Lead list: Optimize campaigns
Newsletter with the purpose to warm up leads before they move further down the funnel.
I ran a split test with 2 variations of subject lines. Short vs. long subject line and the primary KPI was open rate.
Results:
Subject line A (short): 19% open rate
Subject line B (long): 25% open rate
Subject line A: From 100s of KPIs to only SIX
Subject line B: What are the SIX essential KPIs in paid social
Copy:
The absolutely essential 6 KPIs you should measure in your paid campaigns!
Figuring out the metrics you should measure in your campaigns can be daunting. And the result of that can be missing out on your key learnings.
For example, there are around 522 different metrics you can measure on Facebook. But, of course, you can cut a lot simply because they aren't relevant. So you might end up with around 15 different metrics. It doesn't seem a lot. But it can stack up.
Let's make it practical.
Imagine that you’re running 4 campaigns. One is ‘always on’ for 6 months, and the other 3 run for 6 weeks. For the very least you’d check on your ‘always on’ campaign once a month and your 6 weeks campaigns once a week. That already adds up to 270 metrics.
Now, I get this number includes the same 15 metrics every time you look at them. But it doesn't mean all are essential. It can be easy to fall down the rabbit hole of vanity metrics. And that way, you're risking missing out on the key learnings from your campaign. But, if you go only for the most important metrics, you’ll get to the key insights much faster.
The 6 essential metrics you should always check
By focusing on the 6 essential KPIs, you'll lower the vanity metrics by 60%. It means that by the end date of all your campaigns, you'd look at 144 metrics.
What are the 6 metrics?
Let's unpack:
🎯 Spend
If you start spending way more money, you can expect the cost per result to increase. When you decrease the budget, the cost per result will drop. The downside is that it leads to reaching fewer people, but it’s not always a bad thing.
You're giving the algorithm a better chance to find people ready to act on your CTA with fewer people.
🎯 CPM
How much you're paying to reach people is a huge factor in your results. If you're spending 50% more to reach the same number of people as before, you should consider changing something.
🎯 Cost per result
Depending on your objective, this can be a cost per click, cost per video view, cost per conversion, etc.
For many, this metric is quite obvious to look at. Unless you want to get as many results as possible without caring about the cost.
🎯 Activation rate
The activation rate depends on your objective. If it's traffic, then you want to look at CTR. If your objective is engagement, you'll look at the engagement rate. And if it's conversions, you'll check the conversion rate.
🎯 Reach (over time)
When you look at your reach curve over time, does it flatten? Or do you always reach new people? Of course, they should be in your target group.
🎯 Frequency (over time)
Same goes for the frequency curve as for the reach.
The best way to look at your reach and frequency curve is to look at it over the whole duration of your campaign. This goes for your short-term campaigns with a period of a few weeks.
The 'always on' campaign is a different story. If your campaign runs for longer than a few months, it makes sense to look at specific periods.
💡 Final Thoughts
That was a lot to unpack. But it all boils down to this:
If you're focusing on a selected few metrics at a time, it will help you spot the key learnings. Getting to the key learnings means you know what to do to improve your campaign's performance.
Thank you for reading!
See you next month
- Patrik
P.S. Want to get some tips from paid social experts on how to improve your campaign's performance? You'll get a campaign report with actionable insights. And it's free for you to grab!
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Shoot me a message if you're curious to learn more. I'm always up for a chat.
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