Ravit serves as Vice president of clients in the online advertising industry for the past 3 years, focusing on developing strong business relationships with our Saas clients. Holds over 15 years of experience in Sales, customer support and cross-organizational processes in highly competitive business environments, in the dynamic Telecom industry. Expert in building strategic partnerships and business development initiatives.
Mobile marketing and advertising are on the rise as consumers use their smartphone more and more. More than half of smartphone users grab their phone the second they wake up, so it’s no wonder that mobile advertising will represent 72% of all US digital ad spending by 2019. As companies catch on to the power of mobile performance marketing, marketers have to constantly measure their efforts to prove how well a campaign is working — in other words: how close they are to meeting the advertiser’s expectations/business targets.
Most marketers have a set of metrics they rely on to measure a campaign, but those metrics might not always give the full scope of how well performance marketing is working. Additionally, each advertiser might have his or her own goals for specific campaigns, so the measurements should be specific to their needs and not too generic.
Mobile marketers have a set of key performance indicators (KPIs) to measure results. The most common KPIs are:
- Leads: How many potential customers.
- Conversions: How many people converted to becoming a customer.
- Cost-per-acquisition (CPA): How much does it cost to convert one user.
- Sales Revenue: How much revenue is generated per ad or per ad campaign.
Those numbers are easily accessible and are somewhat useful. However, using only those KPIs will give marketers a narrow view of how the campaign is doing. For example, what about social media engagement? Customer loyalty? Profit and loss margins? There is much more to a performance marketing campaign, so measuring more KPIs will give businesses a better look into how well a campaign is performing and what needs to be changed.
Additional KPIs to Measure for Mobile Performance Marketing
To gain a broad overview of how well a campaign is doing, marketers should also look at the following KPIs:
Return on ad spend (ROAS): This is the ‘cost of the ad spend’ or the revenue. This metric is important because it gives an overall look at how the budget is doing. Businesses can make informed decisions on where to put additional ad money and where to reduce the spend.
Social Engagement: Measuring likes, shares, and comments allows brands to see how well consumers react to an ad. If a person comments, likes, or shares, they are taking an active approach to being involved with the brand. This signifies that the customer will return to purchase again and/or spread news of the campaign to friends and family.
Purchase Intent: This KPI measures metrics such as a shopping cart activity. This shows if a customer was close to purchasing and therefore the campaign can be adjusted to pushing them down the sales funnel to becoming a client.
Percent Retention: In mobile apps mostly, advertisers would like to see the user not only downloading the app but actually using it over time, as well as the amount they spend on it during its lifetime. This is a very strong KPI for advertisers, informing marketers on which types of clients they should target and spend more ad-money.
It is important to have a broad view of mobile performance marketing campaigns to understand where adjustments are needed. Marketers do not want to end up spending a large portion of a budget on a campaign that underperforms. Therefore, by measuring what matters, marketers can better allocate ad spend and optimize campaigns for more conversions.
Echo platform was built with KPIs measurement in mind, to enable flexibility and adaptation of the events and engagement data required, per case. We believe that the ability to measure, leads to better optimization and drive your performance forward.