All posts in “Budgeting”

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Campaign Tracking: What it is & How to use it

What is Campaign Tracking?

The modern methodology of campaign tracking goes back to a company named Urchin Software Corporation, a data management company that was acquired by Google in the year 2005. Urchin created the standard known as the UTM, or the Urchin tracking module. This tracking module sets today’s standard for campaign tracking, which is the organization of relevant data that comes from your social media pages and other promotional efforts.

Campaign tracking can take on any form that you wish depending on the key performance metrics that you set. If you are looking for the answer for how to increase company revenue, you will track a particular set of data. If your goal is conversions or impressions, the campaign of data that you track will be different.

Basically, you are putting eyes on the money that marketing says that you should spend. R&D and IT might have a point – those guys DO get carte blanche to say anything they want. No more! The data never lies.

 

How Do You Use Campaign Tracking?

Use campaign tracking to quantify your assumptions about how your key performance metrics are being met or not met. For instance, if you are trying to find out which social media network deserves more of your marketing dollars over the new quarter, then you should probably determine the network that drives the most traffic to your landing page. The secret is to focus your efforts on the data that is most relevant to the goal that you are trying to achieve.

Use tracking for bragging rights. If your marketing guys get into a friendly competition about who gives the best predictive analysis reports, bet on the next data tracking campaign – loser has to set up every report in Excel for the next month!

 

Why Use Campaign Tracking?

Not only does campaign tracking give you a benchmark for future predictions that are based in data, but you also give yourself a more effective platform on which to move in your current business efforts. When you are trying to sell a business, your tracking will come into question. Investors are just as interested in how you gather your data as they are in the data itself. Each channel that you are comparing can have its ROI tracked, so you can compare apples to apples for whatever metric you are trying to find.

Tracking solves arguments. Forget about office politics – take it to the spreadsheets. Data will shorten the time that your people spend talking about empty strategy and move people towards a singular goal, one that is agreed upon by the dispassionate computer. Save the emotions for the happy hour bar!

 

When Should You Use Campaign Tracking?

In short, use tracking whenever you can. It always costs a company less to analyse data than it does to play trial and error with marketing and development strategies. “A stitch in time saves nine,” as Aesop might say, meaning that “an ounce of preparation is worth a pound of cure.” Yes, it is bad form to define one pithy, taboo quote with another pithy, taboo quote, but you get the point.

Peazie is fast becoming an industry choice for promotional campaigns because of its ability to quantify analysis through quality campaign tracking. We organise campaign tracking for each promotion and competition we create. We manage the campaigns from end-to-end and advise how to optimise your traffic during the campaign to ensure the best quality leads, and highest amount of leads.    

 

Pretty woman at home

Drive Traffic With A Small Budget

Driving traffic to your campaigns can often present a bit of a hurdle for many marketers out there. Come to think of it, can anyone recall a time when marketers haven’t faced significant uphill struggles while coping with small budgets?

 

But traffic isn’t everything, and we can overcome this hurdle. It’s something we’ve learned to deal with. Underfunding is almost always an issue and marketers are often the first team to be faced with cutbacks. After all, all modern marketing teams just sit on Facebook, send a few emails, give away a couple of awesome prizes, or throw events, right?

 

It’s unfortunate that marketing is consistently misunderstood, as it is so vital to growing a business.

 

Thankfully, recent trends show marketing teams are starting to get more traction, as a whopping 77% of businesses are set to increase their marketing budget in 2016.

 

However, if you’re not one of the lucky 77%, here are a few ways you can drive traffic to your campaigns even with a small budget!

 

Share fresh content

 

Creating and sharing fresh, exciting and valuable content regularly is a great way to drive traffic to both your blog and your campaigns.

 

Say something unique, engaging and shareable. Stay away from the aged thoughts and opinions that you and everyone else has already read time and time again.

 

Find a new, valuable position that is authentic and real for your brand. Give your audience a reason to engage.

 

Leverage your email list

 

Email might seem like an outdated tool with the advent of social media, but it offers a tremendous opportunity to nurture relationships.

 

Offering valuable content through regular contact with your email list can help nurture and build your community while encouraging them to visit your blogs and campaigns. It is an exceptional avenue for communication, providing you are not simply sending out spam.

 

With platforms like mailchimp, you can gain valuable insights into how your email marketing performs also. Information such as open rates, click rates, and even unsubscribe rates all gives you greater knowledge on whether what you are doing is working or not.

