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Whether it’s a target cost per install, cost per click or cost per new member signup, digital marketers often have a primary metric in mind when they launch and monitor the performance of a new social media advertising campaign. However, in-house advertisers armed with historical data and a deep understanding of customer purchase behavior can leverage their knowledge to further optimize a campaign.
Nanigans software provides an optional setting known as Correlated Actions, where campaign managers can select up to two events that are correlated with their main campaign conversion. These pixelled actions may indicate future success within the first hour of engagement, and then over the lifetime of the ad. The Correlated Actions feature is especially beneficial for campaigns that are optimizing towards a downstream event with a low conversion rate, as Nanigans will have more data from which to optimize.
Good candidates for correlated actions are prerequisite events to the main campaign conversion. For example:
Correlated Actions work best when they happen consistently before the action you are optimizing your campaign towards. In the example above, the online retailer’s website requires that guests add an item to their shopping cart before they can check out. If the website required an email signup before purchase, the campaign manager could select the signup as a correlated action, but there would be less correlation because signups don’t always lead to a purchase.
In the gaming example above, the app developer knows there’s a purchase prompt after level 5, so there’s a high correlation between level completion and an in-app purchase event. The app developer could use an “Install” event as a correlated action for a gaming revenue-based campaign, but again, installs don’t always lead to in-app purchases.
In Q4 2014, Nanigans customer Adore Me launched a customer acquisition campaign with a target cost per new member purchase; a standard KPI for ecommerce brands. However, since the lingerie retailer knows email marketing factors heavily in driving member purchases, they selected email address collection as a correlated action to new member purchases. This signified to our software that it should take a secondary goal into account during bidding optimization.
During Cyber Week, online retailers with long attribution windows may be hesitant to to turbo boost their spend. With the help of Correlated Actions, Adore Me was able to capitalize on increased shopper interest and site traffic during the busiest time of the year, making a more educated decision on which customers to optimize towards based on early indicators of purchase intent.
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