Yes, the competition for your news feed is hot right now. Campaign costs are a little higher in many industries; the standout campaigns will be the those that are on target re audience, message and visual attraction. And for those who make the effort, the spoils are there for the taking. We are seeing incredible ROI for eCommerce clients right now.
Here are the big ones – without mentioning the guy in the red suit:
If you feel you’ve missed the start for 2017’s Black Friday and Cyber Monday (we won’t mention Christmas!), now is the best time to get your strategy in place for major dates in 2018. There are a few elements to consider.
- Do you have extremely clear picture not only of the type of customer you serve, but an understanding of their lifetime value, their shopping habits on your site, and how to optimise that?
- Is your sales process set up to target new ‘cold’ customers and then automatically retarget them after their first purchase?
- Do you have a CRM system that relates to your customers in a very personal, authentic way and that speaks to them at just the right time for each campaign?
- Have you evaluated where you are leaving money on the table during the process from advertising to when a customer checks out?
- Are you, as a matter of course, testing both ad creative and audiences throughout the life of a campaign?
- Are you generating quality content on a regular basis?
The revenue generated per dollar of ad spend will vary according to the particular market. As part of our monitoring we measure net new customers acquired through aggregate ad spend + total net new customers. We also analyse each cohort of customers to obtain a Customer Lifetime Value.
As a rule of thumb, it is important to us to measure the cost of acquisition on a campaign daily, to look at audience growth across channels weekly and then each month to monitor the aggregate return rate on customer acquisitions. Then, ask what is driving the acceleration or deceleration of a campaign to see what can be optimised.
What are the challenges you face in preparing + monitoring your own campaign strategies?