For the love of God, there are many optimization methods beyond just form submissions or lead conversion events.
Before exploring solutions to improve lead quality, let’s address a few key questions.
Why should we optimize the campaign for a conversion event?
Meta is a machine learning algorithm that needs to be trained on what kind of leads are to be attracted. And the algorithm gets trained based on the optimization event.
This ongoing learning enables the algorithm to adjust targeting and bidding strategies in real time. It refines and optimizes your campaigns; and fine-tunes your bids to maximize your budget, focusing on placements and times when users are most likely to convert into leads.
This optimization event enhances and improves your campaign’s performance and boosts lead generation.
In other words, when you optimize for leads, Meta gets trained for more leads. If you optimize for high-quality leads, hence and so forth.
Uncover more: The power of Meta algorithm
Also, the Meta algorithm excels in predicting an individual’s potential ROAS by analyzing user behaviour data fed into the algorithm.
Hence, the ad platforms recommend feeding these following lead stage events to measure the full funnel for online and offline activity of all the leads generated.
Now, why Don’t Form Submit or Lead Conversion Events Always Work?
Choosing “lead” as the conversion event trains Meta’s algorithm to find people likely to fill out your form from the specified interest groups. However, this doesn’t train the algorithm on the quality of the leads required, as the feedback on how many leads ultimately become paying customers or moved to opportunity is not fed back to Meta.
Hence, the form_submit may not work effectively every time.
Is optimizing for final conversions(customers) the answer? What about long sales cycles?
The concern is right. When the sales cycle is long – then Meta wouldn’t have enough data to learn.
Meta needs at least 50 conversions in a week which allows Meta algorithm to learn and deliver your ad to the right people at the right time for optimal results.
Unlock the Secret: Train Meta’s Algorithm by Merging CRM’s Bottom-Funnel Lead Stages
Recommendation 1: Configure the BOFU event
Like how the campaign is optimized for form submit or lead, you can also optimize the campaign for high-intent CRM stages (BOFU: qualified + POC + approved + almost deal closed + closed + etc..).
So whenever you change a user from one stage to another, Facebook will consider it as a conversion; hence achieving 50 conversions a week.
Recommendation 2: 7- day Optimization window
As discussed above, the feedback of the leads has to be updated within 3-4 days when a lead moves to opportunity on the CRM. This allows Meta’s algorithm to learn and refine its targeting and bidding strategies.
Meta recommends that the stage we optimize should have the conversion rate from the lead at least by 40%.
Reference.
Steps to create a custom conversion event in 20 minutes
Check out the document for configuring CRM lead stages.
In addition to the written guide, we’ve included a quick video demonstration to assist with setup.
Need assistance?
If these are something that interests you to work around and explore more strategies that are most relevant to your business. We will be super happy to connect with you to discuss more. Get in touch
