Facebook has built-in tools that help you figure out how much money your ad campaign is generating. The platform will tell you how much it costs you every time someone clicks on your ad so if you find out how many Facebook users make purchases, you can calculate how much money your ads are making. For example, if an ad click costs you €2, and a purchase is made every 10 clicks on average, then that purchase only makes you money if it generates more than €20 for your business. This means that you can make a fully informed assessment of the effectiveness of your advertising tools.
What is Facebook Pixel?
Facebook Pixel is a specific tool that helps you figure out if your Facebook ad expenditure is worth it. First of all, you need to get the Facebook Pixel code. This needs to be inserted into every page on your site. Then return to the Facebook ad manager and tell it which page your site redirects customers to after a successful purchase. Finally, insert the “conversion value” and tell Facebook how much any sale is worth.
Can I track a soft conversion?
Yes. Since the conversion is entered manually, you can use it to apply a value to soft conversions like quote requests and newsletter signups. As an example, let’s say that your business relies on people making appointments, coming to a location and then buying products. You will know that the average appointment generates €100 in revenue. However, you also know that 30% of appointments are cancelled or missed. This means that each appointment booked through your site is worth €70. This is your soft conversion value and you can always update this value later if your estimates change and you want more accurate data.
What else can Facebook Pixel do?
Facebook Pixel also lets you target your advertising. It can focus on people who previously visited your website, people who have made purchases in the past, as well as people who once visited but have not returned for a few months. On top of that, Facebook Pixel also lets you track the value generated by special events and leads.
Placing the Pixel code in your website grants you numerous small advantages, the most important of which is easily letting you figure out whether your Facebook Ads are even worth your money.
