The 6 Facebook Ad Metrics to Track When Building an Email List | 19
Using FB ads is a great way to drive traffic to your lead magnet and grow your email list. Like with any campaign, it’s important to follow the number and data to ensure your money is being well spent. In this episode, we discuss 6 key data points that will help you know your campaign is converting well.
The 6 data points I track daily are…
Ad Spend: I recommend starting with a minimum of $25/day to ensure the FB algorithm is able to fully optimize.
Number of New Leads: I track this in the email management program (NOT the FB dashboard) and it might be the MOST IMPORTANT METRIC because it tells you if it's actually working!!!
Cost/Lead: for a free lead magnet the average Cost/Lead is $1-$3 depending on your niche
Landing Page Conversion Rate: shoot for at least 30%, but don't stop trying to optimize the page... I've seen this number as high as 84%
CTR (Link Click): this is the percentage of people who saw your ad and clicked the link. You want to aim for 1%
CPM (Cost/1000 impressions): this is the actual cost that FB is charging you to run your ads. It can vary wildly depending on the ad type and your niche (plus the time of year!!).
I hope you found this information helpful. Even if you aren’t tracking your campaign daily, these data points will allow you to find leaks in your funnel and improve you results!
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Episode Transcript
Hey there I'm Jenzaia and this is Market, Scale, Grow. A podcast created for ambitious teacherpreneurs looking to have a bigger impact on the world, achieve freedom, flexibility, and ultimately make more money with weekly strategy sessions and inspiring stories from fellow teachers just like you, my goal here is to help you create a customized marketing strategy so you can grow your teacher business beyond your wildest dreams.
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Hello, my name is Jenzaia and I am so excited that you are joining me for this Saturday Strategy Session. If you've not been here before, welcome to Market, Scale, Grow, I am so happy to have you. Today's strategy session is all about data. Yay! I am such a number nerd and so I love talking about this. We are going to talk about the six different data points that I track for a list building campaign. So, a list building campaign is when you are trying to get new opt-ins into your email list, by running ads to a free lead magnet. It can be a PDF or a checklist of some sort, a free lesson plan, sometimes people do even like a free workshop. Anything that you are trying to build your email list by giving something free.
So there are six pieces of data that I track every day.
The first one is ad spend. It's important to know how much money is being spent and I track that one every single day. These are conversion campaigns. And so I recommend that you're spending at least $25 a day. It can function okay with a lower budget, but Facebook likes to have a certain number of conversions every single day. And making sure that the budget is sufficient and $25 is kind of a good spot I found. So that helps just to make sure that Facebook is able to work properly and get the opt-ins to optimize. So I track ad spend every day.
The second piece of information that I track every single day is actually the number of new leads. So a new lead would be anyone who has chosen to opt-in, and exchange their email for the free thing that you're offering.
The third piece of information that I get from those two pieces of data is the cost per lead. So let's just say I spent that $25 on ads and I got 25 new subscribers on my email list. That would mean that my cost per lead is $1. I'm paying $1 for each person to come onto my list, which is a really good cost per lead. I have definitely seen it as low as 40 cents per lead and not so much in like teacher-to-teacher markets, ut if you're targeting business owners and entrepreneurs, it can get higher. And so I've seen it as high as $3 cost per lead. So both of those, that whole range is totally normal.
The next piece of data that I track every single day is the conversion rate of the landing page. And so the ad will draw people from Facebook onto your landing page. And it's really important to know how well that landing page is doing. So if a hundred people land on that landing page and you want at least 30 of them to be saying, yes, this is what I want. And ideally higher, I've seen pages converting above 80%. I would say the average is somewhere between 30 and 50% though, but there's absolutely no reason why you shouldn't be constantly testing and improving the conversion level or conversion rate of that landing page. So to calculate it, you would just take the number of people who opted in that day. So let's just say it was 25, which I said before divided by the number of people who visited the page. And if that's a hundred, then your conversion rate is 25%.
Some things that you can test to try and improve the conversion rate is the headline, subtitles and images. Specifically, where they're placed and this is especially important when you're converting it from the desktop version to the mobile because on the desktop, it looks beautiful because the picture and the form are often side-by-side, but then on your mobile version, they will put the picture above the form or below the form. So just making sure on the desktop and the mobile version that the form is above the fold, which means they don't have to scroll down to figure out how to get this free thing. You want it right there in their face. That will usually help the conversion rate if it is lower down. You can test adding testimonials and adding more information, but I've really found that with free opt-ins most of the time, not always, but most of the time, a shorter page works better.
But do test it out for your audience because you never know. I do have one person who insisted on trying it out. And I was a little bit hesitant because like I said, I do prefer the short ones and her long-form freebie opt-in page actually converts at double what the short form page was doing. So it was totally worth the test. And I'm so glad that she insisted you do it.
The last piece of data that I track every single day is, oh, sorry, this is not the last, this is number five of six. So number five is the CTR, which stands for Click Through Rate. And specifically, I track the CTR Link Clicks. So there are two different CTRs. There's CTR All Clicks, and then CTR Link Clicks... All Clicks includes anyone who clicks on the picture to see it bigger, the read more button, anywhere that they click on the ad is that CTR. Well, what I really care about is how many people are clicking on the link. So that's the CTR Link Click and to find that you need to know how many people saw the ad, how many impressions. So if there's a thousand impressions, and then we divide that by the number of people who actually clicked on the link. So let's just say that it was a hundred people clicked on the link and there were a thousand impressions. Then that is a CTR of 1%. And that's what we're looking for is at least 1%. That tells me when the is 1% that the images are doing well, the headlines are doing well and the copy is attracting the right people.
The last piece of data that I look at every day is the CPM, which is the cost per mille or cost per 1000 impressions. So, and this is actually how Facebook charges. I know we see it as like cost per click or cost per impression cost per result. But when Facebook is actually charging us, it's using the CPM and this changes on a daily basis. And it really is for every thousand impressions that we get on the ad, what does it cost? And there is a huge, huge range. I've seen it as low as $5 upwards to $50. And depending on the time of year, your niche, what type of ad you're running can all factor into it. So for example, those ones that have a $5 CPM are often a reach ad or a traffic ad, whereas something that's higher up in the $50 range, for me, at least it's a client who's running a slow funnel. So that's a tiny offer where they're actually selling a $27 product upfront. So her cost per mille is much higher than the free resource or the traffic to a blog. And so you have to take all those things into consideration.
Now, if your CPM is above the $20 to $30 range, then it could be signalling that there are problems with the ad and that messaging and targeting need to be looked at more closely. It could also just mean like time of year or the niche is really saturated. That's a lot to kind of like take in, but it is some good benchmarks.
So now I'm done. I'm just going to repeat the six data points that I collect every single day.
1. ad spend.
2. The number of leads that we've got that day.
3. the cost per lead.
4. the landing page conversion rate
5.The CTR link click.
6. CPM.
I so love nerding out about data. So if you have any questions, please send me a DM. I would be so happy to find someone else who wants to talk data with me. And if you found this episode helpful, make sure you screenshot it and share it on Instagram. I will definitely be resharing your share and until next week, that's all. Y'all have a great one.
Thank you for listening to today's episode today was brought to you by Dubsado my absolute favourite customer management tool. If you're looking to streamline and systematize your service-based business, I highly recommend Dubsado for 20% off of your first month. Head to marketscalegrow.com/dubsado that's D U B S A D O and use the code Jenzaia at checkout. And don't forget to head to our community at marketscalegrow.com/community where you'll find inspiring, ambitious teacherpreneurs who are looking to grow and scale their businesses just like you... See you soon.