How To Use The Facebook Pixel: Conversion Tracking And Optimization

We covered the step-by-step process to installing the Facebook Pixel in our last blog, but installation is just the first step. Now you need to know how to use it.

The Facebook Pixel is so much more than just a tool to monitor campaign performance and using it properly will allow you to make the most of your campaigns.

This blog will cover how you use the Facebook Pixel to:

(i) Track conversions and set up multi-stage funnel tracking

(ii) Setup campaigns to optimize towards specific conversion actions

Let’s get started!

Facebook Conversion Tracking

The ability to track conversions is probably the core reason you have installed the Facebook Pixel. Using the Standard or Custom Conversions you set up using our last blog you can now track the actions that people take on your website.

The power of this lies in the fact that you can drill down into your ad sets and ads and breakdown your audience data to see exactly what components of your ad campaign are driving desired actions. This allows you to discover what target audiences are converting, which ad creatives are resonating and where you should be spending your money for the greatest returns.

HOW TO TRACK CONVERSIONS ON FACEBOOK

When analyzing your campaigns in Facebook Ads Manager and Adgo you can customize the selected columns of data that are displayed. In Facebook simply select the “Columns” drop down box and select “Customize Columns...”:

Within the Customize Columns wizard you will be able to select from multiple data options to display on your dashboard, including Facebook’s Standard Conversions and any Custom Conversions that you have set up. In addition you will be able to select the Cost Per each of these Conversions, allowing you to see how much you are paying for someone to take this action on your website.

Once you’ve selected your favoured columns to display, you can save this setting and set it as your default display.

Now you can dive into your data to see which of your ad sets, ads and audiences are providing you with conversions and at what cost!

THE POWER OF THE CONVERSION FUNNEL

A conversion funnel is simply the steps a customer takes on the way to conversion. These will obviously vary from business to business. Using the Facebook Pixel to set up a conversion funnel allows you to see where you are losing potential customers in the conversion journey.

A conversion funnel is easy to define for an ecommerce website (hence why Facebook’s Standard Events have ecommerce conversion funnel stages already set up) so we’ll use a quick example from ecommerce to show you the power of conversion funnel tracking.

On an ecommerce website there are a few common key stages in a customer’s journey to purchase.

ECOMMERCE CONVERSION FUNNEL

Add To Cart > Initiate Checkout > Add Payment Info > Purchase

Ensuring your Facebook Pixel is set up to record each stage of this journey, either using Standard or Custom Conversions, will allow you to see how many customers are progressing from one stage to the next, how much it costs you to get customers to each stage and subsequently identify any bottlenecks in your conversion funnel.

For example, you’ll be able to see whether certain campaigns:

(i) have a high number of people initiating checkout but not purchasing, and are therefore good candidates for subsequent remarketing campaigns

(ii) have a high conversion rate from adding to cart to purchase and are good candidates for more budget

(iii) have a high drop off from adding payment info to purchase and therefore, potentially, the amount of information being required from the user at this stage of the journey is a turn off.

How to optimize with the Facebook Pixel

You can select a number of different marketing objectives when setting up your campaign on Facebook, one of which is increasing website conversions.

When you select this objective you’ll then be able to select one of your conversions when you set up your ad sets. Facebook will then optimize your campaign to target your audiences which deliver you the most of these conversions.

You will also be able to bid based on how much you are willing to pay for a conversion. Pretty powerful stuff.

How Adgo optimizes your campaigns

Adgo allows you to do all of the above—and more.

With Adgo you can select multiple conversions or goals to optimize towards; Purchase, Add To Cart, Initiate Checkout, Clicks, CTR, Engagement (and many more, including your own Custom Conversions) and weight these in order of importance.

This means you’re not just basing the optimization of your campaigns on one conversion goal—as you would directly on Facebook—giving you a more nuanced approach to campaign optimization with multiple data points.

Adgo does this at any scale across potentially hundreds of ad sets and thousands of ads at any one time. This allows you to optimize campaigns based on granular data that no individual or team would be able to achieve manually—ensuring you prioritize spend on areas where it’s most likely to generate a return.

Creating Custom Audiences with the Facebook Pixel

Custom Audiences are an incredibly powerful feature of the Facebook advertising ecosystem, allowing you to target your ads using data gathered outside of Facebook. This provides a wealth of new ways to engage potential and current customers.

To find out more about Custom Audiences read our follow up blog:

How To Use The Facebook Pixel: Custom And Lookalike Audiences