In order to optimize your ad spend across multiple platforms, try these strategies:
Improving Your Retargeting Reporting and Metrics
Retargeting is an ideal method to reach out to customers who’ve previously shown interest in your brand or product, but it’s not always easy to implement. We’ve already discussed how to manage ads across multiple channels, and how to use retargeting to optimize your reach and segmentation. But once you’ve mastered your approach to retargeting, how can you collect the data to validate your results?
In order to gather insights about your ad performance, follow these strategies:
- Segment your retargeting audiences
It’s important to understand which audience types are responding more positively to your ads, and which ad campaigns are most successful. Make sure that you’ve set up UTM codes for each ad campaign (i.e. Facebook, Google, email newsletter) so that you know how the prospect came to your website link. Beyond that, segment your audiences based on criteria such as which ads they clicked on, geographic location, age, and other demographic data so that you can assess which types of users are most likely to click on your ads, and which specific ads are most successful.
- Set up a centralized dashboard for your reporting
It’s challenging to track metrics when you need to constantly log in and out of different advertising platforms like Facebook, Google, and other retargeting marketplaces and collect all the data in a spreadsheet. It’s not only time-consuming, but it’s easy to make mistakes that can jeopardize your data’s accuracy. Instead, use a multichannel retargeting platform where you can collect all of your performance data in one unified dashboard.
- Compare your retargeting results to traditional ad performance
In addition to analyzing how well your retargeting campaigns perform against one another based on platform or audience, it’s also useful to analyze how well your results stack up to traditional ad campaigns that don’t utilize retargeting. Kenshoo has found the click-through rate on retargeting ads is 10x higher than on traditional display ads, and 77% of marketers say that retargeting campaigns outperform display ads.
- Optimize your ad spend based on performance
Once you’ve been able to dig into your data, you should have a good sense of what your winners and losers are as far as platforms, campaigns, and audiences go. At this point, it’s time to refocus your efforts on the campaigns and audiences that are providing the most value in terms of highest engagement and lowest cost-per-click or cost-per-conversion. Continue to add iterations on your high-performing campaigns and tweak creative and copy, so that you’ll be able to incrementally improve your results over time.
By integrating all of your retargeting data into a centralized dashboard, you should be able to easily modify, track, and measure results for your campaigns across multiple platforms. You’ll have far better visibility into how your spend is being used, and have the tools at hand to optimize for better performance quickly.
Find out more about how to manage your ads in our new ebook.