Now that we’ve identified our potential KPI’s, let’s talk about how that effects our decisions around targeting. And when we talk about targeting, this could mean a number of different things: location, device, medium, company, demographic, etc.
Let’s start with location because, well, it’s the easiest. If your business is at a physical location, then you should be collecting customer addresses whenever possible. You can then plot those on a map (using Power BI or Google Maps) and get a great idea of where you are most likely to convert future customers. If all of your customers are within a 5 mile radius, why waste advertising budget on areas outside of that? You may get impressions, you may get clicks, but you’re not making money if they don’t make the trip to see you. Targeting locations is one of the fastest ways to optimize your cost per conversion and although it will probably involve a discussion with product owners, selling them that we’re focusing on people more likely to buy, and showing them the data why, should be an easy conversation.
Another popular (and successful) way to narrow your target audience is by demographic. Facebook does a great job of this allowing you to target people who have similar interests as your business, are in a specific age group, gender, have kids and so many more. You can even target those who like your competition’s Facebook page.
Another great forgotten about way to target is by device. Google Ads has the capability for you to bid more or less depending on whether the person is on a desktop, tablet or mobile device. If you’re tracking your web data (and hopefully you are), then you should know which device is most likely to result in a conversion, and maybe more importantly, which one is not. Don’t try to get someone to make a $10,000 purchase or complete a long registration form on their phone. Your money is much better spent in other ways.
Hopefully some of this information will help you with your ad campaigns. Audience targeting is so often overlooked and if you’re analyzing data the correct way, your conversion rate can jump with just a few small changes.