Now all you need to do is load up a pivot the data in Excel, create calculated metrics for:
- 25% retention rate [25% completed views / 3 sec views]
- 50% retention rate [50% completed views / 3 sec views]
- 75% retention rate [75% completed views / 3 sec views]
- 100% retention rate [100% completed views / 3 sec views]
- Cost Per 25% completed views
- Cost per 50% completed views
- Cost per 75% completed views
- Cost per 100% completed views as columns
- Cost Per Engagement
with your objective [engagement vs views] in rows.
What you will you most probably find?
Putting all the above calculated metrics as columns should show you a clearer picture on what's the full value of your promotion. You'll most definitely see lower CPV and CPEs for view based bidding [even CPEs as engagements includes 3 sec views]. The CPE method should bring up higher retention rates [across the 25%-100% quartiles] because with this bidding, it is being shown to users more likely to engage and by that definition, spend more time with the content.
So, if a video post promoted by engagement bidding has a:
- 2X higher CPV [3 sec] compared to video posts promoted by CPV bidding
- 3X higher 75% retention rate [and you'd want users to stay as long as possible]
- And generating a sizable chunk of likes, comments and shares and the true Cost Per Like, Comment and Share [not CPE, which is inclusive of 3 sec views] comes to only 1.5X
You're getting better value out of the CPE bidding. In the end, it comes down to what you want to achieve. As long as you understand the data behind the high level numbers and what's driving it [CPV, CPE], you'll be in a better position to choose between these two bid types.
Did you find this post helpful? Did you try this exercise on your ad manager data and found some interesting results? Please share via comments.
P.S. You can apply the same method to Instagram as well. Just breakdown your data by platform and you now both, Facebook and Instagram data.