There is a challenge in balancing spend across paid channels. Understanding interactions between channels, if there is any lift, or if they’re redundant channels is even more important now that the cost of digital marketing is rising.
Here are some steps to help identify redundant channels:
1. Identify the sources of the last interactions that lead to conversion
2. Drill down on these sources and identify the first and assisting channels that led to the last interaction
3. Test how increasing the budget or stopping ads of the supporting channels affects the conversion in the last interaction
Running paid ads should ultimately contribute to amplifying reach that leads to or assists in the conversion path. Reallocating the budget from redundant channels to the more hardworking channels makes your marketing investment more efficient.
At GrowthOps, we help clients manage budgets in the most cost-effective way by bringing our analytics and attribution expertise to the heart of our performance marketing capabilities. By providing clarity on what drives conversion, we empower CMOs with the data they need to plan their next steps.