Good news, advertisers! It seems that Meta is listening to your suggestions as they have made an important update in advertising. That now allows you to distinguish between conversions. Previously, every conversion would fall under all conversions because there was no distinction. But now, new Meta attributes allow you two options – All conversions and first conversion. All conversion shows all the conversions that have come through after the users have clicked on the ads. And the first conversion shows you the first conversion from the ad view or click. This is going to have a considerable impact on the metrics of an ad campaign.
The Importance of Meta’s New Attribution Settings
Data is the lifeblood of a digital campaign. Advertisers don’t just randomly create campaigns and hope they work. Each aspect of a campaign is based on a data insight. Campaigns are also modify and update in real-time based on the performance metrics given by Meta to ensure efficiency in the campaigns. Therefore, a new attribution can create many changes to how campaigns are design and execute.
The Issue
Before this, there was widespread speculation that the performance metrics given by Meta were inflated. 25% of the people who had already made purchases were being record as first conversions. Even when a single customer made multiple purchases, Meta concluded them to be different conversions resulting in completely unreliable data statistics. Which resulted in poorly made ad and marketing campaigns because they are mostly based on Meta’s performance metrics.
The Impact
Ask any advertiser and they’ll tell you of the mismatch between their own backend data and the metrics given by Meta. Metrics are important for any advertiser to execute an effective campaign. When there are discrepancies in the data, it becomes harder to create an effective campaign that will keep customer acquisition costs down. But now that Meta is giving advertisers an additional data bifurcation that can help them bridge gaps between their data, campaigns will see a more positive impact. This new Meta attribution will change the way customers advertise on Meta.
How to Maximize Ad Efficiency?
- Data – This new feature gives advertisers a new data point that will now allow them to know how well their ads are doing with new customers and old customers. Any additional data that reveals an important aspect of the performance of an ad campaign enables the advertiser to create more efficient ads. The data accuracy also increases now that numbers are being clubbed together.
- Target – Getting exact numbers on first conversions and all conversions can help the advertisers understand what ads are appealing to first-time customers and how they can specifically target them. This way, advertisers can create multiple campaigns targeting first conversions and all conversions for better ad reach and conversions.
- Lower Customer Acquisitions Costs – Customer acquisition cost is one of the main measurements for the success of a campaign, and this new Meta attribute can significantly lower the costs allowing businesses to run campaigns for longer and acquire new customers.
Where to find this feature?
Go to the ad manager section on your Meta page. Now, go to your attribution setting. Here, you will find two options – ‘All Conversions’ and ‘First Conversion’. You can select the attribution you want and see the conversion view. You will see different numbers that you can record in your report. And use this additional data to come up with modifications to the current campaign. Use it as an important data point for the next campaigns.
This is not the only attribution Meta is rolling out. There are widespread plans to power their attribution tools with AI to enhance campaign performances. Advertisers will now be able to customize their campaigns better, target new customers, re-target existing customers, get enhanced data insights, make use of analytics from other advertising platforms, and improve conversion attribution.
To further understand Meta’s new attribution tools and how to leverage them for better campaigns, get in touch with Tru Performance. We have Meta advertising experts who exclusively handle all client Meta campaigns. These campaigns are empowered by the latest attribution tools for high performance. Get in touch today to know how we can help you get the most out of your Meta campaigns.
