What does digital marketing and ice cream truck have in common?
Buying an online ad is a lot like running an ice cream truck. Like any business, your objective is to increase sales volume and maximize profit. One way to do that is to reduce cost, and as an ice cream truck – one of your primary cost are petrol and time. Regardless of your sales volume, you still gotta pay for your time and petrol. Just like when you are buying an ad, regardless of the campaign result – you still have to pay for every impression and click.
So you need to plan your route carefully to maximize your ROI.Just like how you need to plan your campaign to ensure maximum return. The difference between the conventional and scientific campaign planning is how the decision is made. Scientific marketing depends on data to reduce risk and uncertainty.
For example, suppose you are picking a park for your ice cream route. Wouldn’t you pick the park that has more people? Similarly, when you plan your campaign – it’s critical to ensure the population size is sufficient. When you create a campaign on Peasy, one of the first question Peasy ask is what are your target. When our AI recommend a target audience segment, it will always ensure the population is sufficient.
Population is not the only factor, suppose if you know that although Park A’s population is larger than B, but most of Park A’s population are lactose intolerant and on a diet – then obviously you will choose Park B over A right? Peasy take all these into account when choosing the “park” for your campaign, our budget distribution across FB, IG and Google take into account the profile, population and ad fraud.
The audience profile also influences your messaging. Suppose if you know that 70% of the park’s population are family with kids, and 30% are lactose intolerant; wouldn’t you stock your inventory and plan your promo accordingly? Similarly, to maximize conversion – you should personalize your communication for each segment. Hence in Peasy, we allow you to share common messages between segments but also to create ads specific to each segment.
Now suppose you have received an aerial view of the park before you scoot your little ice cream truck over. And from the aerial view, you noticed that both park – although having the same audience profile and population – in one park, the people were centralized to a few key spots and there aren’t any competition. In another park, the crowd was dispersed geographically and there were many other competitions, so you will need to burn more fuel driving around; shout harder to gain a competitive edge. Similar to actual campaigns, the fuel and effort is your bid – when competition is high, population size is small and inactive; your bid/cost per click/conversion need to be higher. Hence when you create a campaign in Peasy, the audience which our AI recommends is ranked by the bid competitiveness and conversion probability. So you can get the lowest hanging fruit first.
What have we learn, like an ice cream truck – a digital marketing campaign done scientifically is not a random, luck driven exercise. There are plenty of variables such as picking the right channel (park), ensuring sufficient population, selecting the right audience profile, personalizing the creative to each segment, ensuring competitive bid – that if you control well, you can have a high degree of influence over the result. Normally, these would require plenty of research and man hours to accomplish, thankfully we have simplify it with Peasy. Hopefully from this session, you realise you have a lot more control than you actually have over your campaign performance.