This blog post will tell you the story of how we analyzed their performance, and how you can do the same.
What is the name of the product or service being advertised?
The first thing we did was to identify the product or service being advertised, which is a crucial step in any advertisement analysis. Most companies will only look at the performance of their ads in isolation, but if you want to see how your strategy is performing across different products, you have to take this into consideration.
Knowing the product allows us to better understand what is being advertised, and allows us to determine how successful the strategy was in driving sales. For example, when analyzing television advertisements, we often look at which ones perform best in terms of closing sales, or gaining product recognition.
Here are some examples of products and services being advertised on Social Media as of April 2020:
• Personal Injury Protection (PIP) insurance.
• Term Life Insurance.
• Car Insurance.
• Mortgage Insurance.
• Bond Guarantee Insurance.
• Health Insurance.
• Rent-A-Car Insurance
• Travel Insurance.
• Long-Haul Trucking Insurance.
• Commercial Insurance.
How does this product or service work?
Once we knew what the product or service was, we were able to determine the mechanism by which it performed. Was it a complex product? Did they offer a special deal that made it more appealing? Were people more likely to buy it because it was featured on popular media channels?
These questions help us determine the overall appeal of the product, and how successful the strategy was in encouraging people to purchase it. One example of this would be a life insurance product, where the client wants to encourage people to consider their life insurance products, therefore the mechanism of the product (i.e. term vs. permanent) becomes a key focus point.
Why did the client choose to advertise on this platform?
The reason the client chose to advertise on Social Media is an important piece of information, because it can give us an indication of whether or not this was the right platform for them. Think about when you’re deciding where to advertise your product or service. Are you trying to reach a specific audience? Does the medium matter? Should you prioritize social media or paid ads?
By understanding why the client chose to advertise on Social Media, we were able to map out a strategy for optimizing their campaign. In many cases, clients choose to advertise on Social Media because they want to reach people who are interested in their product or service. The platform’s algorithm drives more organic traffic to their site, and allows for more targeted engagement (e.g. click-throughs, and views on their site). It also offers a way to track the performance of their ads, and allows for more accountability.
Here’s a tip if you’re looking to advertise on social media: If you want to choose the right platform, take the time to learn about its strengths and weaknesses. This will help you determine whether or not this is the right platform for you, and will help you choose a more effective strategy for advertising on it. Once you’ve determined this, you can decide how best to approach the task at hand.
How does the client’s existing ad spend on other platforms compare?
It’s important to note that not all existing ad spend on other platforms is created equal. We need to consider how much the platform costs, how effective their ad spend on other platforms has been, and how much they’re willing to spend on the next run. For example, did they get good results from their recent sponsored posts on Social Media, but don’t have the budget for additional ads on other platforms?
What is the age range of the audience the client is trying to attract?
The next step in the process is to examine the age range of the audience the client is trying to attract. This will help determine whether or not this is the right platform for them, because not all platforms are made equal. Younger audiences are often found on Social Media, while older audiences tend to prefer more traditional platforms (e.g. YouTube, Amazon, and Facebook).
If the client’s target audience is primarily made up of young adults, they may want to consider focusing on smaller platforms like Tumblr, where the audience is more likely to be interested in their product. On the other hand, if their target audience is primarily made up of older adults, they may want to consider focusing on platforms like YouTube and Amazon, where the audience is more likely to be interested in traditional content (e.g. advertising).
How successful has this strategy been so far?
The last step in the process is to examine the success of this strategy so far. Did they get good results from this approach? Did they see an increase in sales as a result of their strategy?
In the case of our client we analyzed and saw a 13% increase in conversions (i.e. people who clicked a conversion button to make a purchase) as a result of their strategy. This increase was seen across all of their ads, not just the ones placed on Facebook. It’s important to keep in mind that this is just one client, and results may vary from site to site, and platform to platform. It’s also worth noting that the 13% increase was seen after only placing ads for 3 months. In order to understand the full impact of this strategy, the client will need to continue to run ads, and continue to track results.
Where do I go from here?
Once we analyzed and determined the performance of the client’s ads on other platforms, we were able to develop a clearer picture of what was working and what wasn’t. From here, it’s up to you. Do you think this platform is worth the investment? How much money do you have to play with? What’s your budget?
These questions will help guide your decision-making process as you try to choose the right platform, and the right strategy for advertising on it. At the end of the day, you’ll want to choose a platform that is relevant to your product or service, offers the best conversion rates, and fits your budget. If you can find a happy medium between these three factors, you’re bound to be in good shape.