If you ask 50 people in the industry, you’re likely to get 50 different responses to the question, “What will 2016 bring for performance marketers?”
While this time of year inspires advertisers to look back on what worked or didn’t over the last year and to ruminate on predictions of what’s to come, we asked our partners what some of the untapped opportunities are that performance marketers should really prioritize in the New Year.
If you feel inspired to make one resolution for your strategy, you might take your cue from one of these suggestions:
Use social advertising to fill the gaps in your conversion funnel
From Carly Rogers, VP Central Services at Nanigans:
Advertisers have not always had success driving lifetime value on social channels, but Facebook as an advertising channel has evolved quite a bit over recent years.
While social channels were once thought to be best leveraged by driving top of the funnel metrics, Facebook’s introduction of website custom audiences, FBX, and now dynamic product ads give advertisers the ability to influence the full conversion funnel and customer lifecycle to ultimately drive lifetime value (LTV).
Facebook remains the biggest channel to drive this, but we’re starting to see other social networks follow suit with similar solutions.
Prioritize retargeting and marry acquisition and retention strategies to create one cohesive approach that maximizes budgets
I also expect to see more advertisers take advantage of remarketing ad products and merge their acquisition and retention strategies to fuel one another, positively influencing LTV.
Dynamic product ads, for example, are a great way to make the most of what you’ve already invested in acquisition, allowing you to target users who fell out of the conversion funnel with ads incentivizing reengagement.
In 2016, we expect more companies to dovetail these strategies together to create one complementary approach that maximizes budgets and allows for more critical learnings and identifying of high-value customers.
Commit to marketing goals that drive your strategy seamlessly across channels
From Steven Hartman, VP of Marketing at Kenshoo:
For many brands who were not founded from a mobile-app business model, success will come from moving past “test and pilot” mobile-app marketing strategies to fully embracing the latest techniques available.
During 2015, we saw time-in-app usage overtake TV in daily consumption as well as 90% of time on mobile spent in-app vs. mobile web. While those are very exciting trends, 2015 has also shown that 84% of people’s time in-app was spent using just five non-native apps they have installed.
Mobile app marketing strategies now have to align and perform in order for key corporate business goals to be met.
The good news is that many new mobile-app marketing techniques were made available in 2015 that span across install, time-in-app, and revenue goals. This includes Google opening up availability for brands to promote their apps in the Play Store, Instagram launching an Ads API, and Facebook launching mobile ad interactivity such as Lead and Carousel ads.
There are many other to list and they all can significantly move a brand’s efforts forward to influence app installs and continued engagement thereafter, if optimized in concert with each other to a singular marketing goal.
The challenge in 2016 will be mastering how to use these and maximize the lifetime value of a customer.
Conduct audits of your strategy to uncover inefficiencies
From Scott Briggs, President of OrionCKB:
One thing that a lot of people don’t realize happens before we embark on campaigns is the level of auditing we do before we even sign the paperwork with a new client who’s already been doing Facebook ads. There’s a lot that goes into determining if social advertising can work for direct response advertisers.
These channels are frequently evolving and releasing new features; it takes a lot of time and effort to always stay on top of how these new changes impact campaigns. If you’re not on top of what is going on in these marketplaces, it could be the big reason you’re not efficiently scaling your social advertising.
The thing to know about these channels is that the structure of your campaigns can make a huge impact on your success. The technology and the platforms themselves shouldn’t dictate how things are laid out; you could end up competing against yourself for impressions or wasting money showing advertising to people that don’t care. Likewise, your strategy needs to be air tight, even if you’re just starting out and testing things.
Looking at these things from a 30,000-foot view allows you to discover problems in order to right the ship before you make the conclusion that it doesn’t seem to work for your business.
I love this analogy: You know the annoying thing that happens when you pull into a gas station and fill up your car, only to drive 3 minutes down the road and see another gas station with unleaded at 20 cents cheaper? Don’t let that happen to your acquisition programs. Even if you think you’ve done it the right way or the best way, an audit might be able to tell you that there’s a way that can help you scale up your advertising an extra $25k each month that turns into 250% ROAS.
So, what will you resolve to do in 2016 in order to get things aligned and start maximizing ROI from social?