Facebook isn't "just Facebook" anymore my friends. And I don't even watch the news, so I'm not sure what that statement means to you, but what it means to me is - Facebook is a FULL BLOWN digital analytics platform.
You probably know of my obsession with Google Analytics - the amazing web data tool that can and will change your life if you use it for 30 minutes a month (or more).
It's clear when you look at Facebook Analytics, they're bringing it strong and competing against Google Analytics, but the best part for marketers is that there's always a place for both and you can (and should) always use both.
Here are some of the things that Facebook Analytics can track for you (out of the box) with no set-up or action required on your part:
- Audience Overview Insights (Shown in screenshots and the video below)
- Active User Data
- Revenue
- Retention
Here are some more advanced things that Facebook Analytics can track for you with a bit of configuration:
- Funnels
- Cohorts
- Events
- Lifetime Value of a Customer
They're also in BETA with "Insights" with is very useful. It's almost like an AI assistant that feeds you stats and you can help it learn by deeming it "useful" or not - exactly like how you'd "like" a friend's post.
Knowing what data is available in Facebook Analytics is the first step. Accessing it on your own is the second step. I highly encourage you to take a look at your company's Facebook Analytics Data as soon as possible, and begin to digest it. Over time, you'll be able to determine some data driven actions to help your business.
