As a performance-driven agency, Revel is always looking for fresh insights to bring to our clients. When reviewing performance on a weekly basis, it can be easy to get sucked into the pattern of reporting on the same KPIs in Meta. While these key metrics deliver important information to us about the paid media side of the business, we can uncover so much more data about our ads utilizing Meta’s custom metrics feature. In this article, we’ll discuss what custom metrics are, where to find them, and provide some inspiration for custom metrics you can build yourself.
What Are Custom Metrics?
Launched in late 2019, Meta’s custom metric feature allows users to create custom formulas to calculate new metrics utilizing the data Meta already has available. Custom metrics can be great for calculating things like: conversion rate, average order value, and cost per acquisition.
Where Can I Find Custom Metrics?
Custom metrics are just a few clicks away when we’re in Ads Manager. To create a custom metric, first navigate to the “Customize columns” button under the “Columns” dropdown in Meta Ads Manager.
From there, navigate to the “Custom” tab at the top of the pop-up window, and click “Create custom metric”. Easy enough, right?
Now that we know what custom metrics are and where to find them, let’s talk about some custom metrics you can build on your own and utilize in your reporting.
5 Meta Ads Custom Metrics
Conversion Rate
While not included in Meta’s standard reporting columns, CVR provides us with essential information about our ads. It can help answer questions like:
Does our ad offer a compelling enough value proposition?
Does our landing page effectively deliver on what our ad promises?
Are users having to click through too many pages on the site to find what they’re looking for after they see our ad?
For these reasons, CVR is a staple metric to include in your reporting.
Average Order Value
AOV tells us, on average, how much our customers are spending per purchase. This metric is pretty straight forward, but can provide lots of context when discussing revenue fluctuations with a client.
Hook Rate
Used for video ads, Hook Rate is a great tool to discover if user attention is effectively being captured within the first 3 seconds of your ad. Also referred to as “thumb-stop rate”, this metric helps us determine if our ads are compelling enough to stop a user’s doomscrolling.
Cart Drop-Off Rate
Cart Drop-Off Rate can help us uncover issues with our ads. Did the client make a change to their site without informing your team? Is there an issue on site we’re not aware of, such as requiring a minimum purchase value to checkout, or showing an out of stock item as available? A spike in this rate can help answer these questions.
Revenue Per Link Click
We frequently look at CPCs with clients, but have you ever discussed revenue per link click with a client? This metric adds color to our traffic: is our traffic profitable? Are there times of day where lots of traffic is being generated, but they’re converting less than average? This metric provides another tool when you’re reviewing traffic quality and revenue fluctuations.
Summary
Custom metrics have a variety of applications within Meta Ads Manager, and can equip you with the tools you need to add color to all your reporting. Once you start using custom metrics to your advantage, you unlock a world of useful data that wouldn’t be available to you otherwise. At Revel, we use custom metrics to bring unique insights to our clients. Let us start helping you learn the most from your data!
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