In an unstable environment, it is especially important for company leaders to make deliberate and effective decisions. Marketers need to understand how consumer behavior is changing in real time. The buying path has changed. Keep this in mind when adjusting and optimizing your campaigns to show ads at the right time.
Run an experiment to test the effectiveness of marketing. Marketing experiments is a tool that allows you to determine how many additional conversions an advertisement can bring depending on the format, platform and message (the so-called incremental gain), as well as how many conversions would have occurred anyway. As a result, you can distribute the budget across different channels. Experiments like this will help you understand which ads are effective and which ones should be improved.
Marketers need to understand how consumer behavior is changing in near real-time and optimize campaigns.
Whether or not to experiment and how much to spend on it depends on the state of your business. First, determine what stage of recovery you are in, and then evaluate the cost and benefits of different testing strategies.
There is no single approach to analytics that would suit everyone, especially in today's changing world. The strategy depends on your goals, customers and the marketing situation in your industry.
To make it easier for you to choose the optimal solutions and the pace of experiments, we have divided all companies into three large groups depending on the speed of recovery.
Let's say your line of business has been hit hard by a pandemic and you need to recover your lost profits. If user behavior is still erratic, like in air travel, it doesn't make sense to do a lot of research right now. The results obtained may become irrelevant in the future.
Instead, rely on short-term optimization to keep cash flow was increasing right now, and conversions were getting higher. Quick learning can help you rebuild your marketing strategy or develop new advertising solutions. Businesses with a lot of data can use data-driven attribution to find out which channels, formats, and campaigns are most effective in meeting their marketing goals. By combining this attribution with automated bidding, you can analyze changing customer behavior and address customer needs in real time.
Unstable industries should prepare for recovery with caution. During the pandemic, consumers shifted priorities, such as ordering food delivered from restaurants. However, they can now return to old habits. Short-term KPIs and conclusions that are relevant now may not be so relevant in the future. However, if you provide organizational flexibility, you can prepare for change and drive long-term growth.