Monday, July 29

B2B Business Marketing Opportunity

🗣NEW: A dedicated case study of your business. Reach 45,000 DTC brand owners: Learn more

HUBSPOT

Ready to revolutionize your workday with AI?

Discover the key to unlocking unparalleled productivity with HubSpot’s free guide to using ChatGPT at work. You’ll find practical insights, useful integrations, and 100 prompt ideas to help you unleash the power of AI for a more efficient, impactful professional life.

Download the free guide and level up your AI game today!

Quick Analysis Metrics for 10x Ad Testing Process

I discussed the How To 10x Your Ad Creation & Testing process in the last post.

Today, Let's discuss The Metrics you need to analyse to conclude whether an ad is a winner (or a loser).

1. CTR - Click Through Rate

The percentage of people who have clicked on your ad from the viewers.

Formula = (Number of Clicks/Impressions) * 100

A thumb rule - The Higher, The Better

Goal > 1.25%

Kill Rule: Impressions > 400 & CTR < 1.2% - Turn off the ad.

2. CPC - Cost per Click

As the name defines, it's your ad's average cost per click.

Formula = Amount Spent/Link Clicks

A thumb rule - The Lower, The Better

Goal < $2

Kill Rule: If Spend is half of CPA and CPC is greater than the Goal -> Turn off the ad.

3. CPM - Cost per Mile

This is the average cost for 1000 impressions.

Formula = (Amount Spent/Impressions) * 1000

A thumb rule - The Lower, The Better

Goal: Varies depending on account and industry. Check your sustainable CPM number using the Ad ROI calculator.

Kill Rule: Spend is greater than $15, and if CPM is above your benchmark, turn off the ad.

6. Landing Page View Rate:

This is a silent metric that nobody talks about.

LPVR determines the intent created by your ad and the performance of your landing page.

A thumb rule - The Higher, The Better

Goal: >60%

Check: Impressions > 1000 and LPVR < 60% -> Consider Optimising Ad

7. Conversion Rate

What are we running ads for? The goal, especially if yours is an e-commerce brand, is to generate sales.

However, your Performance is not just based on your ad but a handful of variables on your website, like the product, pricing, offer, social proof, delivery time, authenticity, ease of checkout, payment options, and everything in and around these.

A thumb rule - The Higher, The Better

A healthy CVR is anything above 2%. But hitting and maintaining that at a large scale will require a lot of persistence and consistency.

With these metrics and their rules in place, you will eliminate the non-performers on time and identify winners without a hassle.

IBRAHIM’S NUGGETS

Happy Monday!

By the time you’re reading this, I would be already married (hopefully, lol), yayy! Here’s to many more wonderful moments in life! 🥂

Alright, let’s get into today’s topic: What metrics matter when it comes to CX

If you currently have a CX program in place, here’s how to know whether it’s working or not for your brand. For customer support, specifically, the basic metrics to pay attention to are total number of tickets, average response time, CSAT, and overall NPS.

Both—qualitatively and quantitatively, if you are getting a ton of negative comments, DMs, and emails about your customer experience, then you know there’s a huge problem!

Conversely, if customers are sharing your posts, commenting about how much they love your brand, and giving you positive reviews on their unboxing experiences, then you know your customer experience is great.

The Best CX Teams Build Strong Feedback Loops Which Rapidly Improve Your Brand

Out of any employee or department in your org, your CX team likely has access to some of the most critical and relevant data that can help you rapidly improve your brand.

As is probably obvious, your CX and CS leaders are in the trenches every day listening to real customer feedback, compliments, and complaints. They know (often before many others in the org) when something is working and when it’s not!

The best CX teams act as a flywheel for innovation and improvement because they have so many core insights and data points about where to streamline or double down. They can gather this feedback in real-time from their day-to-day ops, then communicate it to other departments, and help your company troubleshoot issues as soon as they arise.

P.S.: I can’t recommend the book Delivering Happiness by Tony Hsieh enough when it comes to all things CX and CS.

Alright folks, that’s it for today!

IN THE NEWS

WTO Countries Sign Global eCommerce Agreement That Would Ban Tariffs

South Korea to support vendors hit by Qoo10 payment delays, founder pledges compensation

Embracing Generative AI: The Future of Ecommerce that Consumers Want and Expect

Have any questions that you need help with?

Ask here - and look out for Fridays Issue where Ibrahim will answer them.