Facebook Develops Conversion Measurement Tool, Stock Prices Rise
At the end of last week, Facebook released a conversion measurement tool for direct response marketers, allowing them to analyse their Facebook advert’s conversion rates.
Facebook have been providing a similar service to top advertisers on the site for the last year, but now a new version has been made available on their self-service ad platform.
With the tool, which is targeted towards online retailers who want immediate sales rather than publicity, marketers can code software to measure conversions on their website.
Any data the tool accumulates is entirely confidential, so marketers will be able to see how many people bought a particular product, or signed up to a particular service, but will be denied access to any information regarding their customers.
Marketers can also opt in for Optimized CPM bidding, a service which targets those Facebook users who are most likely to convert with specific adverts.
Some companies have already had success with the new tool: perennial Facebook friend Fab.com recorded a 39% cost decrease to customer acquisition with the Optimized CPM bidding service.
Thanks to their recent updates for online retailers, Facebook’s stock rose 22.6% on Friday, finishing at $23.70.
How useful do you think Facebook’s new conversion measurement tool is?
Contact us on Twitter or leave your comments below.
Will Sigsworth
Follow us @SocialMediaF & @WillAtSMF
www.socialmediafrontiers.com
Facebook have been providing a similar service to top advertisers on the site for the last year, but now a new version has been made available on their self-service ad platform.
With the tool, which is targeted towards online retailers who want immediate sales rather than publicity, marketers can code software to measure conversions on their website.
Any data the tool accumulates is entirely confidential, so marketers will be able to see how many people bought a particular product, or signed up to a particular service, but will be denied access to any information regarding their customers.
Marketers can also opt in for Optimized CPM bidding, a service which targets those Facebook users who are most likely to convert with specific adverts.Some companies have already had success with the new tool: perennial Facebook friend Fab.com recorded a 39% cost decrease to customer acquisition with the Optimized CPM bidding service.
Thanks to their recent updates for online retailers, Facebook’s stock rose 22.6% on Friday, finishing at $23.70.
How useful do you think Facebook’s new conversion measurement tool is?
Contact us on Twitter or leave your comments below.
Will Sigsworth
Follow us @SocialMediaF & @WillAtSMF
www.socialmediafrontiers.com
Facebook Develops Conversion Measurement Tool, Stock Prices Rise
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Monday, November 19, 2012
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