Create These 3 Custom Metrics Now For More Meaningful Facebook Ads Reporting
The days of having to report Facebook ads performance using a spreadsheet look like they’re coming to a close. Here’s how you set up custom metrics in Facebook, along with the simple formulae 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 👌🏼
Here are the formulae:
- 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.
- Format: Currency
- 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.
- Format: Currency
- 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.
- Format: Percentage
- 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:
Huge time saver!
