Unless you have a six- or seven-figure advertising budget, you simply cannot afford to waste your advertising dollars. Unfortunately, that is exactly what many brands end up doing when they launch eCommerce marketing campaigns. This is because they are not looking at their eCommerce strategy holistically.
If you are seeing inconsistent or declining ROI from your eCommerce advertising, then it is high time that you make a change. In order to do so, you will first need to get an accurate assessment of your current marketing efforts.
By determining what works and what doesn’t, you can make informed decisions and refine your Amazon advertising campaigns.
With that in mind, the experienced team at Enormous Elephant will show you how you can gauge the success of your advertising efforts in a few simple steps. Once you have implemented these principles, you will gain a more complete view of your eCommerce data. This information will help you to alter course and craft a high-performing Amazon marketing strategy.
Set a Baseline
Before you can accurately gauge the success of your eCommerce advertising efforts, you need to establish a baseline. We recommend tracking some of the traditional key performance indicators (KPIs) like cost per lead (CPL), clickthrough rate (CTR), and return on ad spend (ROAS). You should also analyze broader metrics like total revenue (TR) and cost of goods sold (COGS).
By assessing a broader range of data points, you will be able to gain additional insights into your campaign’s effectiveness. You will be able to determine the impact that new traffic is having on your current eCommerce revenue, as well.
Attribute Your Results
Once you have identified the KPIs that you want to track, you must determine how you want to attribute your results. There are three primary attribution options on Amazon.
These choices include:
Amazon Store Reporting
Amazon Store Reporting is a great tool for store-focused eCommerce campaigns. You can monitor all of the KPIs that you selected in the first step. You can track these data points by traffic source or page, which allows you to identify which marketing efforts are most effective.
Amazon Store Reporting will also help you to optimize your marketing spending habits. You can reallocate funds to sources or pages that have been providing the best ROI. You can reduce waste by spending less on pages that are not producing a strong ROI.
The DSP Reporting tool includes a feature known as “Measure Branded Lift.” This functionality allows you to identify impressions in Amazon Search. It automatically correlates it with other Amazon DSP actions.
Brand Lift is helpful for aligning your marketing goals and eCommerce campaign efforts.
Amazon Attribution provides detailed insights into your inbound traffic. Specifically, it tracks traffic that originates from other platforms, like Google and Facebook. This functionality helps you to determine how successful your eCommerce advertising efforts are at driving traffic from other channels.
The more traffic you are acquiring from other mediums, the better.
Amazon Store Marketing Services from Enormous Elephant
Want to make sure that you are getting the most bang for your advertising dollar? If so, then you must be able to accurately measure the effectiveness of your eCommerce marketing efforts. However, setting up your own analytics program and managing your Amazon campaign can be a massive undertaking.
Instead, we recommend taking advantage of our Amazon store marketing services. Enormous Elephant is a talented collective of designers, content creators, and Amazon marketing strategists. We can help you leave your mark on the world’s largest eCommerce platform and generate more sales.
If you are ready to learn more about this exciting opportunity, contact Enormous Elephant today. We don’t follow trends; we take the lead! Together, we can make things happen for your brand.