Before you can launch any of your campaigns, it’s essential to establish clear objectives for each. Without the right metrics and goals, it isn’t easy to fully comprehend your efforts’ effect. The kinds of plans you’ll establish will differ significantly based on the general objectives of your business and the method you use to measure the success of your campaigns. Here are a few examples of goals that you could create for your campaigns.
Driving Revenue
For online businesses, increasing revenue is usually the aim of online marketing campaigns. For setting objectives, it is essential to consider the target audience that you’re targeting through your marketing campaigns. Are you promoting your product mainly to those who have already purchased it? Are you trying to reach new users who haven’t been in contact with your brand? Once you have a good knowledge of your target audience, you can set realistic goals regarding the type of ROI you’d like to get from your advertising campaigns.
Key Metrics to Consider
In assessing the effectiveness of your revenue-driven campaigns, it is best to begin by examining the income directly related to the movements. But, this figure could be insignificant without proper context. When looking at revenue figures, it is essential to remember the return on advertising expenditure (ROAS). This percentage includes the impact of advertising. For instance, if you spent $50 and earned $100 in revenue, your ROAS is 100 percent. However, if you spent $50 and refunded $300, your ROAS would be 300%.
It’s crucial to go a bit more when looking at these numbers. If I asked you whether you’d like to see a 30 percent of a 200% or 20% ROAS for your campaigns, chances are you’d suggest 300 percent. For some businesses, it’s the best choice; however, those seeking to grow might prefer 20% ROAS if your overall income is greater than the time you’d have seen 300% ROAS.
Brand Building
While generating online revenues is an excellent objective, a different and frequently equally important goal to be thinking about is boosting your brand’s visibility in your target market. As the world of online marketing continues to become more intense, it’s essential to inform consumers about the product’s value. If you’re a new brand or trying to connect with new customers and increase brand awareness, these campaigns are an essential approach to include in your general marketing plan.
So, who should these campaigns be targeting? If you’re running a campaign to build your brand, you likely want to attract new customers. However, you could also use these campaigns to build relationships with current clients and prospects. Increasing the average order value or the average value over the lifetime of your existing customers is the ideal goal to aim for. It is always more to find new customers than to maintain the ones you already have. When you decide which market to target, remember that while the metrics could differ, the immense value in every.
When you’re evaluating branding campaigns, you could begin by assessing the efficiency of your campaign in terms of the number of people who are seeing your ads before and at what price. These metrics are likely to comprise the number of times people view your ads, and click-through rate (CTR) and the cost per click (CPC) are pretty typical. Then, you can explore the metrics on the site, like the time spent, bounce rate, and pages per session.
This will allow you to know the ones of your brand-building campaigns are bringing in the highest qualified customers to your site. Sometimes, the traffic with the lowest CPC may not be the best quality, so it’s essential to keep both in mind to bring the most qualified visitors to your site. If you’re driving new visitors to your site rather than nurturing existing users, this traffic is expected to come at a higher initial price. But, as you continue to interact with customers and push them through the funnel, you can expect that cost to decrease.
Driving Leads
Running campaigns to increase charges is an excellent method to generate business if you want to boost the number of leads in your sales pipeline. They are typically used for B2B companies or firms with a lengthy sales cycle, often requiring consulting with sales professionals or consultants.
Two key metrics to be aware of in generating prospects are cost per lead (CPL) and cost-per-acquisition (CPA). Your CPL will tell you how much you need to invest to obtain an additional charge on average. Your CPA is the opposite. It informs you of the average amount you need to invest to gain a different customer. CPL is usually less unless each lead you generate is converted, so it’s crucial to concentrate on your CPA when possible.
One of the things that may hinder companies from capturing this kind of metric is when you can’t track all leads throughout the buying process and determine which ones are converting. Utilizing a CRM to monitor your tips will help you track information generated by your campaigns and how they’ve performed. If you’re not focusing on the quality of data coming from the top of the funnel, your campaigns may turn out to be upside-down in terms of return.
