Analyzing your customers' behavior and optimizing an entire funnel feels, to many of us, like a lifelong project. Many marketing managers get headaches and get damp in the hairline by just hearing the words map a customer journey. Setting up attribution and creating sensible funnels in analytics tools like Google Analytics can feel like a great darkness for many. But now it no longer has to feel like such a great job.
But there's hardly anyone talking about Facebook Analytics. Why should I care? It's a simple and easy-to-use tool that, most likely, gives you better insights into who your customer is than any other free tool out there. With Facebook Analytics, you can set the foundation for which customers to target with your advertising, as well as analyze how the same customers then behave on your site. As long as you have Facebook Pixel installed on your site, the tool allows you to easily understand and count on your visitors' LTV (lifetime value), visualize sales funnels, and analyze buying behavior on your site.
Facebook keeps coming up with new features. As they work to expand insights for those of us who work with the advertising giant, they will probably roll out a more powerful analytics tool in order to keep us there. If you know the tool before the new one is rolled out, you'll be way ahead of your competitors, and it's fast to get started. Unfortunately, there is speculation that the ad giant may charge you for using the updated analysis tool.
Below is a shortlist of what you can start working on to become more familiar with the tool. Hopefully, you will be as enthusiastic as we were when we tested the tool. All you have to do to get started is to have a Business Manager account and have Facebook Pixel implemented on your site. If you haven't implemented the pixel yet, read Neil Patel's blog post on how to do it.
Event groups
Facebook itself calls event groups "omnichannel analytics" because it can be very helpful for those who want to analyze the entire customer journey. Here you have the opportunity to aggregate data from different channels; Facebook page, site, app, or from offline events. After an event group is created, you can easily filter and analyze your set in the analysis tool.
Do you work a lot with content on Facebook? Then this will be a perfect complement to see how your content correlates with your site for specific visitors.
Sales funnel
If you haven't used this yet, it's about time. Here you can see how interaction with your posts or ads has contributed to actions on your site. The best part is that it is child's play to test different parameters and see parameters that affected each other over time. Perfect for those who run an e-commerce and advertise with dynamic ads. Now you have the opportunity to see exactly which channels are driving the best sales.
Lifetime value
This measures the user value depending on the revenue created in relation to a first interaction. If you work long-term, and especially with awareness, you now have the opportunity to optimize your ads against the customer's expected investments. You'll see how value changes over time and filter on, for example, ad interaction, app install, or site activity.
Much of the analysis work that previously required years of advanced knowledge can today be solved in a snap. Aggregating data between your app, website, and Facebook is pretty easy and you have the ability to be creative with data from your channels without much knowledge or investment. There are of course a lot of analysis and visualization tools that are great for similar tasks. We at Anegy still want to strike a blow for Facebook because it's free, easy, and you who read this probably already use Facebook in your daily work. Why not use it a little more?
Does your current marketing team need help with analytics on Facebook and implementing attribution models? Or maybe you are interested and want to learn more? Please contact one of our digital specialists and we will tell you more about the subject!
