The social media giant, Facebook, has reshaped its way of measuring the performance of the ad. One should focus more on ad quality of social media content as there are 3 new metrics introduced. Earlier, it was a single relevance score which used to measure the content quality of ads. The 3 new relevance indicators are quality ranking, engagement ranking rate, and conversion ranking.
Single Relevance Score
A single relevance score was the lone metric that was introduced in an update of Facebook. Facebook's paid advertising service was using this lone metric until now. More generally, a single relevance score was all about relevance. The more relevant an ad was to your target audience, the better the quality it proved.
There was a rating done on a scale of 1-10 for the ads. The rating of 1 proved that an ad is totally irrelevant to the audience and has a higher cost per click (CPC). Therefore, to continue displaying the ad, you had to pay more.
So, a single relevance score was all about ratings of an ad. If the rating was around 8-10, then the ad had lower CPC and more frequent ad displays.
Moreover, likes, shares, comments, and conversion were all considered in ad feedback. But this metric had a shortcoming. The relevance score based on which quality was decided was not on actual feedback. Instead, it was based on anticipated feedback.
There were 4 parameters that lumped rank relevance:
1) Anticipated Feedback
2) Ad’s goal
3) Your audience definition
4) Ad relevance and freshness
There was no any solid indication about the performance of the ad was on the right track or not and the rank relevance score was hard to determine.
Three new metrics
Facebook has figured 3 new ways to measure the rank relevance:
1) Quality Ranking
Quality of an ad versus the quality of competitor ad with the same group of the target audience.
2) Engagement Rate Ranking
Expected engagement of an ad with competing ads having the same target audience.
3) Conversion Rate Ranking
Anticipated rate of an ad versus other competing ads with the same audience and conversion rate optimization (CRO) goal.
Some factors that are contributors to high performance in digital marketing include:
1) Social media shareability
2) Varying the wide amount of audience
3) Frequent changes in the content of ads creatively to maintain freshness
The above-explained relevance x3 ranking is useful. High relevance of an ad correlated with high performance.
One more tip to keep in mind
One more suggestion is to not ignore help files on Facebook. This section comes with tips on how to read ad relevance diagnostics. It consists of an easy-to-follow table. It lets you dive into insights on the weaknesses of your ad and also on what you need to act on.
It is used to give recommendations that you need to improve your ad’s relevance to your audience. Making the ad more engaging, eye-catching, and interesting. Improving call-to-action on your ad. Another suggestion is to target an audience that is more likely to interact with your ad. This is how you could diagnose underperforming ads and boost it by working on the weak part.
A staggering 1.56 billion daily active users log on to Facebook. With an increase of 8%, there are 2.38 billion monthly active users on Facebook. But it would be foolish to think all of those as potential customers. Instead, it would be better that you target your relevant audience and promote an ad on their screens. Digital media is full of potential if you want to develop your brand and sustain it in the face of competition. Staying updated about the updates in the algorithm is the key to it.