28 Mar What You Need to Know About Conversion Lift Studies
Have you ever wondered how much of an incremental impact your Facebook ads have on your business? Facebook conversion lift studies now make it easier than ever. Say goodbye to the days of working with a third-party research partner and spending an absorbent amount of money, Facebook now puts the ad buyer in charge and at reasonable ad spend. We’ve outlined a few of the basics so you can get started with their self-serve conversion lift studies, awareness lift, and more!
You can access the list of lift studies that Facebook offers within your Business Manager account. Navigate to the “Test and Learn” option under “Measure & Report.” There you will be presented with the available studies.
Facebook organizes studies based on questions your business is trying to answer; they are as follows:
1. How much impact are all my Facebook ads having on my business? (Conversion Lift)
2. Which campaign causes the lowest cost conversions to occur? (Cost per conversion lift)
3. How much impact are all my Facebook ads having on brand perception? (Brand lift)
4. How much impact is my campaign having on a brand perception? (Brand Lift)
5. Will setting a campaign budget improve performance? (Cost per result)
Running the first two options requires an active Facebook ad account as well as Facebook pixel or offline conversion data set-up and integrated with your account. With option #1, Facebook will measure the effectiveness of all your ads at driving conversion. Conversions can include custom conversions that you’ve defined or actions such as adds to cart or purchases if you’ve integrated your Facebook pixel with your e-commerce platform. The best part about this test is that it does not require a minimum spend, so if you have conversions set up there’s no reason not to run this study.
The second option is useful if you’re trying to compare the performance of two different campaigns. This can help identify which tactics are most-successful for your business. As with option #1, this option does not have a minimum spend requirement.
Options #3 and #4 are assessments of how effective your Facebook ads are at driving awareness. Option #3 analyzes your entire ad account while #4 limits the analysis to one specific campaign in your account. This is a great option if your brand is trying to raise awareness or push a specific message. With this study you’re able to create up to 3 poll questions allowing you to get deeper insight into how successful your ads are at delivering that message. By leveraging these questions, in addition to seeing overall brand awareness lift, you can see how much of an impact your ads had on driving purchase intent or brand perception. Unlike the two conversion lift studies, the brand lift studies do have a minimum spend requirement of $30K.
If you’re not already leveraging campaign budget optimization with your Facebook ads, the fifth option exists to help you determine if it would be a fit with your ad buying strategy. The test will create a copy of your campaign, running one version with set budgets and the other with campaign budget optimization. From the results you’ll be able to see which approach was more efficient and, therefore, the best option for your strategy.
Since Facebook makes running these studies as easy as clicking a few buttons with no additional cost beyond your existing media spend, you have nothing to lose by turning one on. If you want to run one of these studies but don’t have a media strategy in place or are struggling with content that converts, we’d be happy to help.