As we've highlighted in the past, a Facebook marketing strategy can come with significant benefits for targeting (and converting) business customers. The world's largest social media network has become far more than just a consumer-oriented platform, allowing B2B marketers to use it as an integral part of their promotional strategy.
At the same time, simply creating a Facebook presence or running some ads on the network is not enough to succeed. You also need to focus on the right metric, making sure that everything you do on Facebook lines up with your marketing and sales goals. Here's what you should measure to match your business objectives with Facebook's metrics.
Focus on Conversions
If you're like most B2B marketers, generating leads is probably a priority in growing your business. 85% of B2B marketers, in fact, consider lead generation their top marketing goal, ahead of even increasing sales. So naturally, you should take advantage of Facebook metrics that actually support and measure the success of your lead generation efforts.
On the network's ad platform, you can use conversion pixels to accomplish just that. Simply place a few lines of code on your conversion page (the page your web visitors land on after they sign up to become a lead), and associate that code with your Facebook campaign(s). Each time a user becomes a lead when visiting your website after seeing your Facebook ad, the network tracks and reports on it.
Obviously, not every user actually follows through. One case study saw 6.5% of visitors convert after seeing a Facebook ad, and it required some careful and strategic set up. But by tracking its conversion rate through the process, and making targeted improvements for low-performing ads, the company was able to improve its success over time.
Assign Values to Individual Conversions
With a bit of math, you can go even deeper into Facebook's metrics to match your campaign to your business objectives. The network allows its advertisers to set up so-called 'conversion values,' which are dollar amounts connected to each conversion.
In other words, if you know how much each conversion is worth for you, Facebook can help you track whether the money you spend actually produces a positive ROI in generating leads and customers. If, for example, your average customer lifetime value is $2,000, and you know that about 20% of your leads convert to customers, you can tell Facebook that an individual lead conversion is worth $400 ($2,000 * 0.20).
Tracking Your Click-Through Numbers
Tracking your conversions, of course, is not always possible especially if you are looking to grow your organic Facebook presence and conversion pixels can be difficult to implement. In that case, click-through rates become an invaluable Facebook metrics to track and improve.
As a marketing manager, you probably already know about click-through rates. But you can also use this metric to get closer to your lead conversion goal. If you know how many of your web visitors on average convert to leads (typically about 7%, depending on your industry), you can draw conclusions about your lead conversion rates.
For example, you may see an average month generate 600 clicks to your website from organic posts. With the above 7% conversion rate, you can now reasonably assume that your Facebook efforts resulted in around 40 new leads for that month. Increase your clicks, and you ultimately increase your lead generation chances.
Engagement Matters for Customer Retention
Finally, don't forget about the value of engagement statistics, another common Facebook metric. You may not see likes, comments, or shares as necessarily relevant for lead generation. However, they can play a crucial part in improving your customer retention success.
In fact, a 2015 study found that followers who are more engaged with a brand on social media become more loyal and more likely to recommend that brand as a result. In other words, Facebook's engagement metric can be especially beneficial if you're looking to boost your retention efforts.
Facebook marketers, especially in the B2B realm, should not focus on vanity metrics. Page views or number of followers are great, but might actually have little impact on your bottom line. If your goal is to grow your business and maximise your lead generation success, conversions, click-throughs and engagement should be the focus of your Facebook marketing efforts.
For more information on how to line up your business objectives with Facebook's metrics, check out BrandManager's e-book "The Essential B2B Guide to Facebook".