Facebook Ad Metrics are key measures for evaluating ad performance. By assessing them, you can make informed decisions such as scaling successful ads, optimizing low-performing ads, or pausing failed ads. There are various metrics for Facebook ads, but here are 5 most important KPIs you should track in 2024 to boost your campaign results.
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What Are Facebook Ad Metrics?
Facebook ad metrics are indicators or data that help you analyze the performance of your ad campaigns on Facebook.
By tracking these metrics, you can understand how effectively your ads are reaching your target audience, or where you need to improve for optimal ad results.
There are over 350 metrics and terms relating to Facebook Ads, which may seem overwhelming for advertisers. But you won’t need to track all these Facebook ads metrics to control your ads.
Here are 5 core Facebook advertising metrics that are really worth your attention.
Top 5 Facebook Ad Metrics To Track In 2024
CPA (Cost Per Action)
CPA stands for Cost Per Acquisition. This Facebook ads metric measures how much you pay to acquire a new customer or get a specific desired action that people take from your ads. They may click on your link, visit your website, buy something, submit a lead form, or sign up for newsletters, etc.
CPA is often applied to products with low prices and plays the most important role in the success of an ad campaign.
CPA can help you know if your ad content is relevant to your audience.
If your CPA is too high, you are likely to have an unsuccessful campaign. In contrast, if your CPA is low, you may have a winning ad, and it’s time to scale up your ad.
Formula to calculate CPA:
CPA = Total Ad Spend / Number of Conversions
Average Facebook CPA: $18.68 (data calculated in the US).
Table of average Facebook CPA by industry (source: Wordstream)
CPC (Cost Per Click)
CPC is the abbreviation of Cost Per Click. This is one of the most commonly tracked Facebook ad metrics, as it indicates how much you pay for a click on your ad, on average.
CPC can help you assess your ad content. Usually, a low CPC means you have compelling and engaging content, good ad placement, proper campaign settings and bidding strategy, increasing your chance of success.
On the other hand, a high CPC means lower overall return on investment and you need to improve your ads or optimize your strategy.
Formula to calculate CPC:
CPC = Total Ad Spend / Number of Clicks
Average Facebook CPC: $1.72 (data calculated in the US).
Table of average Facebook CPC by industry (data: Wordstream).
CVR (Conversion Rate)
Conversion rate (CVR or CR), also known as result rate, indicates the percentage of audiences taking actions that you desired after they click on your ad and go to your website or landing page.
A conversion can be making a purchase, filling out a lead form, visiting a website, liking a Facebook page, etc.
If you have a high conversion rate, congratulations, it seems that you have a well-crafted ad. Conversely, if your conversion rate is low, you may need to adjust your ad content, landing page, or campaign settings.
Even when you get a cheap CPC, but your CVR is low, your ad is not going to make profits.
Formula to calculate conversion rate:
CVR = (Number of Conversions / Number of Ad Clicks) x 100%
Average Facebook conversion rate: 9.21% (data calculated in the US).
Table of average Facebook conversion rate by industry (according to Wordstream).
>> Read more: Average Facebook Ads Conversion Rate Of 2024 And How To Improve Yours
CPM (Cost Per Mille)
CPM stands for Cost Per Mille, a facebook ad metric that indicates how much you pay to achieve 1,000 impressions for a campaign or ad set.
The CPM metric helps you assess which ad campaigns or which formats are performing better than others. Infer from that, you can decide where to scale up your budget to maximize results.
Usually, a lower CPM means good and relevant ad content (including ad copy and visuals) and perfect target audience.
On the contrary, an increase in your CPM without more conversions shows that your ad is not compelling enough to your audience, and you’d better make some adjustments.
Formula to calculate CPM:
CPM = (Total Ad Spend / Total Impressions) x 1000
Average Facebook CPM: $9.29 (Data calculated in the US, August 2024 from Revealbot)
>>> Read more: What Is A Good CPM For Facebook Ads In 2024? Specific Analyzing For You
CTR (Click-Through Rate)
CTR is the abbreviation of Click-Through Rate. This is the percentage of Facebook users clicking on your ad per the number of people your ad is shown to. If users see your ad but don’t click on it, your CTR will be low, and the CTA will increase.
A high CTR suggests that your ad content is attractive and interesting enough to make people click on it and go to your website / landing page.
By contrast, a low CTR indicates that your ad lacks attraction and you may need to optimize it.
And if your CTR is high, but your CVR is still low, probably your ad content is good but your landing page isn’t. So, you can understand where to improve by analyzing several metrics together.
Formula to calculate CTR:
CTR = (Number of Clicks / Number of Impressions) x 100%
Average Facebook CTR: 0.90% (data calculated in the US).
Table of average Facebook CTR by industry (Source: Wordstream).
How To Track Facebook Ad Metrics?
You can monitor Facebook ads metrics right in Facebook Ads Manager.
Go to Ads Manager > Ads tab > Customize columns > Performance.
You can also leverage a third-party reporting tool, such as AgencyAnalytics, SocialPilot, AdEspresso, to track these metrics and analyze ad performance.
Conclusion
We’ve explored the most important Facebook Ad Metrics you should be tracking to gauge ad performance. Note that you may also need to incorporate other metrics, depending on your objectives, such as engagement, relevance score, etc.
If your metrics indicate poor performance, you may need to optimize ad content, landing page, or campaign settings. If you have done all of these but your CPC or CPM are still extremely high, then it might be time to consider renting a Facebook agency ad account. A premium account can optimize your Facebook ad metrics and improve your ad results. Moreover, with agency exclusive features, you can track your metrics more easily.
To learn more about how SpeedX Agency can help you optimize your Facebook ad campaigns, please contact us.
