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32.Facebook Insight:
Do you have a Fan page on Facebook? If not, here is a strong reason as to why you must have one – Facebook Insight. The Insight tool provides Internet marketing data for your fan page, which is currently not available for Facebook profile and groups. Here are some of the data available through Insight: A metric to measure the quality of your posts called ‘Post Quality Metric’. It measures the quality and engagement of your posts in the last seven days. A graph that plots your customer interactions over a period, summary of activities such as, comments, wall posts, likes, etc, and demographics of fans. You can measure your Fan page performance by going through the graphs and how engaging your posts are. For example: the number of friends/fans per day is a measure of your presence and the importance of your brand to Facebook users. You can know if you are meeting your operational goals by looking at the number of posts per day.
33.Budget insights for your advertisements:
As with any process, it is important to allocate budget for advertising too. This is true irrespective of whether you have Facebook page/profile or group. Some of the key points to think through before starting your advertising campaign are: Limit your daily budget; it is a good idea to begin with minimum budget that can see you through the advert. You can raise this limit gradually. Sometimes the advertisements can be seasonal. For example, if you sell winter clothing, the only time you will need advertisements are during autumn end and winter. In this case, it serves no purpose to run the advert throughout the year. On the other hand, if you are a crockery dealer, you will require the adverts throughout the year. Sometimes you will need adverts for special sale and discounts. Finally, choose either ‘Impression based Advertising’ or ‘Clickthrough Advertising’. Based on the target market that you have chosen, Facebook provides you details about the number of clicks or impressions you might receive per day.
34.Impression advertising vs. Click advertising:
Both Impression advertising and Click advertising have their advantages. It is easier to decide the type of advertising you want if you already have a budget for advertising and know the cost involved. Impression advertising guarantees certain number of impressions for the money you pay. As an example, if you agree to pay $1, it will provide you with 1000 impressions and any number of clicks on the advert banner will not be counted. Now, assume you choose for click based adverts and pay $1; it will cover you for a single click irrespective of the impression. The advantage of Click advertising is that you will know when your ad is clicked. However, if you already know the number of clicks you want to generate per day, Impression advertising might be a better option. Assume you pay $100 for 100clicks/day; you might find out that you can roughly generate the same number of clicks by paying $25 for 1000 impressions.
35.The Multivariate testing:
Sometimes, it is necessary to test data against ‘either/or variables’ to understand how well your organization is performing. Such a test is called Multivariate testing. For example, assume you have online store presence in the US, Canada and Australia. Understanding what it costs to engage in cost per click advertising in all the three countries will let you know the country generating the lowest cost per click. Assume you are a coffee shop owner and have come up with four images for the advertising campaign. How do you choose the best image? You run the same ad copy against the four images and calculate the set that gives the lowest cost per new fan. If you have multiple variables to be compared and do not have an idea about how each variable will impact your sales, multivariate testing is the answer. This is a quick way to understand what works best for the organization.
