Chapter 2: Meta Business
Facebook ads on the Meta platforms are still king, and always have been. Their history in the space of digital advertising is unmatched, and serve as the example for other platforms like TikTok to imitate. Due to the extensive demographic diversity on the Meta platforms in addition to their second-to-none AI algorithm ad delivery system, Facebook ads are a great option for just about every business model.
In this course, we will be using a lot of digital advertising related vocab. Take a moment to familiarize yourself with the following definitions before moving forward:
Demographics - refers to the age, gender, location, interests, income, and other identifying factors of an audience.
Interest Group - a targetable interest in the Meta ads platform describing a user’s interests, occupation, or behavior. Eg. “cryptocurrency”, “Ferrari”, “works in tech”, or “high income individuals”
Asset - things like your Instagram account, Facebook Page, Ad Account, Facebook Pixel, and Audiences that are connected to your Facebook Business Account
Facebook/Meta Pixel - a line of code installed on a website to track user’s actions and used to store customer data readily available to the FB Ads Manager
Event - a measurable action by a customer tracked by the Facebook Pixel
CTR - Click Through Rate, the % of people that click on your ad through to your website after seeing it
ATC - Add To Cart, event tracked by the FB Pixel when a customer adds an item to cart on your website
IC - Initiate Checkout, event tracked by the FB Pixel when a customer initiates checkout of their cart on your website
VV - Video Views, can be expressed as a % of how much of the video people have watched (95% VV - people who watched 95% of the video) or as a total number
TS - Time Spent, refers to the amount of time customers spend on your website. Can be expressed as a percentage of total users (top 25% TS - the top 25% of website visitors that spend the most time on your site)
LLA - Lookalike Audience, an audience where Facebook finds additional users that meet a demographic criteria that you provide by way of data, custom audiences, or mailing lists.
CBO - Campaign Budget Optimization, an option when creating a campaign to let the FB algorithm allocate budget to ad sets vs. setting manual ad set budgets.
ROAS - Return On Ad Spend, a number showing how much revenue a given ad has generated in relation to the amount of ad spend. Formula: (Revenue / Ad Spend) * 100
Creative - the image or video in an ad
Copy - the text/caption associated with an ad