How Do You Track Ad Metrics?

Transcript

Joe Troyer: All right, so next question, Carolyn Huff asks, “How do you track ad metrics? How do the metrics change per advertising platform?” What are the numbers that you shoot for? How does this change for video versus display versus retargeting? So I’ll give you some very basic things to start with, Carolyn. At the end of the day, when I think about traffic and tracking ad metrics, I think that you need to start at suggested bids. So if it’s cost per thousand CPM, or if it’s cost per click, no matter what the model is, they’re going to give you an estimate. They’re going to say, “You should bid between this much and this much.” I always start at the top of that, why? Because when I pay more, they say, “Oh you can pay anywhere from 20 cents to 35 cents, I’m going to pay 35. Why? Because when I pay more, I get acceleration. They spend my money faster because I’m bidding more. All these platforms are an auction system so me paying 15 cents more, I’m going to get the data faster and that’s what’s important to me, is that time.

Joe Troyer: So I’m always going to start at the maximum, or not the maximum but at the upper end of the suggested bids. Next, I’m going to track and make sure that we’re tracking our micro conversion points. I’ll explain this in a little bit. Next, I want to make sure that we’re tracking obviously our return on investment and then once we’re tracking all of that, I want to every week, or every two weeks, or every month, I want to iterate. I want to make assumptions based upon the data that we’ve gotten so far. I think that the landing page sucks, it’s getting a 10% conversion rate. I think the biggest opportunity right now is for us to work on the landing page and the goal should be to double conversions and that’s what we’re going to go to work on. After we let traffic run, we’re going to iterate again. Now, what’s the idea right now that’s going to push things the furthest?

Joe Troyer: So let’s try to put this into reality … I spit on my computer screen here. Let’s put this into reality with some actual use case. So let’s say that you’re a local business. You’re a roofer, this is easy. Start with the higher end of the suggested bids, track … trick, track your micro conversion points, which would be … for a local it’s super easy, phone calls and form fills. Unless there’s online booking there’s nothing else that we can really track. Then we’re going to [inaudible] with a PA, that’s going to help us understand how much we’re paying for a phone call, how much we’re paying for a form fill, our cost per acquisition. Then ultimately, after we run ads for let’s say a week, a month, two weeks, whatever that term is that we’re going to keep using, and we’re going to keep using that, right? Then we’re going to track the return on ad spend, or the return on investment.

Joe Troyer: Okay, so we got 34 phone calls, 12 of those have become customers so far, this is the revenue that we’ve made and this is the ad spend. Now we have our return on investment. Then again, once per month or once per week, or every two weeks, whatever that period is again we’re going to keep it the same, we’re just going to work backwards and we’re going to look at all of our micro conversion points and see what is going to have the largest impact on ROI. We’ll come up with some ideas. We’re going to play with the landing page, we’re going to test call only, we’re going to work on split testing our ads. Then we’ll look at them, we’ll look at these ideas and we’ll come up with one or two ideas that we’re going to actually work on that are going to have the largest impact on ROI, not spend. We always, always are thinking of this in terms of what’s going to have the largest impact on ROI, that’s where the money is.

Joe Troyer: One more use case. Let’s say that you’re an info marketer, selling via webinar. I think that this actually gets easier because we have better tracking. When you sell online and the whole customer experience and customer journey happens online, it’s much easier to track and it’s not near as fragmented and we don’t have to wait near as long for the data. So again, start with your suggested bids, I go to the higher end, or the higher range of the suggested bids, I track your micro-conversions.

Joe Troyer: If you’re selling any type of item online, you’re going to have a lead magnet or a webinar registration, let’s say we’re running with webinar again. You’re going to have a webinar registration, we’ll track our show-up rate, we’ll track how many people stay till the end, we track our sales, which gives us our ROI, then once per week or every two weeks … and I’ll be able to iterate a lot faster in this info marketing model because we’re getting our data quicker. So we’re going to meet, I’m going to meet with my team, whoever’s running the ads, whoever’s incremental or important on my team and we’re going to work backwards again to figure out where we think we can have the largest impact on ROI.

Joe Troyer: So we’re going to look at the stats, we’re going to come up with some ideas, we’re going to look at what we think sucks and we’re going to take two ideas, let’s say for the week, and we’re going to work on that. So we’re going to work on the webinar registration page, we’re going to try a like live instead of an actual live webinar and those will be our two tests for the week and then the following week, that same day, we’re going to look back on the previous week and we’re going to see how those affected things. If they’re positive, we’re going to keep moving with them forward, come up with two new ideas and keep going. If they’re negative, we’re going to revert back to the previous model because it’s really that simple.

Joe Troyer: If you’re doing this as a service for your clients or you’re running a team internally to do this, I think the most important things are that everybody’s on the same page in terms of what are the micro conversions, what’s an acceptable ROI and then how often are we meeting and iterating. So I hope that helps. Carolyn, I went a little further than I think your question, but I think this helps give you the context of really what you should be tracking and more importantly, the why behind it.




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