Facebook Conversion Measurement tool now live
Facebook announced today the international launch of the Facebook Conversion Measurement tool and optimization system, targeted at direct response marketers purchasing advertising through the social media network, offering ROI measurement by counting “relevant user actions” from registrations to shopping cart checkouts as a result of their Facebook ads.
The company has also announced optimized CMP (OCPM) to improve the conversion of their ads, which Facebook says has proven in beta to reduce the cost per conversion by 40 percent.
“This means that marketers who are interested in using Facebook ads and sponsored stories to drive specific actions on their websites can now use conversion measurement both to understand the ROI of their ad spend and to improve that ROI on future campaigns,” the company said in a statement.
Now available: getting started
The company says users can get started by clicking the conversion tracking tab in power editor in Chrome, or on the conversion tracking link featured on the left hand navigation within the ads manager. Users are then prompted to create a conversion tracking pixel and implement it on their conversion pages. Once placed on your website, ads can be created after setting a budget and choosing the optimized CPM, which the company asserts will reduce costs and improve conversion.
“Conversion measurement and optimization can be used on all Facebook ads and sponsored stories, and in combination with any targeting capabilities,” the company stated. “Facebook conversion measurement is also the only solution that can report when a user views an ad on one device (e.g. mobile phone) but converts on another (desktop computer), which is useful for cross-platform ad campaigns.”
This is a big step for the company, as many companies have spent a substantial amount of money on Facebook ads, so offering optimization is a natural step for Facebook.