What are the top 5 techniques for optimizing your paid search and paid social?
1. Use uniform reporting to benchmark performance and provide relative benchmarks for all paid advertising channels
When optimizing paid search and paid social, don’t invite confusion to the table; On one hand proprietary metrics and unique reporting elements can provide great intrinsic value to companies, but on the other hand they also have the tendency of bogging down the analysis of reports. As this downside can limit reporting to only the savviest individuals within an organization, a bottleneck of information can easily result. Avoid this entirely, and hold every paid advertising channel to the same set of standards as the others to make easy comparisons for efficiency, ROAS, & consumer impact.
2. ‘Knowing your audience’ requires highly accountable and effective means of collecting and storing consumers’ data
As technology progresses, data increasingly becomes a cornerstone for many avant-garde digital strategies. The first step to staying ahead of the competition is to ensure that your company has deployed an effective means of collecting customer data at a transaction level, and also a safeguarded solution for storing this data. The tools that simple data collection make available to businesses such as audience segmentation, remarketing lists, & customer match can keep you ahead of your competition, but only so long as consumer confidence isn’t interrupted through a data breach.
3. Consistently match-back your attributed publisher spend to your CRM or sales platform data
Comparing apples-to-apples is the foundation for effective analysis and subsequent optimization, but keeping an eye on the whole picture and never losing track of ad spend in relation to revenue is tantamount to accountable and successful marketing. Pursue causal attribution models between lead generation campaigns and bottom-of-the-funnel activity, but do not disregard any correlative trends-whether they are positive or negative they should be treated with a close eye. By building out conversion modeling from micro goals such as an email sign-up or a phone call to macro goals such as a purchase or inquiry, then it can become more clear if any stage within the consumers’ pathway to conversion is inefficient.
4. Allocate a fixed exploratory fund for emerging channels
A large part of optimization, which is often overlooked, is staying ahead of the competition. The landscape of digital advertising changes daily- search engine algorithms are updated, ad products are (re)released, new betas are put on the market, and all of this can lead to a great deal of trepidation from the advertisers’ seat. By conscientiously separating out a distinct marketing fund for new lead generation channels, you are able to better account for ad spend and more quickly verify if the channel suites your business model. On top of this, there are usually incentives for hopping on the bandwagon quickly, so many times losses in inefficient or costly channels can be mitigated by the success found in productive channels.
5. Check your ego at the door
In a world of A/B testing and conversion rate optimization, there will always be winners and losers. Sometimes experiments go as expected, and at other times they provide unexpected results. To remain objective in the analysis of data, it’s requisite that ego does not play any factor. Don’t trust your gut over what substantive data analysis of paid advertising campaigns can yield.