When full funnel media strategy is built, it is typical to have awareness phase, engagement phase, and conversion phase with relevant KPIs. Depending on the organisational priorities there is also nurture and retention phase.
Teams brainstorm and strategize user journeys, choose the right channels, map creative messaging. However, there is one piece that gets overlooked. Building your own algorithms once the key performance indicators are mapped. Yes, many organizations miss it because the digital advertising and data framework capabilities are never in sync and these teams work in silos and sometimes even on SLA basis and between ticketing systems and executions, this takes a back seat.
I am fascinated by the power of algorithms and mapped the KPI set to build a custom algorithm. The organization I worked for had both lead generation goal and ecommerce goal. First KPIs were mapped for each of the funnel phase and then benchmarks were assigned based on available historical data. For those of you who are new to this, let me illustrate this using an example:
- Top funneI KPI:
- Cost per landing page view = 1 USD
- Time on page > 30s
- Pages/session: 1.5
- Mid funnel KPI:
- Cost per website action: 3 USD; Website action includes:
- Video plays
- Webinar streams
- Interactive element plays
- Product detailed page view
- New account registered
- Cost per website action: 3 USD; Website action includes:
- Bottom funnel KPI:
- Cost per form submit
- Number of form submit
- Number of items purchased
- Revenue generated
- New customer vs Repeat customers
Once the KPIs were mapped, weights were assigned to build the custom alogirthm based on the reverse order of priority for each phase.
| Top funnel KPI – Website Visits | Weight |
| Cost per landing page view | 1 |
| Time on Page | 2 |
| Pages per session | 1 |
| Mid funnel KPI – Website Action | Weight |
| Video Plays | 1 |
| Webinar Streams | 2 |
| Interactive Element Plays | 1 |
| Product Detailed Page view | 3 |
| Add to Cart | 4 |
| New Account Registered | 5 |
| Bottom Funnel KPI – Lead Generation or eCommerce Revenue Generation | Weight |
| Cost per Form Submit | 4 |
| Number of Form Submits | 3 |
| Number of Products Purchases | 2 |
| Total Revenue Generated | 5 |
| Number of orders from new account | 1 |
Once the custom algorithm was buillt, the paid campaigns for each channel was launched piloted through programmatic display. Once the custom bidding algorithms were launched there was at least 20% boost in each of the KPIs as algorithm would find the audiences who completed these actions from the web. Similar approach was done even with automotive client in the past which led to an astonishing 53% increase in newsletter signups which was the defined KPI.
Let’s build game changing strategies that would bring in BIG wins for a small tweak in direction of execution and operations. Talk to me 🙂