Understanding your Funnel
Rule 1: Upper funnel’s volume must exceed those of lower funnel
There’s a good reason why your funnel is an inverted pyramid. While all of us want more sale; sales volume cannot exceed those of desire or interest. This may sound trite and common sense, but there are advertisers who want to deploy conversion campaign while their website has 0 traffic and project has barely any brand awareness and recognition.
Rule 2: Break into Campaign Funnel
For every selected phase; break it into campaign funnel. Make sure your campaign funnel capture every click and action.
Rule 3: Know where to get your metric
Use the Metric Funnel spreadsheet as guidance to find the metric value for your campaign funnel.
Rule 4: Each Campaign can have only 1 objective
You can select only 1 objective per campaign. Again, this may sound trite and common sense – but this is crucial in managing stakeholder’s expectation. I have seen first-time advertisers running impression campaign, but was queried by their management on sales performance.
Rule 5: Get the average conversion rate to specify your target
I often get asked; “how much should I spend on my campaign?” OR “what’s the target clicks/leads I should set in my campaign?”. This ought to be driven by your sales target. For example, if you want to achieve 50 bookings each month. And based on your current track record for viewing-to-booking is 10%; hence you will need 500 viewings. And your current qualified-to-viewing is 50%; hence you will need 1,000 qualified. And assuming your current lead-to-qualified is 80%, hence you will need 1,250 leads. If Peasy estimate your Cost Per Lead is USD 3, hence you will need to invest USD 3,750 (3 X 1,250) to achieve your sales target.
Rule 6: More steps = more leakages but higher intent
When designing your campaign funnel and consumer journey, bear in mind – additional steps (effort) will help improve the lead quality but will also reduce your lead volume. You need to calibrate this carefully. Thanks