Past performance isn't just a rearview mirror, it's your compass for future success. The power of retrospective data analysis allows you to gear up for a profitable future. Think of your past performance as a treasure map. Every click, every conversion, every comment - it’s all gold. But there's a science to sifting data, and it isn’t just about the numbers.
Pursuing ROI can often feel akin to embarking on a relentless pursuit of an elusive entity. The emphasis here pivots from a constant chase for ROI or ROAS, to strategically attracting it. So, how does one accomplish this?
It's about knowing which metrics matter, understanding these metrics, interpreting them, and turning them into actionable insights. Past performance data is your secret weapon when designing a killer marketing strategy. Imagine a sniper with perfect aim. That's you with
your data-driven strategies. Understanding your data is like connecting the dots. The more you connect, the clearer the picture.
The future belongs to those who learn from the past.
Return on ad spend (ROAS) is down everywhere. It’s just how it is. We will never see cheaper advertising than what we experienced in 2023. Analyzing the data to determine the efficiency of your ad spend is the only way to plan your future media strategy.
2024 is predicted to be the most fiscally expensive, creatively challenging, and competitively crowded performance advertising market we’ve ever seen. Ads are more expensive or less efficient by double digits on every channel and platform. By the end of 2024, we’ll be in the immediate aftermath of the most consequential American election of a generation and the stifling ad spending that comes with it. Consumer confidence is set to drop, not improve. Not to mention CPMs continue to rise in price. There’s no relief coming, so your 2024 strategy should be built around this fact.
Strategic plans must be smart and efficient. Media mix modeling using machine learning is no longer an option. Brands that want to win over the next 12 to 24 months will need to master marketing intelligence and media buying – and understanding the data and key metrics is key.
Unique agencies like Bright Marketing seamlessly combine the art and science of marketing, helping brands cut through the noise and confusion, dodge common mistakes, navigate around the complexity of the media landscape and tough competition, and guide founders toward their goals of increased visibility, engagement, and conversions.