Optimize to revenue, not top of funnel metrics and react quickly to market conditions.
Complex conversion funnels with long sales cycles are typical in many industries. Buying a car, finding the right university or procuring a new piece of software can often take months (and sometimes years) from initial research to completion.
When it comes to paid media optimization for a business with these complex and often lengthy conversion funnels, marketers often face a crucial challenge. Which stage of the funnel should I use for my bid optimization? What if you don’t have to pick and you could factor in multiple stages of a conversion funnel into one bid calculation? This concept is known as full-funnel bidding.
Tracking each stage of the conversions full is key for funnel optimization.
Sometimes an ad doesn’t lead directly to a sale but instead starts a customer down a path leading to purchase later on. The aim here is to measure each action (stage of the funnel) a user took in both an online and offline world & tying it back to advertising spend. Although it can be a challenge, fortunately, there are numerous methods of connecting data from an offline world back to online activity.
Full-Funnel Optimization – Getting the best of both worlds
Full-funnel bidding allows advertisers to use top of the funnel conversion type for bidding while also factoring in final sales values as a second bid factor. This bidding solution enables advertisers to grow efficiency and revenue from the sales funnel’s final stage while maintaining reactivity to the recent market changes so in upper funnel conversion points. Bids stay reactive to market changes, while efficiency targets are based on latent conversion metrics, giving the ability to optimize to upper-funnel leads and simultaneously to lower funnel value defined as revenue or customer lifetime value.
Marin software provides a fully automated full-funnel bidding solution as part of our new industry-leading bidding algorithm, and which also works with the publishers own bidding solutions. If you would like to find out how this could work for your business, get in contact, and one of our account team will be in touch shortly.
How Can Marin Help?
If you’d like to learn more about Full-Funnel Bidding, please reach out to your account rep or fill out the form with your details and we’ll be in touch.