If you use Facebook’s in-house tools to track your Facebook campaigns, you’ll need to be aware that the current conversion code will be phased out in February 2017.

Setting up conversion tracking is essential for monitoring your return on investment when it comes to Facebook ads, so read on to learn more about how to set it up with the new Facebook pixel system in place.

But wait, what’s actually changing?

On 15th February 2017, Facebook are going to disable the current conversion tracking pixel. This means you’ll need to set up the new one to keep on tracking your ROI.

You’ll still be able to keep an eye on your stats, tracking both standard events and custom conversions.

The custom conversion is the simplest tracking option and does not require you to modify any settings or code. It is already featured in the Facebook Ad Manager and uses the URLs of your trackable pages.

For a more advanced insight, you can track standard events. This method uses specific code to track up to nine actions on a designated web page.

Whichever you choose, here’s how to set them up!

Step One: Install the New Facebook Pixel

The first step is to install the pixel on all pages of your site in order to gather the correct data. Just head on over to Ads Manager and click on the Facebook Pixel tab. Click ‘Create a Pixel’ and you’ll be prompted through the process of creating and installing the code.

Step Two: Select Your Standard Event Actions

If you’ve chosen to track standard event actions, you can select up to nine, including:

  • View Cart
  • Search
  • Add to Card
  • Add to Wishlist
  • Initiate Checkout
  • Add Payment Info
  • Purchase
  • Lead
  • Complete Registration

This will give you a better idea of what your visitors are actually doing on your site. You can select your actions by visiting the Ads Manager, clicking ‘All Tools’ and seleting ‘Pixels’ from the ‘Assets’ menu.

Step Three: Install the Conversion Code on Your Web Page or Site

If you’re used to working with code, this may be as simple as copy and pasting your conversion code into your site’s tags.

However, you can also use a WordPress plugin such as PixelYourSite to guide you through the process.

Step Four: Download the Facebook Pixel Helper

To ensure your tracking system is working, download the Facebook Pixel Helper browser extension for Google Chrome, which will then test your pages and indicate whether everything is working as it should.

Step Five: Monitor Your Custom Conversions

If you’ve chosen the custom conversions approach, select ‘Custom Conversions’ under the ‘Measure and Report’ section in Ads Manager. You’ll be able to select categories and events from here.

Step Six: Manage Your Columns in the Facebook Ads Manager

Creating columns will help you monitor your conversions more exactly – providing an accurate number for each event or action. Again, visit the Ads Manager – but this time select ‘Columns’. Click ‘Customize Columns’ and you’ll be prompted through the process.

Once you’ve got the new system set up and ready to go, you’ll be back to tracking your ROI in no time.

Have you already made the change? What do you think of the new Facebook pixel? Share your thoughts in the comments section below!