Now that we have covered what the Facebook Pixel is, let’s dive deeper into what it can do for your business. Here are the three key benefits of having your pixel installed.
What You Can Do When the Pixel is Installed
1. Track Results
2. Optimize Campaigns
3. Custom Audiences
a. Retargeting
b. Lookalike Audiences
Track Results
Facebook makes it simple for advertisers to measure results. When you set up your pixel, be sure to also set up event tracking (if you already set your pixel up, it isn’t too late to add this, but visit Facebook’s help page to set this up now).
This will allow you to track data points like page view, add-to-cart, initiate checkout, and purchase. When you run advertisements, you will then be able to determine which creatives and audiences are producing the best results. From here you can make adjustments to your campaign based on the data.
Page view, add-to-cart, initiate checkout, and purchase is the typical process of events a customer will go through on an E-Commerce site, but events can also be set up for leads, registrations, and app downloads. If none of these meet your needs, custom events can be created to capture information like specific page views or visitors who share discount codes for a promotion.
Optimize Campaigns
When events are set up on in your website’s code, not only will you be able to track your results, but so will Facebook. This allows your campaigns to successfully be optimized.
The result of getting data for an event is that it becomes easier and easier for Facebook’s ad platform to put your advertisement in front of people who are likely to take a specific action.
For example, once you have a certain number of purchases for a product, a campaign for that product can have the objective set to purchase conversion and be expected to find more buyers at lower prices. The more data you have on the pixel, the better results you are likely to have.
Custom Audiences
With the Facebook Pixel (and events) installed on your website, custom audiences can be created. These are auto-populated groups of people that have completed an event on your website, advertisement or on your Facebook page.
What Custom Audiences Are Used For:
1. Retargeting
2. Lookalike Audiences
Retargeting allows the advertiser to display ads to groups of people who have completed an event such as view 75% of a video ad you published or purchased one of your products.
Take a moment to let this settle in. It is powerful.
You won’t be able to do that with viewers of your Super Bowl commercial.
This can be used for building relationships, handling objections, getting repeat customers and many more business goals.
Lookalike audiences are built from custom audiences and are an excellent way to reach potential customers. Facebook takes data from the custom audience (ie. people who have purchased from you) and makes a similar audience that is unique to your business.
You can have an advertisement that runs to 1 million + people that have key similarities to your current customers. If this does not excite you as a business owner I do not know what will. I hope I don’t need to say it but, this is an amazing investment opportunity that is still underpriced. Start collecting data and reaching customers!
