When planning a new campaign, you should always analyze any data you have from previous campaigns. Look at campaigns that are similar in terms of Goal, Audiences, Platforms, Creatives, and Creative message. Analyze the data, apply the learnings and you’ll be well equipped for planning your next campaign.
“What will I get if I spend X dollars?”
If you’re working with social media advertising, I’m sure you’ve often been asked the question “How many people will see our ad if we spend X dollars?” or “How many tickets will we sell if we spend X dollars on ads?” The questions are fair, of course. Advertisers want to know what they get for their money. The answer, however, isn’t always as simple.
Keep in mind that you’ll never be able to guarantee a certain number of sales, so the answer will always be a guess. But by applying data to your planning, you’ll be able to give a much more valid guess. Basically, the more data you have, the more likely you are to predict the outcome of the campaign you are planning. The key insights to look for will often be CPM (Cost per 1.000 impressions), Activation Rates (such as Click Through Rate, View Through Rate, etc.) and any Costs (such as Cost Per Click, Cost Per View, etc.), but if you’re in the e-commerce industry you are probably interested in the ROAS (Return on Ad Spend).
So, what should you look for?
The best way of predicting the outcome of a campaign is if you have previously run a similar campaign. Basically, the more similarities, the more qualified your estimation. When looking for campaigns to compare, you should be looking at stuff like…
🎯 What is your goal?
If you’re planning a campaign with a Traffic objective, you should look at previous campaigns with that same objective. What was the CPC for that campaign? This will give you an indication of how many clicks to expect if you spend X amount.
👤 Who is your audience?
Have you previously targeted an audience that is similar to the one you’ll be targeting for the campaign you’re planning? If so, you should be able to use those results as an indication of what to expect.
🤔 Which platform will you run the ad on?
Did you run any previous campaigns on the platform you’re now planning to run? Or perhaps you haven’t yet decided on which platform to use. Go back and see where you have previously gotten the best results and take those learnings into consideration when planning your new campaign.
📷 / 🎥 What creatives do you have available?
Although some might not view this as important, I actually think it is highly important because the type of creative you use can have a big impact on your campaign’s performance. Will you have a video? Or maybe just an image? What results have you previously seen with these types of creatives? Perhaps you have used the exact same video or image in a previous campaign? Look at the results and put the learnings to use.
📣 What is the campaign’s message?
If you did previous campaigns using the same message, you might be able to predict how your audience will react to it. This information can be very useful when planning your next campaign, so take all the information you have from the previous campaign and apply the learnings to your new campaign.