What is a Key Metric of Success?
A marketing metric by which you can measure your campaign's success. This metric is used to determine which creators and content style will help you optimize towards your goal.
What are the different Key Metrics of Success?
When to use: Your brand/product is new and you want it to be seen by as many eyeballs as possible OR you want to build and maintain brand reputation and brand recall.
Now what: Content should be educational with a mix of product and lifestyle imagery. The accompanying captions should speak to the features of the new or updated product/service/event.
Note: Awareness campaigns can be more difficult to draw insights and learnings from (used for future program planning) as they aren't performance based goals. For example, if you are served a sponsored ad for a sweater but continue to scroll through your feed without engaging with it, your impression counts but you are not showing any purchase intent just by viewing the ad, you simply happen to be in the target age demographic of the ad and that is why its served to you.
When to use: You want to track how many people are interested in learning more about your product by clicking out to your website, app download page etc.
Now what: Content should feature the product and logo clearly and have a strong CTA in the caption that outlines what you want the consumer to do ex: "Click to get 15% off your next purchase!" Ideally, a pixel would be installed on the landing page to track the consumer behaviour after they land on the website.
Note: The product that the ad is promoting needs to be something that is typically purchased online, e.g. a music streaming service who is offering their users a 3 month discount by signing up through a link. Contrarily, toilet paper isn't typically purchased online so the traffic goal wouldn't be fitting for that type of product.
When to use: You want to shift the perception consumers have of your brand because you are either rebranding to a different type of brand OR have changed up what you offer and now provide consumers with different products and offerings.
Now what: Content captions are important here. The caption storytelling will be imperative to get just right so that consumers understand what they're reading and acknowledge the change in the brand structure, product offering etc.
When to use: You are looking to reach a certain level of sales in a certain period of time, and consumers are already aware of your brand. If ROAS, CPA, CPI or total revenue are amongst your brands' goals, this is where you will find success.
Now what: Acquisition campaigns connect your brand to people ready to buy your product/service. Content must be branded so that consumers can understand what the product/service is. Captions should be short and sweet with the CTA clearly defined.
Pro Tip: Get your creators to create both lifestyle and product focused content so that we can do A/B testing to see what drives the best results for the target consumers. These two styles of content can be posted in carousel format, with the first image being more lifestyle and the second being more product focused, as typically, lifestyle content performs best on organic feeds. When it comes time for amplification, we can test both the product and the lifestyle content to see which performs better and optimize toward that.