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Using Paid Search in an Omni Channel Marketing Strategy
Including Paid Search in an Omni Channel Marketing Strategy
* Don’t look at the aggregate CPA. It is not reality.
* Look at your search term data to create a search acquisition matrix to better understand how your metrics really look between brand and non-brand and net new acquisition and existing customers- the mix of those four items.
* Build a strategy that shifts the dollars to the best performing quadrants for your business.
* Create an omni channel strategy that nurtures individuals from brand aware and net new customer acquisition into the brand loyal quadrant using quadrant shepherding as a strategy.
* Have the goal within your organization to get to the place where you can do what the most sophisticated brands do which is actually to bid on search based on lifetime value- also known as ROI-based bidding.
What follows is a lightly edited transcript of Episode 14 of the Inevitable Success Podcast with Damian Bergamaschi
Transcript:
Welcome to the Inevitable Success Podcast, sponsored by BuyerGenomics where our goal is to help you, the marketer, make success inevitable. Each episode will discuss the craft of data-driven marketing, helping you uncover new and profitable ideas. You will also learn what works and what doesn’t work from top marketing professionals and thought leaders. I’m your host: Damian Bergamaschi and inevitable success starts here.
So today we’re doing a little bit of a different format. I will be doing my first solo episode. What we’re going to try to do today is understand the effectiveness of your paid search investment, and we’re going to go through it using my experience, having worked deeply in segmenting paid search accounts to basically uncover some opportunities for you guys to think about.
So the very first part of understanding the effectiveness of your paid search investment is to first determine well, what was the objective of that investment to begin with? So for most paid search strategies, it’s about driving sales, and sales can come from a few different places. Primarily, it’s from repeat transactions and also from new customers. So when it comes to hitting the quarter in that particular period, they’re both very valuable. However, I tend to think that net new customer acquisition is a lot more strategic. When you’re driving new customers to your business, that is the lifeblood of a successful organization, and it really speaks about hitting your quarter next quarter too. So the very first thing you need to do to determine how you’re doing at your objective, specifically I’d say new customer acquisition, is to segment your results.
So often I see agencies and even internal marketing organizations look at the aggregate and blended result of, let’s say, something like Google AdWords or your paid search accounts, and what you’ll typically see is, Oh the Blended CPA or the CPA –they won’t even say that– is $6 per sale. And it may feel very good because you may intuitively know that your average order value is maybe $50 or $100, and even after you take the cost of goods sold out, you’re highly profitable on that sale or that acquisition.
But what is typically not known is: would I have gotten those sales anyway because a lot of them are branded search? And how many of them are new customers to begin with? So, the very first thing you need to do to answer those questions… –and by the way, we work with people and organizations that are very very large and also very experienced marketers. Not a lot of people do this. So if you don’t do this today, don’t beat yourself up.
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By The Inevitable Success PodcastIncluding Paid Search in an Omni Channel Marketing Strategy
* Don’t look at the aggregate CPA. It is not reality.
* Look at your search term data to create a search acquisition matrix to better understand how your metrics really look between brand and non-brand and net new acquisition and existing customers- the mix of those four items.
* Build a strategy that shifts the dollars to the best performing quadrants for your business.
* Create an omni channel strategy that nurtures individuals from brand aware and net new customer acquisition into the brand loyal quadrant using quadrant shepherding as a strategy.
* Have the goal within your organization to get to the place where you can do what the most sophisticated brands do which is actually to bid on search based on lifetime value- also known as ROI-based bidding.
What follows is a lightly edited transcript of Episode 14 of the Inevitable Success Podcast with Damian Bergamaschi
Transcript:
Welcome to the Inevitable Success Podcast, sponsored by BuyerGenomics where our goal is to help you, the marketer, make success inevitable. Each episode will discuss the craft of data-driven marketing, helping you uncover new and profitable ideas. You will also learn what works and what doesn’t work from top marketing professionals and thought leaders. I’m your host: Damian Bergamaschi and inevitable success starts here.
So today we’re doing a little bit of a different format. I will be doing my first solo episode. What we’re going to try to do today is understand the effectiveness of your paid search investment, and we’re going to go through it using my experience, having worked deeply in segmenting paid search accounts to basically uncover some opportunities for you guys to think about.
So the very first part of understanding the effectiveness of your paid search investment is to first determine well, what was the objective of that investment to begin with? So for most paid search strategies, it’s about driving sales, and sales can come from a few different places. Primarily, it’s from repeat transactions and also from new customers. So when it comes to hitting the quarter in that particular period, they’re both very valuable. However, I tend to think that net new customer acquisition is a lot more strategic. When you’re driving new customers to your business, that is the lifeblood of a successful organization, and it really speaks about hitting your quarter next quarter too. So the very first thing you need to do to determine how you’re doing at your objective, specifically I’d say new customer acquisition, is to segment your results.
So often I see agencies and even internal marketing organizations look at the aggregate and blended result of, let’s say, something like Google AdWords or your paid search accounts, and what you’ll typically see is, Oh the Blended CPA or the CPA –they won’t even say that– is $6 per sale. And it may feel very good because you may intuitively know that your average order value is maybe $50 or $100, and even after you take the cost of goods sold out, you’re highly profitable on that sale or that acquisition.
But what is typically not known is: would I have gotten those sales anyway because a lot of them are branded search? And how many of them are new customers to begin with? So, the very first thing you need to do to answer those questions… –and by the way, we work with people and organizations that are very very large and also very experienced marketers. Not a lot of people do this. So if you don’t do this today, don’t beat yourself up.