What is *Pacing* in Marketing Performance Measurement? (And why you’d be foolish to ignore it.)
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What is *Pacing* in Marketing Performance Measurement? (And why you’d be foolish to ignore it.)
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This is the presentation given by Joe Pych, CEO of Bionic Advertising Systems at the Argyle Executive Forum - 2015 Leadership in Digital Marketing Forum held on December 3, 2015 at the Harvard Club in Boston, Massachusetts. Abstract: Running a marketing campaign is like running the Boston Marathon. If you ignore your pace, you’ll fail to achieve your performance goals. Unlike marathon runners, most marketers don’t monitor their pace while their campaigns are running. Sure, they monitor performance metrics. But they don’t take the next step and calculate the pace of these metrics relative to goals. As a result, they’re oblivious to their true marketing performance until it’s too late. It’s not until they reach the “finish line” of the campaign when they discover they failed to achieve their marketing objectives. But it doesn’t have to be this way. In this session, you’ll learn how to calculate and monitor your pacing in real-time and how to avoid blind spots in your marketing performance measurement.
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What is *Pacing* in Marketing Performance Measurement? (And why you’d be foolish to ignore it.)
- 2. How many of you are involved in tracking the performance of your marketing efforts?
- 3. Running a marketing campaign is like running a marathon.
- 4. If you ignore your pace, you’ll often fail to achieve your marketing performance goals.
- 5. What is “pacing” in running? Suppose you wanted to finish a 26.2 mile marathon in 3 hours. Here’s a pacing plan that will enable you to finish at exactly 3 hours:
- 7. Unlike marathon runners, most marketers fail to monitor their pace while their campaigns are running.
- 8. Results sometimes fall short of plans
- 9. What is “pacing” in marketing? • Similar to pacing in running. • You set intermediate goals based on a campaign goal and measure your performance at intervals. • Instead of just one goal of a finish time, you have many goals such as spending, impressions, clicks, conversions, and sales. • Instead of just one race, you have many placements running concurrently.
- 10. Example • 30 day Placement on Website • $ 20,000 Net Media Cost • $ 2.35 CPM • 1.8% Click Through Rate • 4.5% Conversion Rate • $ 9.50 Average Sale
- 11. Implied Goals • Impressions = (Net Media Cost ÷ $ 2.35 CPM ) × 1000 = 8,510,638 • Clicks = Impressions × 1.8% Click Through Rate = 153,191 • Conversions = Clicks × 4.5% Conversion Rate = 6,894 • Sales = Conversions × $ 9.50 Average Sale = $ 65,489
- 12. Interval Goals Planned Results Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Net Media Cost $ 667 $ 1,333 $ 2,000 $ 2,667 $ 3,333 $ 4,000 $ 4,667 $ 5,333 $ 6,000 $ 6,667 $ 7,333 $ 8,000 $ 8,667 $ 9,333 $ 10,000 Impressions 283,688 567,376 851,064 1,134,752 1,418,440 1,702,128 1,985,816 2,269,504 2,553,191 2,836,879 3,120,567 3,404,255 3,687,943 3,971,631 4,255,319 Clicks 5,106 10,213 15,319 20,426 25,532 30,638 35,745 40,851 45,957 51,064 56,170 61,277 66,383 71,489 76,596 Conversions 230 460 689 919 1,149 1,379 1,609 1,838 2,068 2,298 2,528 2,757 2,987 3,217 3,447 Sales $ 2,183 $ 4,366 $ 6,549 $ 8,732 $ 10,915 $ 13,098 $ 15,281 $ 17,464 $ 19,647 $ 21,830 $ 24,013 $ 26,196 $ 28,379 $ 30,562 $ 32,745 Day 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Net Media Cost $ 10,667 $ 11,333 $ 12,000 $ 12,667 $ 13,333 $ 14,000 $ 14,667 $ 15,333 $ 16,000 $ 16,667 $ 17,333 $ 18,000 $ 18,667 $ 19,333 $ 20,000 Impressions 4,539,007 4,822,695 5,106,383 5,390,071 5,673,759 5,957,447 6,241,135 6,524,823 6,808,511 7,092,199 7,375,887 7,659,574 7,943,262 8,226,950 8,510,638 Clicks 81,702 86,809 91,915 97,021 102,128 107,234 112,340 117,447 122,553 127,660 132,766 137,872 142,979 148,085 153,191 Conversions 3,677 3,906 4,136 4,366 4,596 4,826 5,055 5,285 5,515 5,745 5,974 6,204 6,434 6,664 6,894 Sales $ 34,928 $ 37,111 $ 39,294 $ 41,477 $ 43,660 $ 45,843 $ 48,026 $ 50,209 $ 52,391 $ 54,574 $ 56,757 $ 58,940 $ 61,123 $ 63,306 $ 65,489
- 13. On day 4 of the placement…
- 15. > 1.8% Goal
- 17. > $9.50 Goal
