Discover how FunnelVision, a game-changing solution developed by Wicked Reports, can revolutionize your marketing strategy and save 20% of your ad spend. This blog post outlines the unique features and benefits of FunnelVision for both marketing agencies and their clients.
Understanding the Challenges of Ad Spend
A major challenge faced by marketers is the wastage of ad spend. Despite allocating a substantial budget, a considerable portion of the ad spend goes to waste.
The wasted ad spend falls into 3 categories:
- Testing new ideas
- Offer doesn't convert
- Bad measurement
Testing new ideas that don't result in ROAS is understandable, expected, and not an issue. You must test to scale. The brand needs to understand and discuss the testing strategy so when there are tests that fail, while not ideal, the media buyers are learning and progressing towards a test that wins.
Offers that do not convert could be due to the ad message, the targeting, or the offer itself simply isn't good enough. The media buyer and brand work together to solve this issue. The brand needs to be open to improving their offer to hit the KPIs tasked to the media buyers. The agency needs to be able to communicate the changes that need to occur to hit the KPIs.
The 3rd reason is bad measurement. Ad platforms DO want advertisers to succeed. However, their ultimate goal is more ad spend on their platforms. This presents a challenge.
Ad platforms conversion algorithms and reporting are biased, modeled, black-box, and delayed results. When was the last time Meta told you to stop spending budget somewhere and reallocate the money to Google, or vice-versa ?
Never - because their ad reporting is not designed to find wasted ad spend. It's designed to show you where their impressions had the most possible impact.
We have found that our FunnelVision attribution algorithms save our customers an average of 20% of their budget due these 3 factors:
- FunnelVision finds the Cold Traffic Top of the Funnel ad spend that is driving the bottom of the funnel sales. Ad platforms have no concept of this.
- FunnelVision has an accounting mode called Linear that shares attribution credit so that your revenue isn't overcounted.
- FunnelVision makes it easy to automate the detection of KPI performance and actions to take, so that budget is moved to campaigns and targeting that is working.
Understanding the challenges of ad spend is crucial for marketing agencies and businesses looking to optimize their advertising efforts. Identifying the root causes of wasted ad spend can help in devising effective strategies for cost reduction and improved ROI.
Introducing FunnelVision: The Solution to Wasted Ad Spend
FunnelVision, developed by Wicked Reports, is a revolutionary solution designed to address the challenges of wasted ad spend. With its advanced algorithms and cutting-edge technology, FunnelVision offers a game-changing approach to marketing attribution.
Ad platform conversion algorithms, and Google Analytics 4, both tend to show a LOT of conversions to Branded campaigns. Technically this is true, because a customer often clicks on the branded search results when they are ready to buy.
But unless your brand is a household name spending big bucks on TV ads, it is unlikely your brand has the reach to your prospects simply by word of mouth.
More likely, ads to cold traffic that are new eyeballs to your brand get them interested - and then later on thanks to ads, emails, and SMS, by the end of the customer journey they know your brand and type it in to buy.
With FunnelVision, we use our Attribution Time Machine to take a buyer's click, go back in time and stitch together what happened, so it is clear how a new customer first heard about you, go to know you, and ultimately, purchased.
Instead of spending more and more on the very last click on the customer journey, and wondering why you can't scale your ad spend, we pinpoint the initial touchpoints that started the journey.
This identification helps lead to savings of up to 20% of ad spend.
How the 20% ad spend savings is calculated
Let's assume an ad budget of $30,000/month, which is $1,000/day, and see how we find the 20% in savings. This advertiser needs a ROAS of 3 to be profitable.
Looking at FunnelVision's results above, it is very easy to see the campaigns that are below 3, and need to be optimized. Note this is not necessarily bad news - it's just information to use.
Some of the below 3 ROAS campaigns just need a few underperforming keywords or audiences to be turned off. Such as below, turn off "shippped", which is dragging down overall campaign ROAS, and you now have a campaign that is above 3 - you just needed the data to make this decision.
This small $850 example shows $205/$850 = 24% of wasted ad spend identified. I find it helps to show these smaller examples to help get the big picture.
We do this on $30,000 for this customer and $30,000 * 24% = $7,200.
Even better, they can move the saved ad spend to the "order" ad group in this campaign because they can see results that are above their target 3 ROAS KPI.
This is intelligent, easy, fast data-driven decision making.
AUTOMATION OF COST SAVINGS ANALYSIS!
Analytics solutions fail to deliver their value because even if the math is right on the above, we are all human. Humans can miss these opportunities - especially the last one above, where simply turning off "shippped" ad group and moving the $205 to the "order" ad group would save 24% AND help grow the higher performing ad group, all without having to increase overall ad budget.
To fix this, we automate this entire analysis. You get emailed whenever a situation arises where a campaign has been running for enough time, and has not hit it's defined KPI:
Never waste another dollar.
Benefits of FunnelVision for Marketing Agencies
FunnelVision offers several key benefits for marketing agencies:
1. Enhanced Attribution: FunnelVision's advanced algorithms enable accurate attribution of conversions, helping marketing agencies understand the true impact of their campaigns.
2. Cost Reduction: By identifying inefficiencies and eliminating wasted ad spend, FunnelVision allows marketing agencies to optimize their budget allocation and reduce costs.
3. Improved ROI: With precise attribution and cost optimization, marketing agencies can improve their clients' return on investment, delivering better results and increased client satisfaction.
4. Competitive Advantage: By utilizing FunnelVision's unique and proprietary algorithms, marketing agencies can differentiate themselves in the market, showcasing their ability to drive measurable results for their clients.
Benefits of FunnelVision for Clients
FunnelVision also brings several benefits to clients:
1. Increased Transparency: Clients gain visibility into the performance of their marketing campaigns, allowing them to make informed decisions and understand the value of their investments.
2. Cost Savings: By eliminating wasted ad spend, FunnelVision helps clients optimize their marketing budget, maximizing the impact of their advertising efforts while reducing costs.
3. Enhanced ROI: With accurate attribution and optimized campaigns, clients can achieve higher returns on their marketing investments, driving business growth and profitability.
4. Data-Driven Decision Making: FunnelVision provides clients with actionable insights based on real-time data, empowering them to make informed decisions and refine their marketing strategies for optimal results.