Custom Metrics for Facebook Ads: How To Use Them
What is a custom Facebook metric? A custom metric is a calculation or formula you are creating that is not available in Facebook’s standard reporting metrics. Custom metrics help you generate the reports that matter most to your business — for example, Average Order Value.
Custom metrics are nothing new (they have been available since late 2019) — but many marketers aren’t using them to their full advantage. So we wanted to share how to set up your own custom metrics and some recommendations that will give more detailed insights into your Facebook Ad campaigns.
How to Create Custom Metrics in Facebook Ads Manager
Essentially, you are creating a formula as you would in Excel, in order to create your desired output.
Here are four metrics we think every eCom advertiser should be using:
Average Order Value
Knowing your AOV is an important element in understanding what is driving your ROAS. By creating this view, you will also be able to see how AOV varies between funnels and specific audiences. This can provide valuable insights into your propositions in each stage of the funnel and how you can increase your overall AOV.
For this calculation, you’ll need to divide the total revenue by the number of purchases.
Quality Click Percentage
This metrics is really important as it gives you a view into how many people clicking your ads are resulting in actual landing page views. If this percentage is lower than 85%, then there could be an issue around landing page load times or the actual quality of the audience you are targeting.
For this custom metric, all you need to do is divide your total landing page views by total link clicks.
Thumb Stop Ratio
This metric will help you understand which video or GIF is doing the best job at grabbing your customers attention in the feed. The Thumb Stop Ratio will also give you even more data for your creative planning and optimizations.
If you’re achieving above 30% for your prospecting campaigns, you’re nailing the creative!
To create this custom metric, you will need the following formula:
Conversion Rate
This metric is very useful, as you can easily identify which audiences or creatives are exceeding your CVR average vs what is under performing.
Wrapping Up
As you can see, custom metrics arm you with a lot more data inside the platform itself, enabling you to make better and more informed decisions. By using custom metrics, businesses can gain a deeper understanding of their target audience, the effectiveness of their marketing campaigns, and the return on investment they are getting from their advertising spend.