Measuring social media ROI has become an important subject in the digital marketing world. Just how do you measure the success of your efforts on Facebook, Twitter, LinkedIn and more?
Many marketers rely on metrics like reach or engagement on posts, but none of these metrics truly ensure an increase in your bottom line. Even if one of your posts gets a lot of likes, you can't be sure the people liking that posts will turn into leads or customers.
Fortunately, there is one little-known tool of social media marketing that can measure exactly that, and it's found on Facebook. Conversion pixels are code snippets that can tell you exactly when a user has completed a specific action on your site. These pieces of code can measure the impact of your social media efforts on your bottom line. As a result, they can significantly improve your digital marketing.
Created in Facebook's Ads Manager, conversion pixels can be placed on a website, which then sends information back to Facebook where you can track it. Depending on where you place these pixels, that information can range widely. Using conversion pixels, you can find out how many users became leads by filling out a form on your website as a result of your Facebook post, how many of them bought items from your website because of it, and much more.
Don't worry about needing to be a coder to do this. Although you can simply email this code to a developer during the set up phase on Facebook, you can also easily do it yourself. Here's how:
1) Create the pixel
Navigate to your Facebook Ads Manager, then click on "Conversion Tracking" in the left-hand navigation. Here, you can create a pixel by clicking on the green button on the top-right. Choose a category from a list of options including leads and registrations. Name your pixel and voila - there's your code. Copy it into your clipboard, and proceed to step two.
2) Place your pixel
Go to the page on which you want to use the conversion pixel. Depending on your goals, that can be a thank you page associated with a landing page form or the order confirmation page, among others. The code you copied in step one should be copied into the header of that page, to track those users coming to it from Facebook. This is a relatively simple process on most inbound marketing software; simply find the field labeled "header," and paste the code into the field.
3) Create the Ad
Now, create the ad you'd like to run in the Facebook Ads Manager. Set it up as you usually would, but make the goal "Website Conversions" and select the conversion pixel you just created.
4) Enjoy the Results
Sit back and watch the analytics come pouring in! After verifying the existence of the conversion pixel, Facebook will track just how many users land on the conversion page as a result of the Facebook post. That allows you to track exactly the post's success. In the Ads Manager dashboard, Facebook automatically gives you the total number of conversions, along with other metrics like cost per conversion (total cost of your promoted post divided by total conversions) and more.
And just like that, you can track your true Facebook ROI - the cost it takes you to generate a lead or, depending on the placement of your pixel, a customer. Facebook's conversion pixels can go a long way toward determining the success of your efforts on social media.