- 18. Does not tell you if you are on track to hit your performance goals
- 19. Does not tell you if you are on track to hit your performance goals
- 20. Actual Results after 4 days Day 1 2 3 4 5 6 Net Media Cost $ 620 $ 1,096 $ 1,631 $ 2,180 Impressions 263,766 466,514 694,113 927,801 Clicks 5,226 8,846 13,774 18,744 Conversions 208 334 512 731 Sales $ 2,155 $ 3,784 $ 5,626 $ 7,899
- 21. Planned Results Day 1 2 3 4 5 6 Net Media Cost $ 667 $ 1,333 $ 2,000 $ 2,667 $ 3,333 $ 4,000 Impressions 283,688 567,376 851,064 1,134,752 1,418,440 1,702,128 Clicks 5,106 10,213 15,319 20,426 25,532 30,638 Conversions 230 460 689 919 1,149 1,379 Sales $ 2,183 $ 4,366 $ 6,549 $ 8,732 $ 10,915 $ 13,098 Actual Results after 4 days Day 1 2 3 4 5 6 Net Media Cost $ 620 $ 1,096 $ 1,631 $ 2,180 Impressions 263,766 466,514 694,113 927,801 Clicks 5,226 8,846 13,774 18,744 Conversions 208 334 512 731 Sales $ 2,155 $ 3,784 $ 5,626 $ 7,899
- 22. Pacing after 4 days Day 1 2 3 4 5 Net Media Cost -7.02% -17.78% -18.44% -18.24% Impressions -7.02% -17.78% -18.44% -18.24% Clicks 2.34% -13.38% -10.09% -8.23% Conversions -9.48% -27.32% -25.73% -20.47% Sales -1.28% -13.33% -14.09% -9.54%
- 26. Simple solution: Fix Ad Delivery
- 28. e-Commerce Dashboard 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Sales 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Conversions 3,292Total Conversions $35,633Total Sales $10.82Average Sale
- 29. Pacing after 15 days after fixing the delivery problem Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Net Media Cost -7.02% -17.78% -18.44% -18.24% -13.25% -10.19% -7.86% -6.30% -4.58% -3.34% -2.72% -2.38% -1.84% -1.42% -0.74% Impressions -7.02% -17.78% -18.44% -18.24% -13.25% -10.19% -7.86% -6.30% -4.58% -3.34% -2.72% -2.38% -1.84% -1.42% -0.74% Clicks 2.34% -13.38% -10.09% -8.23% -3.55% 0.67% 3.78% 4.76% 6.46% 7.94% 8.65% 9.20% 9.52% 9.64% 10.07% Conversions -9.48% -27.32% -25.73% -20.47% -16.70% -12.22% -9.22% -8.07% -7.11% -6.18% -5.36% -5.07% -5.00% -4.65% -4.51% Sales -1.28% -13.33% -14.09% -9.54% -6.29% 0.00% 4.17% 4.73% 6.19% 7.01% 7.97% 8.36% 8.23% 8.29% 8.82%
- 31. So, why aren’t you monitoring your pacing?
- 32. According to the Chief Marketing Technologist Blog, a typical marketer uses more than 100 software systems to execute their marketing programs. Source: Chief Marketing Technologist Blog
- 33. Source: Chief Marketing Technologist Blog
- 34. Source: Chief Marketing Technologist Blog None of these systems will tell you if you are on track to hit your marketing objectives
- 36. How to build a pacing system
- 37. Step 1 – Store Plans in Database Database
- 38. Step 2 – Break Plans into Intervals Planned Results Day 1 2 3 4 5 6 7 8 9 Net Media Cost $ 667 $ 1,333 $ 2,000 $ 2,667 $ 3,333 $ 4,000 $ 4,667 $ 5,333 $ 6,000 $ 6, Impressions 283,688 567,376 851,064 1,134,752 1,418,440 1,702,128 1,985,816 2,269,504 2,553,191 2,836, Clicks 5,106 10,213 15,319 20,426 25,532 30,638 35,745 40,851 45,957 51, Conversions 230 460 689 919 1,149 1,379 1,609 1,838 2,068 2, Sales $ 2,183 $ 4,366 $ 6,549 $ 8,732 $ 10,915 $ 13,098 $ 15,281 $ 17,464 $ 19,647 $ 21, Day 16 17 18 19 20 21 22 23 24 Net Media Cost $ 10,667 $ 11,333 $ 12,000 $ 12,667 $ 13,333 $ 14,000 $ 14,667 $ 15,333 $ 16,000 $ 16, Impressions 4,539,007 4,822,695 5,106,383 5,390,071 5,673,759 5,957,447 6,241,135 6,524,823 6,808,511 7,092, Clicks 81,702 86,809 91,915 97,021 102,128 107,234 112,340 117,447 122,553 127, Conversions 3,677 3,906 4,136 4,366 4,596 4,826 5,055 5,285 5,515 5, Sales $ 34,928 $ 37,111 $ 39,294 $ 41,477 $ 43,660 $ 45,843 $ 48,026 $ 50,209 $ 52,391 $ 54, Database
- 39. Step 3 – Load Performance Data Database
- 40. Pacing after 4 days Day 1 2 3 4 5 Net Media Cost -7.02% -17.78% -18.44% -18.24% Impressions -7.02% -17.78% -18.44% -18.24% Clicks 2.34% -13.38% -10.09% -8.23% Conversions -9.48% -27.32% -25.73% -20.47% Sales -1.28% -13.33% -14.09% -9.54% Step 4 – Calculate Pacing Database
- 41. Step 5 – Visualize
- 42. Step 6 - Summarize KPI 1 -18.4% KPI 2 +23.7% KPI 3 -7.7%
- 43. Applications of Pacing 1. Monitoring 2. Early Warning 3. Optimization 4. Proving Value of Marketing
- 44. Questions?
- 45. Track your pace. Stop by our table. Enter drawing to win Apple Watch.
- 46. Here at the conference Joanne Joanne Egner Product Manager Bionic Joe Joe Pych Co-Founder & CEO Bionic Amahl Amahl Williams VP of “Smarketing” Pluris Marketing