Google: How are you helping your clients to assign dollar values to mobile all along the funnel?
Kerri: This really depends on the client. In most cases, clients are assigning value based on a number of factors used to determine the lifetime value of a customer. For example, one of our brands assigns an average order value (AOV) on app downloads based on the usage they’ve seen through analytics and resulting revenue from their aggregated app users. For another brand, call extensions have proven very effective, though it’s been difficult to track conversions and resulting revenue as the consumer is taken offline. Therefore, we use an equation that allows us to measure the likelihood of an actual conversion. Knowing the average call duration, which indicates level of interest, and the agent conversion rate, the brand helped to formulate the following equation:
6 minute call duration = an interested consumer
Agents convert 30% of interested consumers
Interested Consumers * 30% = # of conversions
This allows us to quantify a return where 1-to-1 measurement is difficult, and to understand the impact the channel is having on the brand’s overall business.
Google: What types of clients have you seen be successful with understanding the value of these micro- conversions?
Kerri: We’ve seen our retail brands be the first to embrace these micro-conversions - especially in the case of location-based responses, due in large part to the known “intent to visit” derived from these and previous testing. We’ve been able to use coupons to measure the revenue opportunity in stores from mobile and to prove the value in attributing dollars to these actions. Retailers have seen enough of these trends and subsequent lifts in revenue to value these actions.
Google: What success stories or best in class examples can you share?
Kerri: One of our clients had a goal of directing mobile users to their app download page to increase conversions, and we worked with Google to help them run a two month test of Mobile App Extensions. During the test, we disabled all sitelinks, location extensions and product extensions in order to focus on the primary goal of driving app downloads. The test showed phenomenal results: 92 downloads, 89:1 ROI and a 334% lift in ROI when they began attributing value to app downloads.
Google: What's iProspect POV on where mobile is going?
Kerri: Where is mobile not going? Mobile devices (smartphones and tablets) have already become so ingrained in our everyday lives that the full impact is literally boundless. Mobile is the channel that connects all others. It doesn’t fit in the traditional conversion funnel -- it runs alongside it, involved at every stage. This presents a challenge to brands who still segment advertising channels with separate budgets and directives instead of focusing on how they impact each other. Mobile will highlight the need to evaluate all channels together to create a truly integrated approach - one that enhances the consumer’s interaction with the brand. Applying a value to the multitude of “responses” available in mobile is just the first step. Advertisers will also need to evaluate the impact of those responses relative to other brand initiatives (both online and offline) in order to determine the role each plays in contributing to their bottom line. The ubiquity of mobile will force advertisers to redefine their approach and how they measure success.
Posted by Samantha Podos Nowak, Product Marketing Manager, Mobile Ads
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