Social media is just ONE tool in the metaphoric marketing toolbelt - one that everyone is trying to make sense of right now. So even though we do a lot of work training companies on how to use social media, it’s because social media new and it’s changing the marketing game. Smart businesses need to start paying attention to social media marketing - but not at the expense of everything else.
If you’ve accessed your active Facebook ads within this past week, you may have noticed a neat little feature called Relevance Score.
Gone are the days of having to figure out on your own just how well an ad is doing. There were a few things you could look at, from impressions, to CTRs and average CPM (cost per impression), but you had to rely on your own intuition to determine if those ads, in general, were “good” or just permissible within your own campaign of ads.
This new scoring method is designed to help brand marketers get a better understanding of their ads’ performances with a simple number between 1-10, with 10 being the most positive. The number is developed through an algorithm that measures a small variety of performance indicators, like conversions, click-throughs, video views and even negative feedback like “hide ads” or reporting an ad.
Seems the complexity of social media ads are finally catching up to the maturity behind search engine ads like Google AdWords.
Facebook says that the scoring will take into account each ad’s different objectives, as well as how the ad performs against competitors with similar objectives.
Simply put, a higher relevancy score will mean less overall cost to you. Not that you’ll spend less on an entire campaign, but having a very effective ad can mean lowering the price of your cost per lead or conversion. A highly targeted lead per click (considering your bid price is kept constant) is something many, many marketers always strive to achieve in online campaigns.
What do you think? Is this new scoring method helpful or hurtful to your social media ad management? Leave a comment and let us know.
If you have yet to get your business using Facebook ads, give us a call at 800-764-8528 or contact us here. We can help.