Nine Things Retailers Can Do To Compete With Amazon
In today’s digital world, marketers can get bogged down in the vast amount of data that’s available to them at any given time. When harnessed correctly, this data provides marketers with the intelligence they need to make informed decisions by audience segment and at the most granular levels in order to optimize results. Success depends on reviewing the most up-to-date marketing and media performance data every day, but which metrics are the most critical? While these metrics can vary based a company’s business goals and the channels and tactics used, here are three key metrics that every marketer should monitor on a daily basis to ensure campaign success:
1) Pacing of Media
Pacing can mean several different things depending on the goal of a particular campaign. For example, branding campaigns are typically designed to create awareness and brand engagement. Since potential customers are online at any given moment via desktop, tablet or mobile, it is important to monitor impressions, spend and reach of brand-focused campaigns on a daily basis to ensure the budgeted dollars are maximizing the number of prospects who are exposed to your message. Generally, this means pacing branding messages evenly, so that the volume of impressions, spend and reach remain fairly stable throughout the campaign with no significant fluctuations. It is also important to check impressions and reach against the target audience to ensure the campaign is getting to an audience that is most likely to convert.
If the campaign is more direct response driven, pacing is still important, but in a different way. In this case, check daily to ensure that prospective customers are being reached when the highest volume of conversions occur, and when the target audience is online. In other words, if most conversions occur on weekend mornings, ensure that your marketing takes full advantage of that by increasing investments during that timeframe.
2) Cost per Conversion (CPC)
To ensure goals are met, CPC should be viewed every day, as well as on a cumulative basis over time, taking into account the volume of conversions as well. By looking at the cumulative trend, marketers can react to any swings and react accordingly.
While daily CPC should be monitored, keep in mind that this metric can fluctuate widely. It’s important to recognize that these normal, daily fluctuations don’t necessarily reflect the success or failure of a campaign. It is a good idea to review day-to-day in order to catch any anomalies that may indicate broken tracking (such as a conversion tag not firing correctly). For branded search efforts in particular, CPC should be reviewed on a daily basis to ensure bid levels are not being negatively influenced by competitive bidding.
3) Search Trends
Another key item to review daily are search terms being used to find similar brands. If branded and non-branded keywords are trending high, then the impact is likely from other advertising in market. Take advantage of these trends by increasing bidding to keep top of mind.
Monitoring the pacing of media, the cost per conversion and search trends on a daily basis enables you to track the success of a campaign and make granular optimizations when needed. While these metrics will not tell the entire story of campaign success, they will help to ensure you are generating the most from your budget.
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