Facebook advertising is one of the most effective ways to promote your products to more than 2.7 billion people across the globe. If you’re a business owner who is new to Facebook marketing, you’ve come to the right place. Facebook marketing has the power to target specific audiences in any niche with their ads. We’re guessing your most common question would probably be if it’s essential for every brand or if it only works for certain brands. Keep reading, we promise we have your answers in this article.
An advertising conversion is the goal action taken by a potential customer from your ad campaign. A conversion is when someone interacts with your ad and then makes an online purchase or a call to your business number from their mobile phone, for instance.
Let’s begin with the very basics – what are Facebook conversion rates? Simply explained – your brand conversion rate is the percentage of visitors that visit your website or landing page that converts (this is subjective to what you want them to do – it could be making a purchase, or submitting a form or etc.) The average conversion rate on Facebook Ads is around 9.11% across all industries. So, where do you stand? Below is the breakdown of the average conversion rates across all industries in worldwide:
So, what exactly is considered a good conversion rate on Facebook? The only way to measure this is to compare the nature of your business to perhaps someone like your competitor or someone in the similar industry as you are. The reason for doing so, is because the type of audience visiting your page and your competitor’s page are looking for the similar item. If their conversion rates are higher than yours, you must start looking at what is allowing their brand to appear better than yours. Perhaps it is the type of promotions they have or it could be something else that you haven’t tried yet for your brand. Therefore, the average conversion rates differ according to industry and a good conversion rate on Facebook is very subjective to the type of industry you’re in.
Here’s an easy way to calculate your average Facebook ad conversion rate by yourself :
Conversion rate = (conversions (this can be seen on your Facebook ads by the number of clicks on the Ad) / total visitors (This can only be accessed from the website owners) x 100%).
How can you identify between a good and a bad conversion rate? This is another common question that always comes up whilst discussing this topic. Now, as we have mentioned earlier, the conversion rates vary depending on your industry, your type of business, what is it you’re selling and the specific conversion action (as mentioned above) you’re tracking. It is important to always remember that a conversion does not necessarily mean that it will transform into a purchase.
In conclusion, if you would like to try ad buying on Facebook, you may need to try running a couple of ads before actually finding one that works for your brand. To ensure you don’t go overbudget, Facebook has this really interesting setting whereby you can state your maximum spending for a particular ad. What happens here is, the budget you’ve set for the ad will be utilised in a way that you will not be charged more than your maximum budget allocated. The most important thing to remember while posting an ad on Facebook is to make sure the ad that you post is of excellent quality. Pick something that will be able to draw people to your brand almost immediately. If you’re not sure of what to post and how to put your brand out there, you can always come to Fixie Dust and we will be more than happy to sprinkle a little lucky dust on your brand!
We came up with the whole name when we said we wanted to help 'fix' other's social media problems. And as two females moving into this venture, Fixie Dust seemed to fit the bill!