One of the key challenges marketers face is translating data insights into actionable strategies. In this article, we are taking you through several metrics you can analyze to determine if your marketing goals are being met.

Often, the focus narrows down to metrics like Return on Ad Spend (ROAS) and Cost per Acquisition (CPA). However, a broader perspective is necessary to help you properly evaluate and enhance your campaign performance.

Navigating the Customer Journey for decision-making

Understanding all touchpoints in the customer journey is essential when analyzing your campaign performance. Recognizing where your campaign fits into the journey, whether it’s the initial interaction with your brand or the final conversion, is pivotal. Different phases of the journey require different metrics for analysis. Understanding how your campaigns contribute to the complete customer journey will positively impact your budget division.

Leveraging Billy Grace’s various attribution models and windows allows you to further fine-tune your analysis, gaining a comprehensive understanding of how campaigns evolve throughout the customer journey.

Analyze beyond ROAS

As explained above, more metrics need to be considered to navigate the complexities of channel selection across different phases of the customer journey.

For example;

Consider a scenario where in a particular date range, Meta demonstrates a higher volume of orders and ROAS compared to TikTok:

Meta campaign X:

ROAS = 7

TikTok campaign Y:

ROAS = 5

Based on these metrics alone, you might think it would be wise to move your budget from TikTok to Meta. However, when you analyze your campaign performance in a bit more detail, your conclusion might change:

Meta campaign X:

CPM = 5

TikTok campaign Y:

CPM = 2

TikTok has a significantly lower Cost Per Mille (CPM) and the Billy Grace UMM model shows that TikTok is part of several attribution paths and the customers will possibly convert later.

In that case, TikTok presents an interesting case for its inclusion, particularly in the awareness phase, whilst Meta should be activated to increase bottom-funnel performance. By strategically allocating budget and creatives across channels, both engagement and conversions can be optimized.

Another scenario to consider are Google Branded Search campaigns. These campaigns typically have a high ROAS due to the strong intent of customers actively seeking your brand. While this might suggest increasing your investment in these campaigns, it might not always be incremental.

For example;

You have a base sales of 50 customers a month. These are customers that will purchase regardless of your advertising. You want to use your advertising to increase that number of customers (incremental sales). If you target those exact 50 customers, you will have a good ROAS number, but the value is not incremental, because you will only sell to those 50 customers you already had secured. If you target somewhere else, and now you have 80 customers, we could see the 30 extra customers as incremental. Proving that the apparent success in terms of ROAS alone may not necessarily translate into actionable insights.

Navigate to Paid Performance for your Analysis

Some key metrics to consider here:

Interpreting Insights with Billy Grace Attribution Models

By analyzing these metrics through both Multi-Touch Attribution and Unified Marketing Measurement, you can detect valuable trends and patterns. For instance, a campaign with below-average ROAS coupled with the highest CPC indicates underperformance relative to other campaigns. This insight suggests potential actions such as reallocating spend or optimizing campaign elements like keywords and creatives. Navigate to our ‘Keywords & Products’, ‘Landing Page’, or ‘Creative Performance’ dashboards to get further insights into these.

In conclusion, optimizing your marketing strategy demands a nuanced approach that extends beyond conventional metrics like ROAS. By leveraging the comprehensive insights provided by Billy Grace across various channels and analytical frameworks, you can fine-tune your strategies for maximum impact and ROI.