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At Nanigans, we aren’t simply advocates of in-house advertising – we also practice it. Ryan Kelly manages Nanigans’ own advertising campaigns on social channels like Facebook, Instagram and Twitter. Combining this experience with Nanigans’ advanced tools and capabilities has given him a well-rounded understanding of the best practices that drive clicks, downloads and conversions.
What strategies and secrets do in-house advertisers need to know in order to take their campaigns to the next level? Here’s what Ryan has to say:
Like many other other growth marketers I’m always trying to increase the performance of our campaigns. Everyone pretty much knows you should be testing different types of creative, but what’s often overlooked is testing different bid types. For example, if you’re running remarketing ads it might make a lot more sense to bid oCPM for reach or off-site conversions than CPA for link clicks, as you know your audience has already shown interest in your product. Our software makes it easy to set up these types of A/B tests and ultimately pick a winning strategy.
One of the most powerful features of the software is the intuitive cross-channel reporting and data unification found within performance analysis. Imagine if you had pivot table-like capabilities where you could customize reports and see how how a particular 3% Facebook Lookalike audience built from your top 10,000 customers or prospects was performing against a nested 1% Lookalike built from the same list? Or better yet, compare how that same audience was performing on Twitter as a tailored audience?
The ability to drag and drop different performance metrics (reach, CPM, CPA, CTRs, CRs) combined with different campaigns attributes (ad delivery location, creative, budgets, bid levels) makes it easy to spot top performing ads and create new variations from your proven winners.
The software allows you to do just this. The ability to drag and drop different performance metrics (reach, CPM, CPA, CTRs, CRs) combined with different campaigns attributes (ad delivery location, creative, budgets, bid levels) makes it easy to spot top performing ads and create new variations from your proven winners. Plus, it saves you countless hours in reporting each week. The reports generated can even be set up to be delivered to your inbox or any other interested parties automatically.
The largest challenge for many B2B advertisers (myself included) is achieving scale and targeting ads to the right audience. Our software is designed for in-house advertising teams that are performance/profit driven and already know the value of the social channels we support. It’s great that we have such a well-defined target market that wants more control of their customer acquisition and retention strategies. However, it would be a lot easier if I was just trying to acquire customers to sign up for a monthly sock subscription service, because everyone needs socks!
By taking a subset of some our most valuable leads, our analytics team was able to use an internal tool called Affinity Analysis (available to all customers through their customer success managers) and then provide suggestions of keywords or behaviors to target for acquisition/prospecting efforts on Facebook. Each targeting recommendation contains a score on how strongly a given audience overlaps with the comparable audience. For example, we found a lot of overlap between our top leads and users interested in triathlons. Overall, we used the results to find new audiences that we should be targeting.
Many in-house advertisers get too caught up in trying to lower costs. Whether that’s CPCs or CPA I’ve seen advertisers time and time again take pride in charts that show those metrics decreasing quarter over quarter. While it’s incredibly important to control and monitor your cost, you could be leaving a lot on the table.
Who cares if it costs you 2x more to acquire Becky as a customer than Paul, if Becky ends up purchasing 3x more than Paul?
The better way to approach your ad budgets is to focus on increasing your Return on Ad Spend, which is what many industry leading advertising teams leveraging Nanigans do. Who cares if it costs you 2x more to acquire Becky as a customer than Paul, if Becky ends up purchasing 3x more than Paul? You should be trying to maximize your ROI; it’s a better use of budget. Our predictive revenue optimization allows you to intelligently automate bidding and budgeting to increase your average order value.
Ready to take control of your digital advertising? Get practical insight and tips on how to set an in-house team up for performance marketing success.Download the eBook