion rates, a business can take steps to refine future ads, make the most of its value, and develop a deeper understanding of their customers. When this is accomplished, the business’s ads, overall marketing strategy, and brand identity will improve.
Wisdom Of The Business
In the end, it hardly matters if your conversion rate doesn’t pass 20%. As long as your rate is equal to – or higher than – the market average, you’re already ahead of the curve. While it is possible to tailor ad content according to factors that affect viewer attraction, it is also important for a business to understand its audience and appeal. Doing so improves a business’s marketing, and its overall performance. Knowing how to get a higher conversion rate on Facebook is more important than the conversion rate itself.
When it comes to efficient social media marketing and boosting conversion rates, Kode Digital is an expert in the field of digital marketing optimisation. Over the past three years, we have helped numerous clients boost their conversion rates and enhance their social media visibility, such as our success with SUNLAC Skim Milk. For more information on how to boost your conversion rate, check out this other article we published on our website.