Deciphering the time between the first brand interaction and the actual purchase has always been a challenge for marketers. Being able to forecast such data is key for brands to better understanding their customers, for setting client’s expectations, and for being able to predict the outcome of each ad dollar.
With more and more available platforms offering remarketing and conversion tracking (pixels or rules), digital marketers are increasingly more capable of capitalizing on the purchase decision period.
Here is a basic guide to help you start effectively measuring the purchase decision period.
1) Dedicate a landing page to each product or service you wish to sell
Building a specific landing page for each of the products or services you wish to sell or acquire leads for is easy to do but very time consuming. Luckily, it’s worth the work. The key to creating effective product landing pages (and deciphering the purchase decision period) is to not oversell or attempt to cross sell. If you build a purely dedicated landing page that avoids exits to other products or services it will be easier to track.
2) Pixel tracking
Insert a remarketing tag on your landing page and clearly identify which product that tag is attached to (you can use a tag or create a rule using URLs). Also create a unique conversion tag to be placed on the confirmation page that shows when a user becomes a lead or a client for the specific product. Clear tracking on simple pages will allow you to gain understandable insights on the purchase decision period.
3) Link your campaigns properly (account architecture)
Make sure your account architecture is properly built. Use different campaigns for each product and isolate your branded and competition keywords in separate campaigns. You can also use different campaigns depending on geography in order to measure the purchase decision period for customers located in different areas. It just depends what you want to learn.
PPC Campaign for Product A > Landing page for Product A >Remarketing Campaign for Product A
In order for your measurement to be accurate, use very targeted keywords and make extensive use of negative keywords to avoid skewed results. It’s all about precision and clarity.
4) Measure the first click and the first conversion
Once your architecture and tagging is up and running, you can now calculate the period between the first click and the first conversion. It is important to monitor if clicks-to-conversions occur using only PPC or a combination of PPC and Remarketing. Using multiple channels is very important, so build your campaign across Search, Social, and Display to make sure you know which media affects the decision most.
5) Build your prediction model
Keep track of every single action and create a timeline of each occurrence. The objective of all these steps is so you can tell your client, in plain English, that their customers take on average X days to complete a purchase for product “A” at a CPA of X$.
Once you know this, and your client knows it, you can forecast Ad Spend more effectively and build automation using attribution. The steps to take in order to get clear and meaningful data are very basic, so it’s important to put these steps into practices.
Getting ahead of the curve
This quick procedure will help you make better decisions, influence the creative process, and transform raw data into useful insights. If you are not already building campaigns this way, start now! You’ll see just how simple and profitable it really is!