Jul 18 • General discussion
Wednesday's Call - July 18th
Great call on Wednesday that unfortunately went unrecorded. I'll try to share the highlights to ensure anyone who didn't attend can get some value.
Lead Gen: The importance of adding values to your conversion actions
- Within Lead Gen there's usually a few steps within the process and we know how vital it is to be measuring and optimizing towards them
- Generally speaking we'll have a configuration like this: Form Submit + Qualified Lead + Customer
- If you were to have a campaign optimizing towards all of these conversions and you don't apply a value, Google has no way of understanding which interaction is more important than the other
- Instead, it will achieve the easiest-lowest funnel conversion and think it's doing a great job - after all, all conversions in Google's mind are created equal
- So, how do we change this? We want Google to prioritize our higher value conversions like Qualified Leads and Customers - this is where we add values!
- Now there are several ways that we can approach this, but the most common are to assign arbitrary values (easiest solution) or work backwards off historical data to determine what each interaction is worth
- Once you've done that, you'll have your customers worth the highest value, Qualified Leads worth the second most and leads/form submits worth the least - this now allows you to optimize by conv value
- Before going ahead with this change, make sure you have enough conversion value data - general rule of thumb is to wait at least a month or a couple conversion cycles - yes, it may take awhile
- Once you have a decent amount of this data pooled you can switch your conversions to maximize value and go from there
- Down the line you can go one step further and begin optimizing off tROAS - understanding that the reported ROAS value may not be accurate - however we know that the ROAS and CPA will correlate to each other and be an indicator of what direction we should adjust our bids
- I've found that we've gotten lots of scale out of this tactic, much more than I got out of tCPA for a past 6-figure/month ad spend client
- Remember to make LOTS of custom columns to understand what's happening in your account
- Side note - I did endorse broad match (once you have enough conversion data) as I've seen it produce more qualified leads and also help with scaling/volume
- If you're using broad match - treat your search campaigns like shopping and monitor your search terms to add negatives - this should be done weekly and will help funnel your perfect user type
We also talked about cold emailing and sneaky systems to use AI - however that all went over my head. Talk to Hosny if that piques your interest
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Wednesday's Call - July 18th
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