It is the general consensus that we spend a lot on digital campaigns. It’s estimated that in 2018, media ad spending worldwide will total $628.63 billion.
But how much are we wasting? Figures reveal that almost half of online ads may not ever reach the right people.
As an advertiser, you know the importance of targeting at scale and understanding differences in Customer Lifetime Value, and you want to invest your time and resources accordingly. Individual customer data must be acquired and analyzed.
So how do you go about that?
One option is with digital branding campaigns that increase impressions.
Digital branding campaigns are:
- Designed to enhance and favorably develop brand image and awareness
- A favorite among non-digital marketers and advertisers and agencies that use traditional advertising practices and methods and may have just recently moved to digital
- The most common type of campaign found on traditional advertising media
But their success is intrinsically difficult to measure. See, proxies thought to indirectly help generate revenue at some point in the future are often used to measure these campaigns: like unaided brand recall, AKA online interest in brand keywords, and new visitors on your website. Goals could be set up, such as Time on Site % over x min., pages per visit % view x # pages and bounce rate…
And yes, coupons, registration or other activity can help you measure these and create a more trustworthy link between campaigns and results, but I’m sure you can see how unscientific this approach can be.
Impressions, reach, and social interactions (AKA vanity metrics) might also be considered here, but those metrics don’t offer any real information about the effect your ad is having on anyone! All you know is that your ad has appeared in a digital location, so in theory, you’re getting the service you paid for… But is what you paid for really worth it, if you’re only getting impressions?
This is why earned media value (EMV) and impressions are far less popular than they used to be… unless your ad is at the Super Bowl and you own a multinational sports drink company, which still pays plenty of attention to these kinds of metrics (though we’re not sure why).
You deserve results.
And today, there is absolutely no reason why you can’t incorporate the best branding strategy into a conversion campaign and measure your return on investment perfectly, taking delight in watching your customers and sales figures rise.
Because let’s face it, advertising should be all about revenue, ROI percentages, revenue per click, etc.
Make Conversion Marketing Work For You
Conversion marketing encourages every prospect to take a specific action and become a paying customer. It is measured by conversion rate or the percentage of visitors who take that desired action.
Here are some of the most important conversion metrics you’ll want to track:
1. Traffic Sources
It’s key to have a diverse range of traffic sources for incoming traffic, including direct visitors (they type your URL into their browser search bar), search visitors (those that visit your site based on a search query) and referral visitors (who visit your site because it was mentioned/linked to on another blog or site).
You’ll want to track which category converts the best and deal with each category individually.
2. New/Unique Visitor Conversions
Usability plays an important role in reducing the bounce rate of first-time visitors, and you’ll want to please them so they come back again, or even become a customer while they’re on your site. So, this is a key metric for any business.
3. Return Visitor Conversion
To best convert this group of prospects, ask yourself why this visitor returned to your site, and if they didn’t convert the first time around, why not? You can use this information to have another go at this warm lead.
4. Interactions Per Visit
Not every visitor will convert, so it can be helpful to monitor their behavior on your website to find out how you can get them to interact more, for longer, and eventually convert.
5. Value Per Visit
This metric is directly linked to interactions per visit. To calculate it, divide the number of visits by the total value created. What counts as value here? Tangible value actions like adding a page view to your traffic as a result of CPM advertising, and purchasing products. And intangible ones like commenting on a blog article and leaving a product review.
6. Cost Per Conversion
This is such a critical metric, it could be classed on its own. It’s also known as lead generation costs and cost per referral and does exactly what it says on the tin.
7. Bounce Rate
All of the last five metrics should be increased, but your bounce rate should be minimized as much as possible. This is the rate at which new visitors click away from your website without doing anything, and the speed they do it at. On e-commerce sites, this is often called abandonment rate.
If your bounce rate is high, your traffic sources might be weak, your landing pages might not be optimized well. If your abandonment rate is high, it might be because your checkout process is too complex, deals have expired, etc.
8. Exit Pages
When are your visitors exiting your site or abandoning their shopping cart? This is an important conversion metric to look at, so you can optimize it and increase revenue accordingly.
How To Use Artificial Intelligence To Supercharge Your Paid Advertising
Adext AI, for example, finds the best audience for an ad by automatically setting exploratory budgets for up to 20 different audience segments and identifying which one is most likely to convert the most prospects and customers to increase your sales. It intelligently increases conversions by over 500% on average across all data when compared to the “Human plus Pre-Adext Technology” benchmark.
It also updates each of your ad group budgets 480 times per day. Can you imagine how much people power you’d need to do all that work?
Now you don’t have to, and you can try Adext AI out at no cost until we increase your conversion rate transparently within your Google AdWords and Facebook Ad accounts. Get your conversion campaign on the right track today.