Tuesday, December 20th, 2016 | 5 min read
What happens next? Lurking beneath the surface of holiday success is the inescapable specter of reporting. Specifically, there lies ahead the challenge of measuring ROI.
For CMOs and other executives, it’s a crucial way to understand whether your advertising investments are paying off. And for those on the front lines of a company’s social efforts, a strong ROI is a reflection of all your hard work.
With that in mind, here are key ways to measure the ROI of your paid holiday campaigns, and optimize your approach for the coming years.
Begin at the beginning: how many people have you reached with your paid social campaign?
This basic metric should form the baseline of your ROI measuring efforts, as it can lead to more followers, increased brand recognition, and improved consumer sentiment — even if these shifts aren’t apparent right after the holidays. Don’t be surprised, though, if a holiday season with greater reach results in a year with an improved reputation.
All that said, the sheer number of people touched by your paid social ad isn’t necessarily the most important factor to consider. What’s even more critical is ensuring that the content you share with the world is relevant for the audience you’re trying to reach.
In today’s noisy advertising environment, it’s vital to reach the right people, with the right experience, at the right time. This is key to generating goodwill among consumers and setting yourself up for success during the holidays.
To help measure how well you’ve achieved this important goal, there’s click-through rate (CTR). Simply put, a higher CTR means that you’re reaching people with content that’s interesting to them.
Social media presents a slew of additional measurements you can make, such as likes, shares, comments, retweets, mentions, and favorites. Consider setting goals for some or all of these metrics across different social channels. For example, you can track the amount of shares your Facebook posts receive on a year over year basis, and then tweak your content strategy accordingly.
Armed with the knowledge of what worked in your paid social strategy (and, perhaps more important, what didn’t work), it’s time to improve your approach. To improve your CTR and whatever social metrics you’re tracking, use an audience solution that helps you get the right ads in front of the right people.
Not only will you be able to dynamically retarget based on what consumers have clicked on, you can also generate and target lookalike audiences that are similar to your current customers (but aren’t quite customers…yet).
With an audience solution, you’ll gain a better understanding of who is engaging with your brand. This knowledge is central to developing and tailoring your content more effectively, and ultimately improve its impact.
Conversion rate and commerce data are perhaps the most important metrics for determining the success of your paid social advertising. This information is the final piece of the puzzle: How many people did we reach? Ok, so how many of them clicked on our ad? Great, but how many of them actually followed through and bought something?
To draw insights from the answers to these questions, make sure your ecommerce and paid social advertising data is housed on an integrated platform, so that your data is all in the same place and can be analyzed as a whole. Get the big picture and avoid wasting time (and money) with cumbersome spreadsheets.
The right solution will allow you to identify and understand the correlations between reach, CTR, and conversions. Indeed, with the right commerce capabilities, you should be able to attribute online purchases directly to the ad the drew people there.
With integrated commerce and social solutions, you can also ensure that the customer experience at the product page is aligned with the social experience, whether through UGC images displayed prominently, or customer reviews and care interactions featured on the product page.
‘Tis the season to…measure and optimize. It’s not the most exciting pastime, but it’s an important one. By examining the right metrics, and equipping themselves to act on the resulting insights, brands can receive the gift of improved performance.
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