Social media ROI remains somewhat of an enigma to most marketers. However, Facebook is clearly making moves to change that. In the past week, Facebook has released three brand new updates to appease marketers’ growing complaints toward the platform, introducing the ‘Pages Only’ news feed filter, announcing a conversion reporting tool, and testing ‘Optimized CPM bidding’.
While marketers have long struggled with the challenges of evaluating social media revenue, Facebook has recently become the brunt of social marketers’ frustration. The recent dip in organic Facebook Page reach sparked widespread disillusion amongst social marketers, perhaps most famously from Dallas Mavericks owner Mark Cuban. Facebook maintains that the average Page post reaches 16% of fans, a rate they say has been steady since February, yet social analytics providers EdgeRank Checker, We Are Social, and Social Bakers stated conflicting, citing a 40% drop in organic reach. Many became suspicious of the perceived drop in reach as it closely coincided with Facebook’s release of Promoted Posts in May.
However, Facebook has given marketers three new features to smile about this week. Let’s dive in.
“Pages Only” Filter
Facebook released the new ‘Pages Only’ news feed filter this Wednesday. Just as the name suggests, when a user clicks the ‘Pages Feed’ option from the left hand sidebar, the news feed will display content exclusively from the user’s ‘Liked’ Pages. No doubt this will be a welcome change for business page owners concerned about waning organic Page reach.
Facebook Ads Conversion Tracker
Facebook is also rolling out a new tool to help marketers track conversions driven by Facebook Ads. Marketers will be able to add a snippet of code to any page on their website that would signify a completed sale, such as a ‘Thank You’ or ‘Order Confirmation’ page. Each conversion will be recorded into the Facebook Ads Manager reporting dashboard. Marketers will finally be able to get their hands on the conversion tracker by the end of the month.
Optimized CPM Bidding
Facebook takes the conversion tracking tool one step further with the Optimized CPM Bidding feature. Prior to this filter, marketers were forced to optimize ads based on clicks or actions within Facebook, rather than sales. As AdWeek points out, Facebook can now evaluate the types of users that buy a product based on gender, age, listed interests, and ‘Liked’ Pages to serve ads to users who are most likely to convert. So far, Beta tester Fab.com has reported a 39% lower customer acquisition via Optimized CPM bidding. Facebook expects to roll out this option to all advertisers by the end of the month.