In my last post, we talked about how the new Flexible Conversion Counting does not solve the age old problem of trusting View Through conversions and how can we account value those View Through conversions basis our user understanding. Now, these View Through Conversions also help us in understanding how our impressions have been delivered and how we are effectively advertising.
Consider a campaign for selling shoes online where we are advertising for www.xyzshoesale.com (name representative). Based on the intent of the campaign which can be lead generation or brand building we decide on the metrics for us to judge the performance of the campaign. However, if it is a brand building campaign, the only way advertisers show the performance is through Share of Voice metrics which is calculated by dividing the Total Number of Impressions delivered by the campaign against some assumed number of impressions which are arbitrarily decided taking in consideration the impressions of the most broadly matched keyword of the category. This process is very random and again throws a number which is hard to believe. Because, the number of broad impressions for a category keyword does not necessarily always cover the amount of potential impressions for a product.
To overcome the same and to have a more logical way of counting the impressions, we at Puretech decide on the branding campaign with a different metrics apart from the SOV. No doubt, advertisers dig for SOV and SOV only as that metrics is what they can showcase to their bosses but along with the Share of Voice metrics, we also use the following calculation to identify how effective are our impressions.
1. Download a keyword report with the following details – Impressions, Clicks, Cost, Converted Clicks, CTR, Search Impression Share, Assisted Impressions & Assisted Clicks.
2. Please take a look at the below formula carefully:
- Total Impressions / Search Impression Share = Actual Potential Impressions for the Keywords
- Total Impressions – Clicks – Assisted Clicks – Assisted Impressions = Actual Missed Impressions
- Actual Missed Impressions / Total Impressions = % of Impressions used for Branding
- Total Potential Impressions = ∑ ( Missed Impressions )Keywords
- (100 – (Actual Missed Impressions / Total Potential Impressions)) = % Share of Voice
- Total View Through Conversions / Actual Missed Impressions = View Through Conversion Rate
- Cost Per Impression = Cost / Total Number of Impressions
- So, Cost Per View Through Conversion = (Actual Missed Impressions * Cost Per Impression) / Total View Through Conversions
Thus, we can calculate the cost and other associated metrics for a branding campaign with the help of View Through Conversions.
If the goal is pure branding and there is no Action required from the user, we can perform the 1st 4 steps and calculate the Share of Voice. Please note that this method gives us the Share of Voice only for the Search Network and not Display Network. This method can be modified a lot to suit the needs of the advertiser to calculate the important metrics accurately based on the campaign. Please get in touch with Puretech’s Paid Search Marketing Experts to know what metrics would suit your paid search campaign.
Contributed by: K. Kulkarni, Digital Strategist, Puretech Internet