Save cash from on-line advertising by tracking the right metrics
Updated: May 19
How automated dashboards of your different paid advertising can keep you efficiently on track
eCommerce is all about generating demand online and bringing them to your stores. Much of this demand generation comes from digital advertising. And depending on how diverse your segments are, you will need to deploy more than one tactic such as SEO, social ads, videos, and product placement. Achieve those campaigns now, and you quickly have many stores and a bunch of metrics for each that is no longer easy to manage. Here, I discuss how VIEWN organizes key views in automated dashboards for digital advertising to save cash.
Cost and performance go hand in hand
An online ad-spend dashboard can come in handy to track your ad spending’s performance. While online advertisements require monetary investment to attract customers, they can allow for relatively quick and easy performance tracking. When the paid acquisition is your primary campaign goal, this dashboard gets essential.
Google Ads and other ad platforms, even Facebook Ads, use a common pricing model, Cost-per-click (CPC). The CPC model evaluates the average cost per click on an ad. Since not all ad space is equal you need to look at the audience, campaign, and budget to find what makes the most bang for the buck. Make adjustments with specific performance tactics. For instance, you can get a holistic view of your advertisement campaigns by evaluating keyword performance and CPC. The point is to maintain your conversion rate and as your revenue from ads grows, the proportion of costs will decrease over time.
Selecting the optimal advertisement platforms largely depends on your requirements, goals, and the allocated marketing budget. At the top of the funnel, VIEWN does better on Facebook so we made adjustments accordingly. Like CPC, these platforms let you configure a cost per action (CPA) or cost per 1,000 impressions (CPM). These costs hurt a marketer when you are paying more for leads than the leads that are converting into real sales. Keep an eye out for your leads to sales ratio- too low is not good. Most digital advertising platforms. Most ad platforms provide a way to get to the data so that you can consolidate the data into your own reports.
Dashboards save time and money
Performance dashboards connected to the data of your ad platforms saves you time and the manual costs related to piecing your metrics together. For ease of sharing see Google Data Studio Gallery, you can find several examples on viewing your total spending per week on the channel- search, ads, videos.
Through automated dashboards, the data provides detailed insights into the performance of your campaigns and helps optimize your investments for each of your targets. You can also access data from specific weeks and see the change in performance from one week with simple trends. Further, can view monthly or yearly data, however, the weekly insights can certainly come in handy to understand the data in more detail with filters or pages. The data is the same.
Marketing report templates like in the gallery can be handy in understanding how performance needs to be communicated. In practice, beware of different contexts and different metrics when evaluating performance between the different platforms. As the example I mentioned earlier, some platforms let you configure CPA while others will report in CPM. Consolidating all the data should be tracked and managed in a system like a customer data platform (CDP) making it easier and more secure.
Digital ad-spend dashboards can be an effective and seamless way of monitoring your advertisements. You get all your metrics in one tool so keeping track of everything is easier and much more efficient. They can also give insights to help improve your campaigns and increase engagement scores. Further, the all-in-one dashboard is more cost-friendly in its solutions to optimize ad spend.