Tracy Woodworth, Media Analyst at Convertro (http://www.convertro.com/) discusses some of the best ways to ration and spend your budget in high efficiency areas. Using data driven intelligence and time-series analyses can help to target where to allocate budgets.
- Use Data Driven Intelligence for Where to Spend Incremental Budgets
- Use Time-Series Analyses with Constrained Metrics for Targeting Purposes
- Measure Creative Burnout and Rotation Consistently
The best way to actually increase your advertising spend in the right places is take a look at the different performing channels and what I mean by performing is – number one, you’re going to want to take a look at where you’re getting the most reactions from the audience.
Number two, you want to take a look at how that particular reaction is qualifying the different leads. And so when you do find you do need to allocate those specific channels, you’ll be able to tell which ones are going to be your quality drivers and which ones are going to be your volume drivers.
Then after that, you’re going to want to do a couple of time series analysis just to figure out exactly where you want to narrow your media buys down into and so that way, you can really get a good idea about where you can actually – you can spread it out and you can sort of evolve your campaign a little bit further.
And so the next thing you’re going to want to be a little bit careful of though is when you run a lot of creative in a lot of the same places. You will have what’s called a burnout and that is essentially what happens is the results that you’re expecting will start to be dropping off and when that happens obviously your campaign is futile and it’s very costly very quickly.
So a very well constructive creative allocation on the front end and having some really good channels that you want to buy into will produce a pretty high performance result and so having a good channel and having a good creative will both be to a much better ROI.