This novelty from Facebook should provide the people who advertise themselves on this social network the opportunity to compare their performance to that of their competition.
New Facebook Criteria Can Improve Ad Performance
Facebook has developed a new metric system that will compare your ad creative with the competition to give you more accurate insight into where you stand on the market. That is great news for all the businesses that use the Facebook platform to promote their products.
Advertising on Facebook is based on competing for better impressions with rival businesses that have the same target audience. If your product or service is something your target audience desires and values, the more you will have to pay for your ad.
If you try to beat the competition that offers a more appealing ad creative and a better quality product, you will end up spending more money on your ad than earning back. This brings up a logical question; if our performance is closely related to our competition, why can’t we see it in criteria offered by Facebook besides a number of clicks and likes. Well, people at Facebook decided to tackle this question and have created metrics that they hoped would give a better impression of their ads’ performance.
That’s how the relevance score metrics were created in 2015. These were supposed to provide you with the info on the potential your ad creative has on your target audience. This potential was marked on the “one to ten” scale, with ten being the most-wanted score. If you got a ten, you were ahead of your competition, and you didn’t have to change anything. On the other hand, if you get a one, you should probably drop the whole thing. These metrics had their plus sides, but Facebook admits that they were still not informative enough.
That’s how some new criteria were devised to help you compare your products and services with your competition. This set of fresh criteria includes quality ranking, engagement ranking, as well as conversion rating. All of these share the common feature of comparing how your ad stands against the competition. Sure, the likes and clicks still count, but now, your score depends on how engaged the target audience is with your ad compared to your competition.
Overall, these new metrics enable advertisers to compare their Facebook campaigns with the competition that targets the same audience. By getting this valuable feedback, they will be able to improve their performance and make their ad creative more appealing.