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Social media advertising is taking the world by storm. A whopping 93% of marketers worldwide are now using social media in their marketing strategy, as social media ads are being seen as one of the most effective tools in advertising.
Social media ad analytics play a critical role in helping businesses evaluate the performance of the campaigns, allocate budget effectively, gain audience insights, and measure ROI. But before we look at these in more detail, what actually are social media ad analytics, and what are some examples?
What Are Social Media Ad Analytics?
Social media analytics are the collection and analysis of metrics and data points that help you measure the performance of your social media ads. These metrics will help you assess your social media marketing strategy on both macro and micro levels.
Social media analytics measure a wide range of key metrics to assess performance of a social media post/ad. These metrics can include engagement metrics such as likes or shares, reach and Impressions, click-through rates and conversion metrics, but we’ll look at these further down.
The Best Analytics to Track for Social Media Ad Performance
There are a number of analytics you should be tracking to determine the performance of social media ads, such as click-through rate (CTR), conversion rate and cost-per-acquisition (CPA). Let’s look at these in more detail…
By keeping a close eye on your click-through rate, you’re able to gauge a better idea of how well your ad is being received by your target audience, and if there is anything you need to change to improve it.
You could improve the CTR by adding clear direct calls to actions, to help prompt your audience and carry out the desired action, and therefore helping to boost your CTR.
There are also popular tools like Meta Ads Manager and Instagram Insights that allow you to understand a better idea of your traffic and ad performance with your audience.
This evaluation helps in identifying what works well and what needs improvement when composing your future ad campaigns.
At Aura Ads, we track ad performance, offer insights, and use this data to improve your next set of assets. Get in touch with our friendly team today and see how we can help your social media ads level up.
Without identifying things like conversion rates, how are you supposed to tell how well the ad has done, and what your return on investment is?
It’s also important to track metrics such as cost per acquisition (CPA), return on ad spend (ROAS), and lifetime value (LTV) of customers acquired through ads, to help you determine the profitability of the ad campaigns so that you can make informed decisions about future investments in social media advertising.
3. They Allow You to Allocate Your Ad Budget More Effectively
Understanding the performance of social media ads gives you all the information needed to allocate advertising budgets more effectively.
By identifying which ad campaigns, platforms, or targeting options are delivering the best results and yielding the highest ROI, you can allocate resources to the most profitable channels and optimise their budget for maximum return and impact.
4. They Provide Valuable Insights Into Your Audience
By analysing this information, you can gain a deeper understanding of your target audience and tailor future ad campaigns to better resonate with their interests and needs.
There we have it! If you’re looking to invest in your ad creative, our team of creative strategists at Aura Ads are here to help you every step of the way. Schedule a call with our friendly team today and see how we can help.
We will tailor your creative to your campaign objectives and business goals, ensuring our creative has the biggest impact.
We are Aura Ads, a unique performance creative agency designed for D2C eCommerce brands. We help clients sell more online and grow at scale with our bespoke video and static creative delivered on a monthly basis.