Analytics: Turning Data Into Dollars
Marketing professionals rely on Data Analytics as a way to gauge whether their marketing campaigns are on the right track, and to make decisions about many aspects of marketing including budget and creative choices.
Using CPM to Make an Informed Decision
A marketer always wants to know the most cost-effective place to invest in promotion. How much does each dollar spent get them in terms of visibility? That information, or data, is key. When budgeting for a marketing campaign, the more data you have about what works, the better. Decision-making gets easier when you have data that back up the decision. If you know that your cost per thousand impressions or CPM is $10 on one platform, and $50 on another, the decision is easy.
Very important, and key to this decision, is confirming that you are getting in front of the right audience based on demographics. Once you know that your ad is being served to the right target group, it’s just a matter of getting the best bang for your buck in terms of CPM.
So first we look at the numbers. How many "eyeballs" does each dollar invested provide you? Marketing results in the past were hard to quantify. In today’s digital world, the information is available in real time. When a prospect clicks on an ad, you know about it immediately. If you are running several ads to the same target market, it’s easy to see which one performed better so you can use that one in the future, optimizing your campaign and getting the lowest CPM possible.
How to Calculate CPM
If a banner ad cost $100 and received 10,000 impressions, then your CPM is $10.00. CultureOwl offers real time analytics and asset reporting on all assets. While analytics and data are very important, CPM isn't the only factor to consider. The quality of your creative content will affect how much attention your ad gets. A bland or cluttered ad that is not inviting will not get as many clicks as one with a striking image. Create professional content that looks clean uncluttered. Use great images. Use little or no text embedded in your image; small fonts can be impossible to read. Rely on the fact that people will clic old-fashioned flyer!
The golden rule of marketing is being in front of the right person with a right message at the right time. CultureOwl positions you in front of the right people, we help you get the right message across, and the right time is when they are perusing through the platform deciding on where to go and what to do! Click on the link to see many other benefits to CultureOwl Membership.
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