Analytical Success! Measure Your Media
Many brands are beginning to see the benefits of digital media strategy, investing more and more dollars into online advertisement. One of the biggest benefits? Tracking and extensive analysis capabilities.
While us media nerds get giddy at the thought of building a campaign performance report, analyzing the effectiveness of an advertising buy isn’t everyone’s idea of a good time. So how are you, the client, able to determine if your latest digital campaign was truly a success without falling victim to analysis paralysis?
Lets look at the top performance indicators you should be looking at and asking about in your next media report meeting:
Generally, volume is measured in the form of an impression. While sheer amount of impressions isn’t always the goal, with this being the beginning of the ‘funnel’ it is important that there is enough volume at this stage before moving on to other analysis.
What are some of the things you should be looking at?
- How many users are ‘seeing’ your ad?
- Is it what was estimated (if you have an estimation)?
- How much are you spending per impression?
- Is / would another platform deliver more impressions for the same spend?
By analyzing impressions you can determine if your targeting (geo, demo, etc.) and placement is working, indicating if your digital strategy is effective.
Interest is calculated by ad clicks, with click through rate being the ratio of clicks to impressions. So what are some of the questions you should be asking yourself?
- How many users are clicking your ad?
- Is it what was estimated (if there was an estimation)?
- How much are you spending per click?
Users aren’t going to click an ad if it isn’t relevant or enticing to them. Low ad clicks or a large gap between impressions and clicks, can indicate a messaging problem or, again, ineffective targeting.
When analyzing engagement, you will often find yourself looking at many different potential metrics – Social: comments, likes, shares; Website: pages / visit, average time on page or site, bounce rate.
So what should you be analyzing?
- Of the users who click, how many leave right away?
- Are users engaging with the content on the page (lander) or clicking around your site (i.e., digging for the correct information)?
- Are users interacting with you brand or product?
A lack of strong engagement can indicate the user isn’t being served what they expected or clicked for. Ensure content on your lander aligns with the messaging within your advertising and that you are ‘paying off’ the click.
Often quantified as a conversion, analyzing action can sometimes be the most important metric you look at. By analyzing conversion you will often be able to tell if the spend was worth it (did the campaign pay for itself). What should you be looking for?
- What do you ultimately want the user to do (download coupon, purchase, join newsletter, like your Facebook page, etc.)?
- Are users taking the action you want?
- How many users who click end up converting (conversion rate)?
- Are users taking more than one action per click?
- How many users are abandoning the conversion before completion?
If an action isn’t clear, easy to complete, or desirable, you will see a low conversion rate. Underperforming conversions can also be an indicator that elements of your media strategy (platform, targeting, messaging, etc.) might need to be rethought, or even that the campaign should not be run in the future.
At the end of the day (or campaign), it is important that your media dollars are being spent effectively. That is why it is important to always analyze key metrics during and after your digital campaigns. For help developing effective media strategies or analyzing current campaigns, contact us today!