3 ways you're wasting your biddable media budget... and how to fix it!
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How to maximize the returns from your biddable media budget There are more opportunities to buy media than ever before but, do you know exactly where you’re spending your budget, what you’re spending it on and how to optimise your campaigns to get the best returns? In this webinar, Sarah Barker, Head of Biddable Media at digital marketing agency Stickyeyes will take you through the three most common mistakes brands make when investing in biddable media and importantly…how to fix them. You will learn: - The minefield of marketing metrics and how you can use data to understand your audience - Cross-channel cannibalisation and the danger of a silo-mentality - Why last-click attribution isn’t the answer - Risk-taking – why it’s not just for James Bond!
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3 ways you're wasting your biddable media budget... and how to fix it!
- 1. 1<Paste partner logo here via View, Master> 3 ways you’re wasting your biddable media budget….and how to fix it! Sarah Barker Head of BiddableMedia, Stickyeyes @Stickyeyes Sarah Barker
- 4. A quick intro… Sarah Barker • Head of Biddable Media. • This team covers Paid Search and Paid Social, but works closely alongside our Programmatic and Organic teams. • Working across a range of clients, most notably in Retail, Finance and Gaming sectors. • My job is to help develop overarching, innovative strategies to help clients get the most bang for their buck.
- 5. Ingredients for Biddable Success AUDIENCE CHANNELS MEASURES+ +
- 6. 6<Paste partner logo here via View, Master> 1. Audience
- 7. The Goldilocks Problem Understanding our target audience is vital for any successful biddable media strategy – after all, our audience should be at the heart and centre of what we do. However, we often find that brands that come to work with us either have little understanding of their audience, or have a much too refined and niche view.
- 8. What happens when it’s too big? Many brands often have little understanding of their target audience and therefore are targeting too broadly. This means wasted budget on users who are unlikely to ever take our desired action. We most often see this across Paid Search, where the keyword is still king, and marketers aren’t making use of Google or Bing’s robust audience targeting features.
- 9. Financial Services Example THEIR AUDIENCE WHO THEY TARGETED THE ISSUE As they were a supermarket who offered financial services, their audience was deemed to be anyone who shopped at the supermarket – that’s a lot of people! Given there was no granular understanding of who this audience was, they had no level of audience targeting across paid search activity. Where budget was limited, daily caps would often be reached. But we could not guarantee that budget was spent on the right people.
- 10. What happens when it’s too small? When defining our target audience, it’s all too easy to become too specific. This could leave us with a tiny group of users to target, and ignores others who could be crucial to our business. This usually happens across paid social channels, where brands develop preconceived ideas of who their audience is and is reluctant to target outside of this. However, this is the bi-product of inflating CPCs and reducing the impact of the platform algorithm.
- 11. Abercrombieand FitchExample THEIR AUDIENCE WHO THEY TARGETED THE ISSUE Famously, A&F saw their audience as young, attractive, slim potential customers. Even down to their sizing, their audience wasn’t inclusive, as they didn’t go up to large and used only young attractive models. This means that they were excluding a huge potential audience for vanity reasons. Plus, their target audience was perhaps more aspirational than realistic, restricting traction.
- 12. Profiling Methods We Use PRIMARY RESEARCH SECOND PARTY DATA THIRD PARTY TOOLS PROPRIETARY TOOLS PINPOINTQUESTIONAIRES EXISTING RESEARCH ANALYTICS FOCUS GROUPS OBSERVATION INTERVIEWS FACEBOOK GWI YOUGOV MOSAIC BRANDWATCH FOLLOWERWONK MOMENTS AMP CONNECTIONS CUBE RARE
- 13. Audience Profiles ACTIVITIES & INTERESTS Analyse the types of activities that your target users are engaged with whilst online on a frequent basis, this helps us to further establish what they look like as a rounded person – even if it doesn’t directly correlate with your brand! VALUES This is a key element that helps us to understand people’s motivators and why they build relationships with brands. By connecting with likeminded users, we maximise the impact of our ads and content. DEMOGRAPHICS If core to your business, we’d also recommend outlining demographics. However, it’s best to keep these relatively top line to avoid stereotyping and ignoring potential customers. BEHAVIOUR How does your audience behave online and what is their typical conversion path? Can we break it down into certain key targetable moments? The 4 key areas we must understand in order to have a complete picture of our target audience that can be leveraged holistically across channels.
