Do you love analytics as much as we do? Then, here is the good news: similar to Google Analytics, Facebook also offers excellent analytical tools that can help you measure the progress of your business.
Facebook analytics focuses more on tracking the behavior of the users and use the data to work on the baseline you have set for the business. You can add standard business goals, and Facebook analytics will let you convert them into custom events.
In this article, we will shed light on some essential Facebook analytics reports to help you make data-backed decisions.
Let’s check it out.
Facebook Analytics Reports You Must Check Out
Build Budgeting Strategies and Ad Spend Decisions through the Funnel Reports in Facebook Analytics
Every business has set goals for making marketing efforts. These efforts can be seen as funnels in this analytical application. The funnels can be streamlined or non-linear but each of them will have a certain value assigned with them. The process can be analyzed by breaking it down to the granular steps. Facebook then collects data depending on how users move through these funnel steps to reach the end goal.
By categorizing the entire task into small funnels, you can see how the customer is experiencing the process. If they are alright navigating each of the funnels, which stage they are having difficulty in, and at which stage they are abandoning the process entirely.
You can break down a marketing process into funnels through Facebook analytics. Go to the Activity and navigate to the Funnels. When the Funnel report is opened, you can create a new funnel.
This takes out the guesswork from market research. Sometimes, businesses work on an instinctive feeling about their target audience. A brand that sells books for children might think their target audience is aged from 25 to 45 because this is usually the age range of new parents. However, they can discover that their entire hypothesis is completely inaccurate because it is also popular amongst customers aged 50 to 80, as they have young grandchildren.
So, targeting a certain age category and using influencers for the promotion of products can be an insufficient or inaccurate market strategy.
Find Out What Content, Formatting, and Posts Are More Popular With Users
The Outcome Report in Facebook Analytics helps you select prime content that is more popular with users. It quantifies how much each of your posts is generating in revenue. You can access the Outcome Reports from the Activity.
This is hugely helpful in determining what content is truly profitable. You can see the formats of the content and select the details when you create a new advertising campaign to generate better success.
Effectively Use Marketing Funds to Target a Better Audience
If your business is promoted on multiple platforms, and you want to explore varied areas to save some money, the Overlap Reports are the exact guide you are looking for. If you have two campaigns for two platforms A and B, Overlap Reports will reveal the amount of traffic generated from each platform along with the offered customer retention rate. If your business ponders to A – large fishing companies and B – independent small fishing boats, you have a very small number of B clients, but their conversion rates are much higher than group A, then based on the data you can choose to stop spending money on creating ad campaigns for group A. Instead you can focus your advertising effort on group B with much better results.
Marketers often find that their initial assumption on their target demographic was not as accurate as they imagined it. Overlap Reports ensure that your targets are driven by actual data and facts, and not through pure speculations.
Discover Business Partnerships Through The Use Of Demographic Reports
Facebook makes use of people’s data that they willingly share on social media. All this data is then combined and saved in a demographic report. Facebook analytics lets businesses use this report.
Go to the left side navigation, select People and you will be able to see the Demographics report. Inside this, there are various types of data that are saved. You can access details about the household information of the users, like the designations of their jobs, what is their relationship status and what is their education. Each of these factors massively inspires what certain groups of people are more likely to find interesting.
Inside the People tab, you can also see the Interests tab. This is the information that users add in their profiles, and you can use this to target people who fit your business. You can also find out what similar brands are running promotions for products, so you can reach out for a mutual venture. You can build your brand by collaborating with other brands.
Understand the Engagement Level of Users through the Retention Reports in Analytics
This report is called Cohorts, and it is a time chart of your users. The report will show how much time has passed since a user has been in touch with your product. You want a huge number of people in this report. Because when users lose interest in a product, they will no longer show up in the report.
So, if you are losing customers faster than you can generate new ones, it is an existential problem for the business. Make sure you can keep your retention rate high by keeping an eye on the retention data. See what trends are affecting user interests for better or worse.
Go to the Activity bar to access the Retention Report. Suppose you have an app that has introduced a new feature called dark mode. When users see this feature and your user base grows or falls, it will indicate how interested people are in the changes you are doing. Thus, you can remove whatever is not working.
The Next Steps
Keep a close eye on the reports mentioned above, and make educated business decisions that are backed up by data. Speaking of which, ZoomSphere analytics definitely deserves a mention. The tool allows you to add your varied social media pages, and those of the competitors, and serves you with interesting insights to help you make educated decisions.
For more such interesting insights, stay tuned.