 

Activate your community

 

Over the past few years, social media has exploded. It has fundamentally changed how we communicate as a society and has levelled the playing field. Your social community is now the most powerful free resource for your brand, and many brands under-capitalise on this.

Whether you know it or not, your community exists on social media in some form. Find them, and engage with them. Craft relationships (built on value) with the most engaged people in your social circles. Find ways to show your active community that you care about what they think. Seek their opinion, and find ways to help them succeed.

 

In return, don’t be afraid to ask for your communities help through the occasional call-to-action. The most effective ways to drive traffic with a small budget revolve around your community. Go out of your way to provide exceptional value for valued members of your community and build substantial brand trust.
You’d be surprised how many people genuinely appreciate recognition for their support, and would be willing to help you in return.

 

Thoughtful Latin American man thinking about a business plan with a wall chart behind him

How Should I Spend My Social Budget?

As a marketer in the digital age, we want data and proof. Are my advertising methods effective? Am I wasting my social media marketing budget? Is the answer in Facebook Ad Campaigns or is it in Promoted Posts?

What we’ve seen in Facebook posts vs. ads:

Analyzing data from over 282 ad campaigns and promoted posts from a range of industries we’ve found that our promoted posts performed at a 184% better Unique Click Through Rate (uCTR) than our ads sets, specifically 2.62% v 1.42%. Our CTR followed the same trend: 232% higher for promoted posts than ad sets*. Additionally, our Unique Cost Per Click was 24% lower for posts, $0.47 compared to $0.62 from ad sets.

So far, it appears promoted posts out-performed ad campaigns.

*uCTR = unique clicks / reach, CTR = clicks / impressions

A Twist in the Tale:

As a business however, we focus on objective-driven ads to landing pages with a clear conversion goal: a user submitting their contact details. As a result, we laser-focus on the metric: website clicks, which is not equal to ‘Clicks’. As defined by Facebook, ‘Clicks’ are any click: website click, like, page like, etc. Since our goal is always converting users to entries, we only look at which clicks resulted in a website view (to our linked landing page).

This is where the data gets interesting. Here the trend was reversed: Facebook ads performed 152% better than Promoted Posts. Our website click through rates were 0.58% and 0.38% for ads and posts, respectively. Meaning we had significantly more individuals clicking through to our landing pages from Facebook Ads than Promoted Posts. For us, this higher Website Click Through Rate means more newsletter signups, test drive bookings, or competition entries. For others, this could mean more shopping cart visits, more downloads, more customer inquiries or more leads. In context, the industry average Website Click Through Rate is 0.02% for Facebook ads.

Why is this different to the previous trend?

It could be due to a number of possibilities. Our hunch is that because promoted posts behave more like organic content in nature and seem less ‘Ads-like’, they encourage natural participation (e.g. likes, comments, shares, and website clicks). Whereas ads are structured with the reputation of driving you somewhere.

Now what about these conversion rates?

Our priority is a high entry conversion rate off this traffic, or how many submit their contact details into a form on our landing page. We have recently introduced in-house UTM tracking on all of our campaigns. We are now able to link landing page traffic and conversions to specific sources. As this is a new feature, we don’t yet have aggregate data to share. However, please see the below case study for a B2B business*:

Landing Page Conversion Rates:

  • Promoted Posts: 36.8%
  • Ad Sets: 4.41%
  • Industry average: 2.35%

Promoted posts converted at 834% higher than Ad sets and 1566% higher than the industry average for all traffic.

Cost Per Conversion was 289% lower for leads from promoted posts than for leads from Facebook ads.

*As with all stats, it’s important to take one off-examples with a grain of salt.

So what does that mean?

Facebook promoted posts get far more clicks for a cheaper price than Facebook ad sets. Although, they do have a shorter duration and a smaller reach.

Conversely, when the specific goal is website clicks, Facebook ads outperform promoted posts on average.

However, keep your end goal in sight. Do you want either signups, leads or conversions? If so, then check the conversion rates and cost per conversion. This will tell you your best performing and most profitable channel.

So which should you use?

Our advice is to use both ads and posts for your advertising campaign. Begin with a similar daily budget and trial the effectiveness of each campaign based upon your end goal (ours was Cost Per Conversion). We recommend reevaluating on a weekly basis at minimum and adjusting your budget to which avenue proves to be the most successful for your social media marketing.

Then, chat us up for a coffee and we’ll compare notes. Seriously – we’re all about being and fostering prudent efficient advertisers. (and drinking lattes)