- 14. Targeting Available DEMOGRAPHIC /FINANCIAL Google Bing Facebook LinkedIn Twitter INTEREST/AFFINITY Google Facebook Facebook LinkedIn Twitter IN MARKET Google Bing BEHAVIOUR Facebook Twitter CONNECTIONS Facebook LinkedIn Twitter EVENTS Google Facebook PROFESSIONAL Bing Facebook LinkedIn REMARKETING LISTS Google Bing Facebook LinkedIn Twitter SIMILAR USERS Google Facebook LinkedIn Twitter
- 15. Brand Competitor Head Term Generic Long Tail Generic Brand Plus Demographic s Affinity In Market Previous Customer Similar Audience Age Gender Location Parental Status Apparel Vehicles Beauty Products Electronics Home Insurance Finance / Loans UK / EU Trips Used Cars Value Engagement Frequency LTV Value Engagement Frequency LTV Paid Search Example. KEYWORD FOCUS INTEGRATED APPROACH AUDIENCE CENTRIC APPROACH HEAD TERM GENERIC LONG TAIL GENERIC COMPETITORS BRAND PLUS BRAND
- 16. Paid Social Example The core audience strategy filters down into the social structure with a campaign for each targeting type, reflecting a stage in the user journey. CORE AUDIENCE STRATEG Y DEMOGRAPH IC SIMILAR USERS SIMILAR USERS REMARKETIN G AGE GENDER LOOKALIKES 1% LOOKALIKES 3% LOOKALIKES 5% VIEW / ADD LAST 7 VIEW / ADD LAST 30 LOWER INTENT HIGHER INTENT LOOKALIKES 7% LOOKALIKES 9% VIEW / ADD LAST 100 SIMILAR BRANDS RELEVANT INTERESTS LOCATION RELATIONSHIP
- 17. Audiences Againstthe Funnel. High Volume High ROI Lower Volume Low ROI
- 18. The impact it has. Understanding where the users are within the conversion journey. Cost Interactions required to apply. Higher Higher SIMILAR USERS INTEREST/AFFINITY IN MARKET DEMOGRAPHICS ONLY NO AUDIENCE REMARKET
- 19. 19<Paste partner logo here via View, Master> 2. Channels
- 20. The Silo Problem Whilst a single view of audience targeting helps to unite biddable channels, channels operating in a silo approach from their organic counterpart leads to overlap and conflict and ultimately wasted spend. PPC SEO PAID SOCIAL ORGANIC SOCIAL
- 21. In the view below, PPC is likely to be redirecting ‘free’ organic traffic through a paid ad. This inflates overall costs unnecessarily. PPC / SEO Cannibalisation
- 22. Equilibrium PAUSE KEYWORDS ACTIVATE KEYWORDS When we rank position 1 organically and there is no search competition and shopping results are not displayed. When we either don’t rank position 1 organically or there are search competitors present or shopping results are displayed.
- 23. One Search M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Drivingoverallsearchefficiency Paid Investment Organic Investment Overall Performance
- 24. Paid Social v Organic Social PAID PAIDORGANIC ORGANIC Unless you’re using negative audience lists, your paid and organic social audiences are likely to be similar. It is therefore important to ensure a consistent tone of voice, or risk wasting budget on mixed messages.
- 25. One Social UNDERSTAND WHO WE TARGET SHARE CREATIVE LEVERAGE SIMILAR INFLUENCERS Consider whether we want existing, engaged followers to be included in Paid targeting. Will this cause conflict, or will they complement each other? Where possible, consider what creative could be used across both. But perhaps with different cuts or variations to suit each medium. It is now possible to push influencer organic posts as paid ads. This makes the budget you used for organic influencer activity work that little bit harder.
- 26. 26<Paste partner logo here via View, Master> 3. Measurement
- 27. The Attribution Problem Traditional last click measurement attributes all credit to a single touchpoint, and leads to favouritism of the latter part of the journey. 3rd BRAND PPC GENERIC SEARCH FULL CREDIT FACEBOOK AWARENESS 4th GMAIL 5th SHOPPING 6th FACEBOOK REMARKETING NO CREDIT 2nd YOUTUBE 1st NO CREDITNO CREDIT NO CREDIT NO CREDIT NO CREDIT
- 28. What this leads to…SPEND CONTRIBUTION TO GROWTH BRAND PPC FACEBOOK REMARKETING SHOPPING GMAIL GENERIC SEARCH YOUTUBE FACEBOOK AWARENESS High HighLow
- 30. A Fairer View Develop an understanding of the contribution and cost of each touchpoint in the journey for fairer credit and an understanding of overall CPA. YOUTUBE £1.20 3rd BRAND PPC GENERIC SEARCH £0.20 FACEBOOK AWARENESS 4th GMAIL 5th SHOPPING 6th FACEBOOK REMARKETING £0.40 2nd 1st £0.35 £1.00 £0.50 £0.60 Cost per acquisition based on all digital touchpoints: £4.25
- 31. What this leads to… SPEND CONTRIBUTION TO GROWTH BRAND PPC FACEBOOK REMARKETING SHOPPING GMAIL GENERIC SEARCH YOUTUBE FACEBOOK AWARENESS High HighLow
- 33. Variable Targets It is vital to have an understanding of whether a customer is new. Acquisition of new customers will naturally have a higher cost association. But these customers are crucial to business health. Therefore, this should be factored into variable targets. SPEND CPATARGET ACQUISITION ACQUISITION NURTURE NURTURE High Low High Low 60% 40% £40 £25
- 34. Test budget isn’t budget wasted! Once our activity reaches a place of comfort, we are often led into thinking that we can maintain a static approach and avoid the risk of budget wastage. However, the marketing landscape is always changing, and therefore this approach will lead us to fall behind. Smarter use of spend therefore allocates specific test budgets to help answer key marketing questions. What are my most profitable generics at scale? What is the incrementalism of my Facebook campaigns? Can we successfully leverage new ad formats? Are YouTube viewers likely to come back through brand? What type of message generates the highest ad recall?
- 35. Want more insight? Download our free whitepapers and sector reports at: https://www.stickyeyes.com/resources/ Subscribe to our YouTube Channel to catch our new video series. Sign up to our emails to be the first to receive new digital insights.
- 36. 36<Paste partner logo here via View, Master> Any Questions? Please ask questions via the questions tab