MEASURE AND OPTIMIZE SOCIAL MEDIA MARKETING CAMPAIGNS COURSE 5 QUESTIONS AND ACTUAL ANSWERS

What things should you align to make your campaign successful? - SMART goals, KPIs, and Ads Manager Objectives If your business had this goal: "We want to increase how many people our ads reach 10x over the next week", you would probably choose the following: - KPIs: Total Reach, Followers Ad Objective: Reach Optimization: Reach, Impressions Why is data important? - Helps you better know who your customer is Gives you concrete information about your campaigns Allows you to make informed decisions on market strategy What are some places where you can find data to help you in your evaluations? - Facebook Ads Manager and Insights Social media site analytics dashboards Website dashboards and Google Analytics What's the most important thing you need to do before analyzing your data? - Solidify your goals so you know what to look for. How do you calculate ROAS? - Revenue/Advertising Costs Calla & Ivy spent $500 on advertising for a new subscription. It generated 100 leads, and 50 went on to purchase a yearly subscription at $50 a piece. What would the ROAS be on that campaign? - The ROAS is 5. (50 leads times $50=$2500/$500 ad spend.) What is the difference between ROAS and ROI? - ROAS looks at spending on ad campaigns; ROI looks at the bigger picture spending ROAS is a more narrow measurement focused on your ad ad campaigns What is the Cost Per Result? - It measures how much it costs for a customer to take a desired action How much do you spend per customer action, like a link click, app install, or conversion. What are some things you need to take into account when you measure Cost Per Result? - Goals of the campaign Cost Per Result compared to future sales Campaign budget You should look at multiple factors when evaluating the success of your campaign. Which demographic would you keep running ads to, and which would you pause? (Consider this one campaign.) Demographic 1: Cost Per Result = $50 Demographic 2: Cost Per Result = $5 - Keep running ads to #2; pause #1 Demographic 2 is gaining more returns, making it more cost-effectively in comparison to Demographic 1. What is customer lifetime value or LTV? - A measurement of the profit you'll receive from a customer over their relationship with you A way to place value on your loyal customers A way to measure your customer retention efforts LTV does all of the above while giving you a glimpse at customer loyalty. If a customer comes into your business twice a week and spends $5 each time, and they've been a loyal customer for fifteen years, what is their LTV? - $5/each purchase equals $10/week, equals $520 a year, equals $7,800 over fifteen years. What will have the biggest impact on increasing LTV? - Better customer service Retaining customers for the long term is going to be most affected by customer service