The Facebook pixel has been around for a few years now, and marketers all over the world are taking advantage of its data. Thanks to the pixel, marketers are now able to better understand consumer behavior and use their learnings to deliver more relevant advertisements to these prospects.
But let’s face it, marketers are NOT web developers, and getting us to understand the back-end lingo of the Facebook pixel takes us a little longer than the IT department to learn. That’s why I’m here to walk you through how to speak the lingo and better understand what your agency and marketing partner means when words such as ‘lookalike audience’, ‘custom conversions’, and much more are mentioned.
Buzzwords, Buzzwords, And More Buzzwords
As a marketer (or anyone who is passionate about a topic), I tend to nerd out on marketing terms and not realize that I have completely lost and/or confused the person I’m talking to. To ease the confusion, I went ahead and created a quick cheat sheet of buzzwords marketers tend to use in conversation. For future conversations, any non-marketer will be able to nerd out and follow along:
- First Party Data: information that your business owns that your marketer will build lookalike audiences off of (i.e. email lists).
- Custom Audience: an audience that will reach people who have a relationship with your business, whether they are existing customers or individuals who have interacted with your business on Facebook or other platforms.
- Lookalike Audience: an audience built off of a custom audience to find new people on Facebook who are similar to your existing audiences.
- Custom Conversion: a way to track and optimize for conversions without adding anything to your website’s existing Facebook pixel code (i.e. Lead, Purchase, Complete Registration, etc.).
- Conversion Optimization: what custom conversion your ad campaign is set up to best perform for (i.e. “Lead” is your custom conversion so Facebook will optimize the ads to generate more “Lead” conversions).
- Website Traffic: anyone who visited your website or took a specific action by using the pixel’s data.
1st Party Data Is King
With Facebook’s recent data crisis, your business’ first party data is more important now than ever before. Moving forward, Facebook is no longer holding itself accountable for 3rd party data sources. Now your marketing partner will solely depend on your first party data to better target ads to potential customers. If you leave with anything from reading this article, make sure to nurture your first party data by keeping your member lists updated and ensuring that your Facebook pixel is tracking all website data, conversion, abandoned cart and lead form submission that happens on your business’ site. Data can be overwhelming and intimidating, but understanding data will keep you and your business ahead of the curve!