Optimize Paid Social Campaigns Towards Smarter Goals Using Connex®
Take a moment to think about the metrics that your business uses to measure success overall. Maybe it’s top-line revenue, or margin, or EBITDA. Now, think about how digital marketing efforts like paid social ladder into those goals. Is there a reliable and actionable measurement framework in place to connect your online media investments to the end results and outcomes that matter? Metrics and objectives available in the native platform interfaces—conversion volume, traffic, or reach, for example—certainly help illustrate some of the impact of spend, but these data points do not tell the full story.
Also think about how your business sets goals throughout the organization. Do you have different goals by service lines, departments, new store openings, or seasonal promotions? To make things more complicated, customers’ journeys are becoming more varied, requiring more nuanced measurement and analysis to keep up with their touchpoints. How are you measuring new customer acquisition campaigns differently than existing customer loyalty promotions? Do you know the demographics of your customers that are most likely to convert after viewing your Instagram stories placement? And how much of your ad spend—to the dollar—is buying placements for products that are breaking-even on your investment?
Why do these questions matter? The ability to quickly understand the performance of your different paid social initiatives against their unique goals is what will elevate the good marketers to great marketers. If relying on the native platforms alone, you won’t be able to easily compare ROI by audience, campaign, or other dimensions across a high volume of different initiatives.
The only way to optimize campaign or tactic-level paid social spend in a more sophisticated way is by connecting the platform data to other data sources in more granular views such as demographics, CRM audiences, service lines, and more, which must take place outside of the platform. At Rise, we built Connex®, our proprietary media analytics and automation platform, to combat this challenge. Now supporting Facebook and Instagram, Connex ties together spend at the campaign and tactic level to business results like Closed Leads, ROAS, in-store visits, and more.
For example, for an eCommerce client, we can now connect remarketing tactics to ROAS goals, rather than just conversion volume. In the below example, we are able to identify all remarketing ads that are performing below this brand’s goal of $10 ROAS.
With this information, we can re-allocate spend from these ads towards remarketing ads performing above the $10 ROAS goal. With a simple reconfiguration in Connex, we can generate that list of high-performing ads.
This is faster and more effective than solely using the native platforms to drive optimization towards the brand’s ultimate goal of generating more sales.
In the above examples we demonstrate how these views are created, but in practice we have these reports created automatically, appropriately named “Wasted Spend” and “Scalable Opportunities.”
To bring these insights to your brand, contact Rise. Our innovative technology and expert team are in a unique position to bring you closer to your business goals in a new, faster way.