Sponsored by LeadsRx
At LeadsRx, we believe that people + data = better. That means taking multitouch marketing attribution data and having a human analyze it, make sense of it, and measure it against marketing and business objectives—then executing on actionable data to make campaign adjustments that improve marketing performance.
"Better" can mean different things to different businesses, depending on their industry and sales cycle length, and whether they are direct-to-consumer (D2C), B2B, or B2C.
Success can be defined as follows:
- Improved return on ad spend (ROAS)
- Shorter times from advertising to conversion (a sale or signed contract)
- Lower customer acquisition costs (CAC)
- Higher customer lifetime values (LTV)
- Customers' adding more products to their shopping carts
Here are some examples of when LeadsRx helped other companies find their "better."
Anti-snoring sleep aid manufacturer adjusts campaigns
For ZQuiet, the manufacturer of a breakthrough anti-snoring mouthpiece, advertising was dreamy when the business first started 13 years ago. It ran direct-response TV ads with an 800 number. The phone rang. Sales poured in. It was clear and obvious that its advertising was working.
The proliferation of smartphones and consumers' shifting their TV-viewing habits to other connected devices and streaming video and audio services created the need for a new approach to advertising. But ZQuiet needed data to find out what was—and was not—working in the new marketing landscape.
Enter radio and a partnership with Hybrid Media Services, a direct-response audio advertising agency. The response from radio advertising was outstanding; and because a competitor was spending hundreds of thousands of dollars a month advertising its own offering, the airwaves were thick with anti-snoring products. ZQuiet benefited as consumers searched the category online, found ZQuiet's website, and made purchases of its lower-cost, proven-effective product.
But then the competitor pulled back on its ad spend, and ZQuiet—with the help of Hybrid Media—knew it was time to look at marketing attribution to determine where its customer traffic was truly coming from, and what those buying journeys looked like.
ZQuiet dabbled with an attribution provider, then found a partner that specifically focused on Amazon, a channel the company begrudgingly knew it had to be on to continue growing sales, even though it preferred that consumers come directly to its site to make purchases.
"I felt uncomfortable about our attribution and spend, and our return on spend," said Dan Browdy, ZQuiet COO. "We were spending a lot of money, and I did not see the return. There was no proof of the return."
For ZQuiet, its "better" is increased website traffic and subsequent sales. Hybrid Media, fortunately, had started using LeadsRx to provide impartial multitouch attribution (MTA). Hybrid and the ZQuiet team put the data and insights to work. That data pointed to what was working on various radio stations and at varying air times, as well as what was not working.
Browdy kept track of a huge database, adding in the data ingested by LeadsRx. Dashboards helped ZQuiet and Hybrid Media dial in on its advertising.
Power equipment dealer thrives during pandemic
The M&R Power Equipment Group, a John Deere and Kubota dealer also offering other well-known power equipment brands in the Pittsburgh area, relied on Steel City Media to focus and see how its digital and social media advertising were working together.
A locally owned Pittsburgh-based multimedia company with market-leading media outlets in both Pittsburgh and Kansas City, Steel City Media is a radio company that expanded into radio advertising over the course of its 30 years in business, and it now serves as an agency for many of its clients.
Steel City introduced radio to M&R Power's owners and managers and told them how LeadsRx and its marketing analytics and MTA data provide Steel City with a CMO-ready performance marketing reporting dashboard that includes data on radio ads and all other marketing channels. Advertisers like that the data is impartial and that Steel City presents real-time options—with data in hand—to adjust their campaigns to attain maximum results in attracting customers and driving sales.
The campaign's success was evident at one of M&R's retail and rental shops located about a 45-minute drive out of the city. Steel City looked at the market data and realized that people were taking advantage of stay-at-home orders during the pandemic slowdown to tackle outdoor home-improvement projects.
"Steel City Media has been a great asset to our company. Their data-backed knowledge and guidance has helped us in achieving our biggest sales year yet," said M&R Power Equipment Group Assistant Marketing Manager Meranda Kashay.
For M&R Power, its "better" was creating awareness while lowering CAC and, eventually, increasing LTV. All those homeowners in need of equipment—whether purchased or rented—while completing home projects during the lockdown now know where to go the next time they need that lawn thatcher or rototiller.
Other companies find their better
Here are two more examples of marketing success stories.
The Better: Lower CAC
An e-commerce company with $613,000 in total ad spend for the first quarter had LeadsRx collect first-party data on 9,000 purchases. The attribution data suggested moving a percentage of its ad spend away from Facebook and reallocating it toward Google to achieve higher ROAS.
By monitoring customer journeys and ROAS, the company was able to continue to optimize its ad spend, adjust its marketing campaigns, and produce maximum revenue from each advertising dollar spent. The company was able to iterate its marketing campaigns over the course of several weeks, leading to an improvement in results in Q1 of the second year. In fact, revenue remained the same, but spend decreased to $281,000, for an impressive ROAS of 22.83—meaning that for each marketing dollar spent, the company brought in $22.83 of revenue.
The Better: Improved ROAS
A designer and manufacturer of fashion footwear for women wanted a better way to trace its sales—namely, how people were finding its "modern wellness fashion" products sourced from sustainable materials. The niche company that prides itself on social fairness in its partnerships needed a niche partner for tracking and analyzing customer journeys.
Enter LeadsRx and its ability to provide an impartial view of the company's advertising campaigns. Within months, the data garnered from attribution was able to show what was working and what was not, giving the business insights into how to increase its ROAS.
The company's ad budget increased month-over-month from $328,842 to $412,672, but its revenue also increased from $671,016 to $859,574. ROAS improved from 3.26 to 3.44.
MarketingProfs provides thousands of marketing resources, entirely free!
Simply subscribe to our newsletter and get instant access to how-to articles, guides, webinars and more for nada, nothing, zip, zilch, on the house...delivered right to your inbox! MarketingProfs is the largest marketing community in the world, and we are here to help you be a better marketer.
Sign in with your preferred account, below.
You may like these other MarketingProfs articles related to Metrics & Measurement:
- Adapting Marketing Measurement to a Post-Cookie World [Infographic]
- How to Create Automated Data Studio Reports for Campaign Performance
- The Missing Element in B2B Marketing Data
- Why Data Quality Is Important for Market Intelligence
- The ROI Resurgence: How a Year of Virtual Events Made Measuring ROI More Important Than Ever
- A Five-Point Plan for First-Party Data