Meta launches Ads Benchmarking: what it means and how to access it
In today's fast-paced and constantly evolving digital marketing landscape, maintaining a competitive edge can be challenging yet absolutely essential. While monitoring the performance of our efforts is important, determining what constitutes genuine success and evaluating true performance can be a bit tricky.
Data benchmarking is the secret sauce. It enables us to accurately assess how our marketing efforts compare to industry standards, our competitors, and even our own previous results.
Extremely abstract image of metrics and benchmarks using an AI Image Generator.
It's 2023, the year of the Barbie movie (or Oppenheimer, depending on your preferences - we don't discriminate), and a plethora of tools and resources are just a Google search away. This is fantastic, but how do we navigate the vast sea of data benchmarks to determine what's favorable and relevant to our needs? The quest for global benchmarks across industries and segments can be exhausting and time-consuming. And if you're anything like me - a millennial Virgo with a deep rooted need for organization - it can sometimes be frustrating.
Meta has now launched a partial solution for this headache: Meta Ads Benchmarking. It’s their latest internal measurement solution that offers advertisers insights into the performance of our ad sets, compared to similar ad sets and businesses within our segment. Why do we love this? Simply put, it provides clear insights and performance comparisons without having to leave the user interface.
This lovely feature is easily accessible from inside Ads Reporting. Just click on ‘Personalised Insights’ in the left menu bar, and then select ‘See Report’ for the benchmark report that you’d like to view.
Any downsides, though? Well, as of now, the metrics included in Ads Benchmarking are still in development and subject to change. However, we're optimistic that this new feature will prove valuable to us and our partners.
Feel the sudden urge to discuss performance marketing and get things going with your paid socials? Let us guide you.
