3 custom metrics now for more meaningful Facebook Ads Reporting
Here’s how to set up custom metrics in Facebook, along with the simple formulas for the 3 most important metrics.
Step 1: In your ads manager, go to 'Columns: Performance' then, 'Customise Columns...'
Step 2: Click ‘Create Custom Metric’
Step 3: Enter the metric name, description, and formula
Step 4: Click ‘Create Metric’ and your metric will be saved 👌🏼
3 most important formulas:
Earnings Per Click (EPC):
Why it matters: Just like a Profit and Loss statement, knowing how much a click earns will help you understand why driving down your costs (i.e. cost per click) will drive more profit.
Formula: Purchase conversion value / Unique link clicks.
Average Order Value (AOV):
Why it matters: The more we can increase our average order value, the more profitable advertising becomes.
Formula: Purchase conversion value / Purchases
Conversion Rate (CVR):
Why it matters: Knowing an ad’s conversion rate can help us optimize the same way knowing a landing page’s conversion rate.
Formula: Purchases / Unique link clicks
Finally, don’t forget to save your ideal dashboard as a preset so you don’t have to customize your columns every time.
🚀 A huge thank you to the Pilothouse team for this tip!