Smart Marketer’s Molly Pittman and John Grimshaw just completed a massive Industry Report, pulling data from 30 different businesses with a combined total of $57 million in Ad spend on Facebook. Listen today if you want to hear what the data shows, get the big takeaways, and see where you stack up (based on business types most similar to yours).
In this episode (Part 1), Molly and John dive into two of the four most important metrics for paid traffic success: Cost Per Thousand Impressions (CPM) and Click-Through Rates.
Be sure to hit Follow/Subscribe so you can get the other two metrics in Part 2.
You will learn:
- The Four most important success metrics to watch in 2021.
- How Consumer Behavior has changed(?)
- How big your target audience needs to be (to lower your Click Through Rate).
“COVID changed the world. iOS14 changed the platform, right? Both variables have changed. We expected that consumer behavior, therefore, has changed too, but it actually hasn’t. It’s really consistent”. Molly Pittman.
Molly shares about the upcoming Mentorship, ‘Train My Traffic Person’, which you can find out more about here, https://landing.smartmarketer.com/pages/tmtp-mentorship/
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Links to Join:
0:00 Thank you for joining us for this (significant) 70th episode of the Smart Marketer Podcast! John Grimshaw sets the stage and explains what is in store.
02:10 Molly invites you to join the next Train My Traffic Person Mentorship.
3:15 Molly explains the business types, the verticals within those types, and essentially the variety represented in the data so that you can glean as much value as possible in your given situation.
6:15 “We are going to cover the four most important success metrics for you to look at and for us to use, to analyze what the heck is going on with paid traffic and Facebook advertising right now.” Pittman.
08:07 Key Metric #1: CPM’s. “The reason we chose to lead with CPM (Cost per 1000 Impressions) is that it is the best judge of the current cost of traffic on the particular platform that you’re using.” Molly Pittman
11:56 “I would go far as to say, there are hundreds or maybe thousands of variables that actually affect your CPM. That’s why this stuff can be really difficult, right? It’s not as simple as it looks”. Molly Pittman
17:05 Molly and John dive a little deeper, looking at overall CPM by year and by business.
19:16 “A lot of the panic that you see in the digital marketing communities is not that things are actually that much more expensive depending on your business type, it’s that we got used to how things were in 2020”. Molly Pittman.
20:25 Key Takeaways From Looking at CPM’s.
22:28 How big should your audience size be now?
24:49 Key Metric #2: (Outbound) Click Through Rate (and the most important variables to focus on).
28:11 “By and large, Click Through Rate is mostly unaffected by COVID, by the holiday season, by I was iOS14 – which we were not expecting when we came in to look at this.” John Grimshaw.
31:48 A look at outbound click-through rate by year AND by business type.
35:18 Key takeaways.
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