Mobile advertising has certainly proven itself as a tried-and-true method for strategically reaching targeted consumers. Businesses now have the power to put their message directly in the hands of their desired consumers, but how are results tracked and/or measured? What are some ways success can be measured within mobile advertising? How can a business be so sure their ads are reaching the users they are targeting?
The first step is to figure out what success looks like and is it realistic. Is the goal to gain awareness of a service or product? Get foot traffic to a trade show booth? Get a contact form or application filled out? Get a product sold? Mobile advertising in the display form is a visual solution just like a billboard or ad in a magazine and offers a branding element to it. If more than awareness is wanted, then the ads must reflect this with a powerful call-to-action. Ad design is crucial to any mobile campaign. Once you are confident with that, then it is time to measure the ad’s success.
Here are 6 ways success can be measured within mobile advertising:
Click-Through Rates (CTR)
This metric shows how many clicks an ad received compared to the number of times an ad was shown or viewed. Not everyone is going to click, but knowing which types of ads get a higher click-through rate is key to producing better ads in the future. Also, when it comes to clicks, track them all the way through the website. Record where people are clicking, what type of information they are seeking, and when they bounce or exit the website.
Lead Generation
Leads are the final number of targeted consumers who have shown some level of promise that they may become a paying customer. This metric typically equates to someone calling, filling out a form or downloading a coupon.
Cost Per Acquisition (CPA)
This metric tells how much money has been spent in order to convert a potential customer into a paying one. This metric is often a make or break for smaller businesses but does not necessarily imply the means are unjustified by the ends. If the message is getting out there and being seen, consider that a win.
Return on Ad Spend (RoAS)
Not to be confused with CPA, RoAS is the total amount of money generated after all advertising expenditures have been accounted for. Keeping track of ad gains or loss is important for better planning of future advertising expenditures. In other words, should ad spend increase, decrease, or stay the same?
Conversion Rate
Similar to lead generation conversions measure action taken. Consumers that produce a conversion are those that have acted on an ad with additional measurement tools added such as tracking pixels. Conversions can be measured multiple ways online or off. Examples of conversions could be actions such as; having went to a specific page, filled out a form, watched a video, made a purchase or even walked in a location.
View-ability
Is the ad loading fast enough? Are users able to distinguish an ad from the app or website they are on? This metric allows you to see if the ad’s appearance and performance is a home run or a strike out. If the ad doesn’t load before your potential customer scrolls past it, then that’s a missed opportunity.
Mobile advertising is a truly powerful tool in any company’s tool box, but marketers must be strategic and know how to track and measure all the valuable data they are getting in return. Once a business starts to track and measure this mobile data, they can begin constructing profitable ads, reduce expenditure loss, and turn a profit from mobile devices.
If you are interested in learning more about mobile advertising and how to gain valuable market research from tracking mobile ads, please reach out to Thumbvista to help you start a smart mobile advertising campaign, today.