OPTIMIZE FOR PROFIT
Set milestone based strategy
Develop a set of clear milestones to be achieved each 90 days during growth phase
Set outcomes-based go forward plans for all strategies, including potential stopping points for underperforming strategies
Revise strategy as relevant to ensure that messaging & creatives stay relevant, and that ads reach as many high value customers as possible
Expand from successful strategies (e.g., into new ad inventory, new platforms, adjacent audiences) where marginal ROI may be available
Develop test market points
Build targetable audiences for digital marketing based on:
Interests: What do they say they care about?
Behaviors: What do they do that Google and Facebook can track?
Demographics: What is their age, gender, cultural affinity, etc.?
Finances: In what income percentile do they sit?
Purchase Intent: Are they currently in-market searching for particular goods or services?
Location: Where do they live?
Create messaging to explain your value propositions to these audiences. All messages are customized to each audience to maximize effectiveness.
Split test market points
Deliver ads to all market points, controlling serving to ensure similar serving for all market points.
Use split testing tools to ensure that people do not interact with the same market point twice
Assess viability of market points based on:
Click through rate (CTR): Shown a particular message, how likely is someone to click on an ad?
High funnel conversion rate: Shown a particular message, how likely is someone to provide you with some type of value (e.g., email, app install)?
Purchase Rate: Shown a particular message, how likely is someone to pay for your product or service?
Recombine best market points
For market points that show promise:
Split out smaller potentially more profitable segments of audience to see if we can improve profitability
Combine successful messages to see if we are able to find more resonance with key audiences
Cull all market points that do not succeed
Run split test again with revised market points
Analyze data to identify highest value market points
Initiate profit optimization
Initiate ongoing optimization with sole focus on generating CPA<LTV
Manage all investment to focus on most profitable strategies based on optimization criteria including, but not limited to: Audience, Message, Pricing, Creative, Ad Inventory, Geography, Time of day, Day of week, Number of engagements
Consistently update creative to avoid fatigue and test what types of imagery most resonate with different audiences
Incorporate discount remarketing, targeting particular groups with discounts and offers aimed at driving highest possible purchase value and conversion rate