Top Metrics to Assess the Performance of a Media Buying Agency
Disclaimer: Regular assessment of the performance metrics allows media buying agencies to explore the results of their campaigns, highlighting the gaps that expect improvement.
Media buying agencies deal with various clients and different types of businesses. Their daily routine tasks include a whole range of activities, from designing a target audience profile to exploring traffic sources and launching advertising campaigns. Top media buyers can boast fast lead generation, high conversion rates, and soaring levels of customer satisfaction. The more companies they successfully provide with the target audience, the greater the number of new clients is.
The goals of any business’s ad campaigns may vary significantly, ranging from gathering emails, promoting a new offer, or boosting sales. Therefore, the metrics to measure the results are also different. However, measuring the results of current campaigns is essential for checking the effectiveness of the marketing strategy and developing a productive media buying plan for each client.
Common paid media metrics to evaluate the success of a media buying agency include the following.
- Consider social media.
When people come across something worthwhile, they wish to share it with friends. So, social media is a good source for measuring customers’ feedback. Check the amount of likes, clicks, and shares for each post or article, as well as if people save or comment on the advertisements. This data will show you if the ad is interesting to the audience. You will see the percentage of your target audience using social media networks and decide if this channel is worth investing in.
- Calculate ROI and ROAS.
First, let’s figure out the terminology nuances.
- Return on investment (ROI) is the ratio of money spent on creating and promoting a product to sales revenue.
- Return on advertising spend (ROAS) is the ratio of money spent on advertising campaigns to sales revenue.
Therefore, the second term is narrower and is more important for the media buying agencies. However, calculating the ROI and sharing it with the clients speaks volumes about the agency’s expertise.
ROAS is calculated for each of the campaigns separately to see the effectiveness of them and decide further steps for the general media buying strategy. To be productive, you should earn more than you have spent.
- Examine the sales data.
This metric is obvious and very easy to interpret. You can measure this indicator daily, monthly, or quarterly. The goals will determine the strategy. For instance, your client might prefer a steady introduction of the product to the target market rather than quick hype sales. Additionally, it’s critical to track conversion rates for actions like clients providing contact information, subscribing to newsletters, requesting more information, etc.
- Measure the effective frequency.
This metric demonstrates how many times a person saw your advertisement before choosing to click on it. This indicator is difficult to predict; therefore, some special methods of calculation should be used or an expert’s help should be involved.
Call tracking as a tool for media buyers’ assessment
Applying a call tracking provider for evaluating performance metrics facilitates this task significantly for any media buyer. The Dialics software is widely used by media buyers to monitor the effectiveness of their marketing efforts. The analytical data that is available in the call log with the first inbound call from a lead reveals the cost per lead, the source that generated the call, as well as the request that was Googled before the lead hit the ad. Therefore, Dialics allows users to assess the results of their ads, optimize them in real time, and share the data reports with their clients. Dialics also assists in setting up pay per call campaigns that are known as working tools for generating leads.
If you feel like testing the Dialics platform, do not hesitate to register an account. There is a free trial period that will allow you to measure the pros and cons.