Online marketing has become an amazingly powerful tool for startups and companies that need to grow quickly. You can run hundreds (or thousands) of different ad campaigns across dozens of platforms and use data to target the customer base you want and measuring every aspect of campaign performance.
Ad Spend Optimization
The biggest challenge in online marketing is how to optimize spend and get the most ROI. Of those thousands of campaigns, which are performing well? Which are costing you too much and you should stop them all together? Which ads are attracting the customers that go on to become your most loyal?
The right strategy to use at any given time is usually different one day to the next. And the cost of targeting customers online changes over time as well because there is such a huge competition in this industry. This means you should actively monitor your marketing every single day in order to make sure you are making good decisions, and maximising your chances of success. The data generated by all those campaigns can be overwhelming and it can be hard to know where to start.
Steps of optimize marketing spend
In this post we’ll review a few ways to apply data techniques that will allow you to optimize your campaigns. Specifically we will cover:
- Part 1 — Benchmarking Performance
- Part 2 — Anomaly Detection
- Part 3 — Customer Value Prediction
- Part 4 — Automation
Today, we will talk about how to measure your success. Before taking any further steps, you should first find out whether your business is doing well today.