The new Facebook pixel combines conversion tracking and custom audiences functions. It allows advertisers to track a variety of user behaviors and then use those newly found audiences as campaign targeting. One of the biggest advantages of the new Facebook pixel is that you now only need one code for the entire website instead of a remarketing code and several conversion codes.
Heads up: For whatever reason, Facebook doesn’t allow advertisers to delete or modify conversions once they are set up. I have brought it to their attention and will keep you updated via LinkedIn if and when this changes.
How the New Facebook Pixel Works
Before, you would have installed one remarketing code and multiple conversion codes in an ideal scenario. Most people just installed the conversion code on the thank you page, meaning the page people go to after they converted. This can be a completed payment or the submission of a contact form for instance.
Now, you only need one code. Conversions are tracked with the URL of the thank you page. You can set up a maximum of twenty conversion to track multiple goals on your website. You will still be able to assign specific goals to your campaigns so you can track only what you want and to get the conversion statistics you need. So for instance you can set up one thank you page URL for the submission of a contact form and another thank you page URL for a completed purchase and track each goal separately.
How to Set Up the New Facebook Pixel
In your Facebook Ad Manager, go to “Tools” and select “Pixels”:
If you didn’t have conversion tracking set up until now, Facebook will ask you to create a pixel at this point.
If you had conversion tracking set up so far, you will now see a new tab called “Facebook Pixel” and the previous pixel tab that is now called “Conversion Tracking Pixel (Old).” Click on “Actions” and “View Pixel Code”:
A window will pop up with the code ready to be copied and pasted. Facebook displays easy to follow instructions on where to paste it, you will find them just above the code in the pop-up window.
You can now create up to 20 conversions. Examples could be filling out a contact form, purchasing a specific product, being on the shopping cart page, and so on.
Note: You can currently NOT DELETE or MODIFY the conversions you set up. As mentioned earlier, I will post updates on LinkedIn regarding this.
Click on “Create Conversion” to get started:
Choose “Track Custom Conversions”:
You can now paste the URL of the thank you page or go into more detail depending on how detailed you need it.
Examples of How to Use the New Facebook Pixel
Here are some ideas of what to do with the new Facebook pixel:
- Switch to CPA bidding – Tracking conversions enables CPA bidding (Cost per acquisition) for your campaigns. CPA bidding is the most effecting bidding method as long as you have enough conversion data before you start with CPA bidding. Facebook analyzes the users that are converting on your site and optimizes the delivery of your ads to get the most conversions at the lowest CPA for your campaigns based on that info.
- Create lookalike audiences based on behaviors such aswebsite visitors, page likes and any other custom conversion. Lookalike audiences are additional target methods for your campaigns and the users in the audience are similar to the ones of the original list you created them from (Website visitors or any other custom conversion). Facebook looks at likes, behaviors and other data points that distinguish the users in the original list and finds additional users whose data points match. This is a great way to increase reach. You can use small data sets to then develop big target audiences.
- Use the Facebook pixel to set up remarketing campaigns. The Pixel can be used to create a list of users that visited your site to then use it for advertising campaigns. Another good use of the Facebook Pixel is to use it to target people that already bought from you (Creating a remarketing list based on people that visited your thank you page) and then upsell them with other products.
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