Performance marketing gives you the ability to track your campaigns to the deepest level so you are on track with your core objectives. Instead of running your campaign merely for impressions & likes, you can rather pay for engagements such as lead form submissions, website visits, sales etc.
2020 is all about having more control of your campaign’s KPIs, and that comes with structured campaign set up and analytics based optimisations. Increasing and improving the sales pipelines is every business’s dream, and if that’s what you are looking for, you are at the right place.
We’d be going through all the key elements of Performance Marketing and how all of them.
What makes an effective performance marketing campaign?
Here is my6 R strategyfor any performance marketing campaign despite the industry you are in!
1- Realistic Objectives: Having a clear objective is very important. You can run a performance marketing campaign for branding, website visits, ecommerce sales, etc. Once your goal is decided, you can further move down to specific metrics you want to measure, such as likes or comments or a lead submission.
Since your objectives are clear now, it’s time to set up your campaign. (Thinking of setting up a campaign on facebook? Read our master guide to Facebook Ads 2020)-
2- Real-time Analytics: Depending on what platforms you are running the ads, you need to do quick study APIs & plugins related to them so that you can see everything on a common dashboards and remarket.
There are mainly two type of ad-strategies:
Direct Ad → Landing Page → Acquisition
(*Can be a platform provided ad)
Direct Ad → Landing Page → Re Targeting → Acquisition
If you are running an ad campaign on facebook, here are the set of things you need to do if you want to accurately measure everything:
- Install Facebook Pixel on all the pages you want to track to further help you remarket.
- Set conversion & triggers through facebook ad dashboard.
- Attach UTMs to all your URLs so that they can be tracked through Google Analytics and you have a master view.
- Measure KPIs based on your business goals and assign monetary values to them so you can do a cost benefit analysis.
For example, if the goal is to increase the Sign Ups on my website and for every signup I earn Rs.100. But I am not willing to spend more than Rs.40 (assuming 60% margin). So in this case, I’ll try to optimise my ads based on targeting or creative or placement to keep my costs below 40%.
3- Re-optimisation & Tracking: Let’s consider the above scenario. It’s been a few days and your campaign is going well. Now, the ROAS (return on average spend) is 150%, which means Rs.60 profit.
Moving forward, the goal is to increase this ROAS, which can happen when you reduce your per Sign Up cost.
Here are a few things which you can practice to improve your conversions:
a) Increase the number of CPM (cost per thousand views), which means a higher number of conversions in the same budget. This can be done by targeting a wider audience but it might affect the quality of leads.
b) Improve your CTR (click through rate) by improving your Ad copies and creatives.
c) Do A/B test for attributes like placements.
d) Use Heat Maps on websites to understand consumer behaviour which will help you improve UI-UX and hence, conversions.
4- Robust Funnel: Create a clean sales funnel for all channels. Understand the flow of customers and identify the loop holes where most of the customers bounce back and then fill up the holes.
*Tools like google analytics provide effective sales funnel visualisation.
5- Remarketing: Remember, remarketing is where the magic happens and you experience your highest conversion rates. Based on your past user behaviour, set attribution cycle & remarket your products with new ad copies & creatives.
*It is preferable to add your remarketing audience in a subscriber list for frequent email/newsletter reach outs.
6- Reporting: Well, last but not the least is reporting. You need effective reporting to understand what went wrong or right in the last campaigns. It helps you in deciding which campaigns to continue with and which ones to drop.
Almost all the platforms provide reporting features which can be customised based on your need. Your focus should be to track key KPIs and their implication on business as a whole.