DIGITAL ANALYTICS MINIDEGREE / CXL — BLOG 10

In the last blog post, I talked about the Data Visualization concepts and it’s capabilities in detail. In this blog post, we will continue to talk about Data Presentation and Visualization and also we will talk about Facebook Analytics with the tenth part of CXL Digital Analytics Minidegree.

You can go to the CXL website from here.

We talked about the graph types recently. Now I will mention dashboards.

Dashboard Considerations

There are two fundamentally different dashboard types.

1. Analytical Interfaces

• Requires formalized knowledge of the platform.
• Requires reasonably strong knowledge of the data within the platform.
• Can be limiting when it comes to data visualization best practices.

2. Performance Measurement

• Should work at a glance-minimal cognitive load required to determine “good” vs. “bad”.
• Should be centered around clearly established key performance indicators with targets.
• Often include supporting metrics that provide some basic context for the KPIs.
• Can provide some interactivity to allow initial exploration.

Establishing a Flow

• Avoid the corporate norm of simply creating slides one after another.
• Try starting with the end: what action should be taken and by whom and then work backwards to build to that.
• Storyboarding is quick and can ensure a strong narrative is identified before slides get built and polished.

Facebook Analytics

Now we will talk about Facebook Analytics. As a separate note, the Facebook Analytics course is included in this minidegree, but with a decision made by Facebook, Facebook Analytics will shut down completely in June 2021.

Facebook Analytics is a free analytics tool that you can access from your browser or theFacebook Analytics mobile app. You can use Facebook Analytics to understand how people interact with your website, Facebook Page, app or other supported event source.

Facebook Analytics vs. Google Analytics

Google Analytics is heavily relying on cookies and it tracks the behaviour of a particular user anonymously. Facebook Analytics is completely different because FB knows which user goes to the website.

Setting up Facebook Analytics

• Events — In FB Analytics, events are actions people take like purchases.
• Parameters — Parameters are the specific data points for those events.
• Event Sources — Events can come from different sources (like ads) and those are called event sources.
• ESG — ESG stands for Event Source Groups. An event source is a group of events in Facebook Analytics. These are groups you create in Business Manager as an admin. They are fully supported by Facebook Analytics, and you can share them with others.
• BAG — BAG stands for Business Asset Group. A business asset group is a collection of assets (for example, Pages, ad accounts, and Instagram accounts) within a Business Manager account
• Private Groups — Private Groups are the groups that you create in Facebook Analytics that only you can see. Private groups can be used when you need to do a quick analysis, even if you aren’t a Business Manager admin. Private groups disappear after 90 days of inactivity.

Facebook Analytics Reports

Within FB Analytics, you can see some of the key matrices and run basic analytics to get the reports. Apart from that, you can create custom dashboards; for example, you would like to look at engagement charts for some features of your app and if they lead to purchases.

Activity Reports — Activity reports can be used to get an insight on the active users, the revenue generated from those users, and the actions they’re taking in your product over time through cohorts and funnels.

People Reports — People reports can be used to get an insight into the people using your product with aggregated demographics and audience insights including age, gender, location, education, and interests. Also, you can create custom audiences so that you can get information about specific segments of your audience.

There are other sorts of reports that can be generated with FB Analytics.

a. Funnel Reports getting information about the budget and how much you are spending on the Ads.

b. Overlap Reports to get a better insight into Audience Targeting.

c. Outcome Reports to Reveal Successful Content, Format, and Posts, etc.

d. Demographic Reports to get an insight into possible customers or business partners.

e. User Retention Reports to Monitor Consumer Engagement by Cohort.

Funnel Reports

Funnels in Facebook Analytics are made up of events, which act as steps that you want to measure. Funnels can be created to measure conversions for a particular sequence of actions and to see how long it takes for conversions to happen.

You can look fort he steps below:

a. Click Activity from the menu on the left then click Funnels.

b. Click Create Funnel.

c. Click Add Funnel Step and select an event.

d. Refine, Change Event, Reorder Step (Select one depending on the funnel that you need to create)

e. Add one more funnel step

f. Click and select Save

g. Give a name and click Save

Filters in Facebook Analytics — You can use filters to learn about the audience of your app, website, Facebook Page or other supported event source. Examples can be what actions people take, what kind of device they use, the app install source and other demographic information.

Using Facebook Analytics for better campaign management:

One of the benefits of running analytics and getting insights into various KPI’s is learning how to use that data to better manage the campaigns and create more optimized future campaigns. For example, after running the analytics, you get an insight that most of the conversions happen after you run a poll, you can use more and intuitive future polls to draw more sales. The more you study the data and dive deeper, the better you can understand who your target audience is, where they reside, what sort of content they like, where your ads should be placed, and which strategy you should implement when engaging with them.

Facebook Analytics is a very useful tool but after the June we can’t be able to use this tool. Facebook says that we can measure things with other FB dashboards.

See you next week with a new blog post containing details from the CXL digital analytics mini degree program.

Thanks,

Mert Kolay