What is a Cost Per Key Web Page View (Conversion)?
This commonly used metric is the foundational part of nearly every marketing campaign— the cost of getting a member of your target audience on your key web page to view your brand voice and products. While you can conceptualize this goal as how much you paid to get there (the cost for each user to get to your key web page), most marketing publications and discourse will refer to this colloquially as a conversion.
The specific metric of cost per conversion is a tool that Facebook draws from an estimated sample to see how effective you were in meeting your campaign goal. How much of your bid went towards generating a single conversion and is that a sustainable business model for you?
You might be hearing this term in relation to conversion value, which simply the return on your ad investment (or ROI) that you are getting for each conversion. The rule of thumb is to keep your cost per conversion rate under your conversion value because you want your conversions to be as valuable as possible.
How Do I Track Conversions?
When you create an ad in Facebook’s Ad Manager, you set an objective. This objective can vary from conversions to catalog sales. Choosing conversions is a great metric for if your primary goal is to expand your target audience as well as determining valuable users. Who is most likely to go back and go through with a sale and how can you utilize remarketing to get there?
These conversions are also logged through your Facebook pixel even when you do not have a specific ad campaign running, as set up by your developer which can log different activities on your page. The different activities your pixel can track can be landing on your page, adding something to your cart, or even signing up for a newsletter.
In addition to conversions logged by your Facebook pixel, conversions can be logged in manually, to account for any offline sale that occurred as a result of your ad. For example, if a customer called your business or went in person after seeing an ad for it a couple of times in their Facebook news feed or after reading your newsletter a couple of times in their email inbox.