Xiaoyun TU, Bright pearl, Major retail operating system. She is passionate about using data-driven decision making to set up innovative strategies to grow her sales pipeline.
Business that is not Investing in their future may not have a future to look forward to.
Whether you’re investing in talent or critical technology, long-term success always requires short-term spending. The same is true for marketing. You can’t market a product or service without investing in advertising. But if that investment hasn’t turned into leads or conversions, you’re in trouble.
“Good” ROAS scores vary by company and campaign. If you don’t get what you want, you can leverage ROAS data to create targeted campaigns and personalized experiences.
It is important to identify and apply the best metrics based on your business goals, and there are no best practices or all-purpose methods.
However, as we discovered when we joined Brightpearl to rebuild our marketing campaigns, wise use of advertising cost-effectiveness (ROAS) data can triple lead generation. Let’s take a look at some of the ways Brightpearl can use ROAS to improve campaigns and increase lead generation. The key is to be able to find and optimize for a healthy ROAS for your business.
Use the appropriate return metric
Choosing the right return metric is paramount to calculating ROAS. This depends in part on the sales cycle.
Bright Pearl has a long sales cycle. On average 2-3 months, and in some cases up to 6 months. In other words, if you use new customer revenue data as your revenue metric, you don’t have a lot of monthly data. Companies with short sales cycles can use revenue, but it doesn’t help optimize campaigns.
Instead, I chose to use the Sales Accepted Opportunity (SAO) value. Measurements typically take about a month, so you can get more ROAS data at the same time. This is the final sales phase before the win and is in line with the company’s goal of increasing recurring revenue, but it takes less time to collect data.
By the SAO stage, you will know which leads are of high quality. Budgeted, appropriate and our software can meet your requirements. You can use them to measure the performance of your campaign.
When choosing a return metric, you need to make sure that it matches your company’s goals without taking years to retrieve the data. Since the purpose of using ROAS or other metrics is to optimize your campaign, it must also be measurable at the campaign level.
Accept more as less
I realized that many companies could miss an opportunity. So instead of focusing resources on the most profitable areas, you’re advertising on all available channels.
Leads typically conduct surveys across multiple channels, so they may try to cover all possible touchpoints. In theory, this could generate more leads, but only if you have an unlimited marketing budget and talent.
4 ways to leverage ROAS to triple lead generation – TechCrunch Source link 4 ways to leverage ROAS to triple lead generation – TechCrunch