Every entrepreneur and company manager now knows that online marketing is an essential tool for success. However, in the course of construction, we often find that there are no clear campaign goals laid out. Entrepreneurs often go into campaigns with vague objectives without specifics, and at other times they set too many goals and lose focus. Today’s post by GloblaHype Media solutions will help you find the right goals.
If you don’t want to fall for these mistakes, it’s a good idea to learn about the campaign goals you use most often. The measurement and reporting system must then be developed according to the goals best suited to your marketing plan so that the return on the resources invested will be transparent on an ongoing basis.
What is a good marketing goal?
Defining a good goal is a lot harder than you first think. It’s a good idea to use one of my favorite methods taught at business universities: SMART Goal Setting (or SMART Criteria) is to choose a goal that:
- Specific: precisely determinable
- Measurable: measurable
- Achievable: feasible
- Relevant: relevant to our business and business plan
- Timely: time limit
Once we’ve found this goal, we can also define key performance indicator (KPI) metrics for campaigns and set up measurements.
The most commonly used marketing goals
In the following points, we collect the most commonly used online marketing campaign goals. The list is not complete: there are always special cases. In our experience, 90 percent of marketing campaigns can be classified as such.
1. Brand recognition marketing goal
As we build brand recognition, our goal is to reach people who are expected to be receptive to our message as many times as possible and to be part of the target group of our product/service. Branding campaigns can have multiple subtypes depending on the message: we can increase brand awareness, create different values and thoughts in people, or connect the brand name to a new market segment.
KPI would be relatively simple for these campaigns: how many reaches were purchased from the available marketing budget, and on average how many times a member of the audience met the ad during the campaign period. These campaigns usually have four important parameters:
- advertising spending (cost)
- impression
- reach
- frequency = Appearance / Reach
For example, if, in the case of a Facebook campaign, our goal is to reach men aged 18-29 in Budapest by spending $500,000 on advertising, chances are we’ll get the following numbers: we’ll be able to buy about 1,200,000 impressions, and the audience will be about 260,000 users (reach). And after the campaign closes, we can say that your audience has seen your ad on average 4.62 times during that period.
Thinking about the word marketing, most entrepreneurs think of branding first. Branding is important, but the first online marketing campaigns aim for a good chance it won’t be. Most small and medium-sized enterprises focus on direct return campaigns in the company’s young life. And sales-focused campaigns focus on KPI metrics closer to business results. We’ll introduce you to some of these.
2. Web page traffic marketing target
Sales-focused performance marketing campaigns are slightly closer to the traffic marketing goal, but sales are still not a priority. Website traffic campaigns are intended to get as many users as possible from a specific marketing budget on a web page. Sticking to the Facebook example, the cost per landing page views index is worth noting: it best shows the price at which visitors have been directed to a page. Other parameters for traffic campaigns are:
- advertising spending (cost)
- impression
- landing page views
- Cost per Landing Page Views
Traffic campaigns are most likely to be used when you can’t expect an immediate purchase from a user. They’ll first get to know the website, the offer, and they won’t make a purchase decision before they make a purchase decision. For example, you can use these campaigns to upload remarketing lists. In the case of webshops, it is almost mandatory to create this type of campaign.
3. Lead generation marketing goal
Lead generation can now be the goal of a real performance marketing campaign. In this case, we’ll set up measurements and campaign optimization to get as many leads as possible from the available budget to the customer. Lead is the English word for contacting a potential customer/customer.
We set up a lead generation campaign when direct webshop purchases are not typical of a company or are not possible due to the nature of the service/product. Typically, for example, the work of marketing agencies: in order to enter into a contract with a customer, we send a preliminary quote. And for the offer, you need to get a lot of information, often during marketing consulting services, you can put together a more specific marketing plan.
A web page can have many contact points that you assign conversion events to. For example, conversions can be filling out a contact form (request for quotation), clicking on a phone number link, or clicking on a company email address link. These events have a good chance of resulting in invaluable actions.
During the campaign, we calculate how much we spent (cost) and how many times users on that marketing channel took conversion actions. For example, if the campaign spent $100,000 and the customer received 15 RFQs, the cost per lead was $6,666.
4. Online shopping marketing goal
The online shopping marketing objective is the best example of performance marketing campaigns. There is a data link between the webshop (or the booking engine for hotels) and the ads. We’ll know how many purchases have been made from each marketing campaign and how much revenue the purchases have generated. This data is very helpful in optimizing your campaigns. If you know that an ad received $100,000 in revenue at its expense, it’s easy to calculate whether the activity is recoverable.
We can then compare campaigns with each other and other marketing tools. You can filter out the best advertising solutions and create an ideal marketing mix.
The following metrics are worth noting while following the Facebook example:
- Amount spent: cost
- Website purchase: number of purchases
- Cost per website purchase: marketing cost per purchase
- Website purchases conversion value: conversion value (basket value) of purchases made
- Website purchase ROAS (Return On Advertising Spend): conversion value of purchases divided by amount spent
For example, if a campaign spent $300,000 and registered 700 purchases, the average cost of purchase would be $428.6. If we also know that the total value of purchases is $4,000,000, roads can also be calculated: 4,000,000/300,000=13.33.
It’s a good idea to understand these metrics and understand their meaning. Virtually all ad networks have similar metrics, but the names are different. It’s also a good idea to consider that measured data doesn’t always come with real purchase numbers. It’s not all measurable in the online space either: for example, we don’t know much about returns, unless received orders, 100% accurate cross-device conversions, and more and more people are using ad-blocking apps. Some of these make it impossible for measurements to work.
5. More special campaigns
5.1. Shop visit marketing
If your customer has a physical shop, it’s also worth thinking about marketing campaigns to visit the store. Navigation data, such as route planning, is a great way to launch such innovative campaigns. And with mobile phone navigation data, you can also quantify how much it cost to access a store visit.
5.2. Repurchase and other recurring customer campaigns
Remarketing campaigns are a powerful tool for advertisers. They can be used to reach people who have visited our website before, have performed specific events there (for example, putting a product in a basket). For example, to target returning customers, you can launch a campaign to select users who have announced a purchase event in the last 90 days, and then advertise a coupon code exclusively to them. Our ad will be highly relevant, so purchases won’t be missed.
Let’s hope you liked the post. If you want to learn more about online marketing, read our other articles to get holistic learning.
