November Product Update: Lifetime value reports, time-based funnels and more
Posted about 2 weeks ago
by SuiLin Yap
Facebook Analytics helps businesses leverage data to make better decisions about their product and customer experiences. With true people-based analytics, you can use the tool to measure and understand how people interact across your mobile app, website, Facebook Page, and more, in order to optimize for growth.
We recently introduced a number of new features designed to help you get even more insights from Facebook Analytics.
Customer lifetime value
Measuring customer lifetime value helps you understand how well you're monetizing your customer base. We've added a dedicated lifetime value report where you can easily view the total revenue generated from your customers over time and across cohorts.
With this new report, you can view LTV on a daily, weekly, or monthly basis depending on your business's needs and sales cycle. In addition, you can take advantage of the rich data available in Facebook Analytics to compare lifetime value across different segments of customers based on demographics, channels, custom parameters, and more.
Funnels are a powerful way to measure conversion rates for a series of actions that you want customers to take. They also help you identify areas where customers are dropping off. With our latest update, you can now measure the average time it takes people to complete a funnel. You can also specify a window of time that the funnel steps must be completed within, in order to see what percentage of people complete the funnel in that given time.
For example, an e-commerce business can create a funnel with three steps - Facebook Page Post Comment > Website Page View > Purchase. With time-based funnels, they can measure how long on average it takes people to make a purchase after visiting their website, or how long the entire journey takes from first commenting on one of their Facebook Page Posts to becoming a customer. Visit Facebook IQ to learn more about shopper journeys.
Additionally, funnel reports can now be pinned to custom dashboards, allowing you to keep an eye on conversion rates for key product flows at a glance.
Anomaly detection (beta)
Earlier this year, we introduced automated insights, which takes advantage of machine learning to surface valuable insights to you. We're excited to add anomaly detection to the types of automated insights available.
With anomaly detection, Facebook Analytics forecasts performance and can alert you when there is a significant change versus forecast, such as a 26% increase in revenue per user over what was expected.
This feature is in beta and currently available to all businesses with over 50K monthly active users, with expanded availability coming soon.
Improved analytics for websites
With rich, people-based behavioral data, Facebook Analytics can help you use data to build a better website. Now, we're adding support for UTM Source, Medium, Name, Content and Term, allowing you to understand the behavior of people visiting your website from different marketing campaigns.
We also added support for full referral URLs to better understand where your key sources of site traffic are coming from. For example, you can create a Breakdown report to see unique pageviews by UTM Source, UTM Medium, and Referral URL to see which campaigns and webpages are driving traffic to your website.
Streamlined setup for Android
As part of recent improvements to the Facebook SDK for Android, we've made it easier for developers to set up Facebook Analytics to measure and optimize Android apps. The Android SDK can now automatically log purchase events, in addition to install, launch, and time spent, allowing you to better understand your audience with less manual setup.