Facebook Analytics: Monetize the Customer Journey – By Dmitriy Kruglyak

by Jenae Reid on April 13, 2018

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Have you tried Facebook Analytics yet? Now is the time, as Facebook is putting massive investment into one of its most underused and misunderstood products

Single View of the Customer

Rich people-based data is the decisive advantage Facebook has in the analytics game. No other player can connect activities of users with as much detail on who they are. This puts Facebook in the position to surpass analytics value provided by anyone else

Until recently Facebook had focused on collecting “marketing signals” from standalone touchpoints. This means Facebook Pixel and App SDKs for online properties, Offline Event Sets for offline transactions, and of course internal tracking for activities inside Facebook’s own “walled garden”

Now you can combine all channels into a single view!

Step 1: Set up Event Source Groups

The greatest recent addition to Facebook’s marketing platform are the Event Source Groups (ESGs). You create and manage ESGs from Business Manager. When you assign Pages, Pixels, Apps or Offline Event Sets to an ESG, it becomes a single view of your users across all marketing touchpoints represented by these data sources.

In practice, this lets you connect almost every step in the Customer Journey (except external traffic sources) to the Facebook’s user profile. While not every possible data source would be relevant for every business, at the very least you should connect your Facebook Page to your Pixel or App

Step 2: Use Segments, Funnels, and LTV

Once you have an ESG that represents your Customer Journey you can create custom views into the data, which provide maximum insight into your business

Segments are created by including or excluding events by type, parameters or demographics. This is similar to how you create rules for website audiences, but with a lot more flexibility. You can then run traffic reports on a segment or convert it into a custom audience

Funnels are set up by configuring a sequence of Customer Journey steps. This allows Facebook to report on conversion rates and completion times for step transitions. This is especially valuable across channels, for example relating people who engaged with a video or a messenger bot to a lead capture form on the website.

Lifetime Value (LTV) reports aggregate purchase value per user and let you track and measure repeat purchase behavior over a period of time.

Step 3: Turn Insights into Profit

With the data and the reports configured you can drill down to find the factors driving conversions and repeat purchases for your users

Unlike Ad Insights which only report on paid campaigns results, with Facebook Analytics you can gain a clear view of your traffic, regardless of the source, by tapping into Facebook’s wealth of data.

Once you identified the critical drivers of success, you can turn them into segments and then export them as audiences for retargeting and lookalike building

Key Takeaway

Facebook Analytics is a game changer for advertisers. Learn how to use it or find a solution provider that can help you

 

 

Dmitriy Kruglyak runs TargetChoice LLC, offering processes, software and services for Facebook Ad management. dk@targetchoice.com 

This article appeared in issue 42 of FeedFront Magazine, which was published in April 2018. https://issuu.com/affiliatesummit/docs/feedfront-42

 

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