Offline Conversion Tracking: Top Strategies and Best Practices
Understanding Offline Conversion Tracking
Offline Conversion Tracking (OCT) is an essential digital marketing tool that helps businesses achieve higher returns from their Pay-Per-Click (PPC) spending. OCT involves the integration of customer relationship management (CRM) data into online advertising platforms like Google, Meta, and LinkedIn. It helps marketers better understand their best customers and aids in attracting similar users, boosting overall business performance. If used correctly, OCT can place your company ahead of the competition.
In this comprehensive guide, we will explore various strategies and best practices for OCT, tailored to help businesses gain a competitive edge.
1. Assigning Values to Conversion Events
One significant aspect of OCT, often overlooked by businesses, including B2B advertisers, is the assignment of values to conversion events. To effectively utilize OCT, it is important first to calculate the worth of leads, demo requests, booked meetings, etc.
To calculate these values, MKTG Plan recommends starting from the endpoint and working backward. Base this on actual sales data to establish the average value of events occurring throughout the purchasing journey. This approach can prevent the common mistake of focusing solely on the number of leads, often resulting in low-quality leads or spam.
Note: Some advertising platforms allow optimization towards more than one conversion action at a time. The assigned numerical values communicate to the platforms which action has a higher priority, supplying further data for improved bidding precision.
2. Experimenting with Google’s Optimization
Google gives advertisers the freedom to optimize for one or multiple conversion actions at the campaign or account level. Testing these optimization strategies can be beneficial.
Generally, it is advisable to start by focusing on your most valuable action, which is often closed sales or potential customers won over. However, as you move towards the narrower parts of the sales funnel, there might be a drop in data density.
When this happens, you could consider testing optimization for multiple actions. This could include the highest value stage coupled with the next-most-important stage to achieve your volume target.
3. Testing Various Bidding Strategies on Google
Experimenting with different bidding strategies is another way to maximize the use of OCT. Understandably, various strategies suit different clients, and MKTG Plan suggests a few guidelines for testing:
– For lower volumes, try Max Conversions with multiple conversions to provide the system with sufficient data for automated bidding.
– If your volume is substantial enough to focus on one offline conversion, consider testing target cost per acquisition (tCPA) bidding.
– Once you have defined values for each conversion action, test max conversion value with multiple conversions. This will assist the algorithm in understanding which actions are the most meaningful.
– If you can dynamically import values for offline actions like opportunities or closed/won deals, target return on ad spend (tROAS) bidding can be an efficient way to optimize your return.
4. Testing Google’s Performance Max
While MKTG Plan recommends a healthy level of skepticism towards Google’s Performance Max, testing this tool could be worthwhile, particularly if you fulfill these conditions:
– Your search campaigns are fully funded, i.e., you’re not reallocating budget from effective search campaigns to test Performance Max.
– You have recorded more than 30 offline conversions in the past 30 days.
If neither condition applies, save Performance Max testing for another time.
5. Using Custom Columns for Detailed Insights
Setting up Custom Columns is a powerful method for detailed analysis of offline data. On Google, using Custom Columns allows you to segment specific conversion actions, simplifying data analysis, and performance realization.
Additionally, you can create additional columns to calculate cost per conversion and conversion rates, which provides even more detailed data. When exploring reports, these custom columns can quickly highlight inefficiencies in your purchase journey.
For Facebook, however, the process is slightly different. Nonetheless, creating custom columns for conversion rate, incorporating custom conversions, or linking with unique offline events can provide easy visibility offline actions.
6. LinkedIn’s Conversion-Focused Events vs. Lead Gen
When integrating OCT for LinkedIn, decide whether you want to focus on lead generation campaigns on LinkedIn’s platform, conversion-focused campaigns that lead traffic to your website, or both. LinkedIn allows you to measure the volume of offline conversions resulting from these campaigns, enabling in-platform optimization.
7. The Importance of Data Analysis
Assessing offline data is an important step that can reveal valuable insights about your business on multiple platforms. Studying which keywords, ads, campaigns, or creative themes lead to offline conversions can uncover potential wastages or investment opportunities. These insights can also prompt you to reevaluate your strategy and focus on ad copy that attracts the right users.
Remember, offline conversion tracking’s ultimate benefit is enabling algorithms to use your ad spend more effectively to attract valuable customers.
Let MKTG Plan guide you on your OCT journey and help you get the most out of your advertising campaigns. Employing these OCT best practices can make a significant difference to your PPC advertising success. So, roll up your sleeves and get analytical!
Get ahead in digital marketing with these OCT best practices, and join MKTG Plan’s successful clientele spearheading business performance and growth today!
MKTG Plan: Your Partner in Offline Conversion Tracking
As a pioneering Miami website design and digital marketing agency, MKTG Plan offers a myriad of services that help businesses succeed in online advertising. We are committed to guiding our clients every step of the way, from understanding the value of OCT to implementing best practices in offline conversion tracking.
Focused on maximizing your return on PPC spends, MKTG Plan identifies high-value customers, optimizes towards specific actions, and helps clients make profitable decisions based on OCT data analysis.
Building a Powerful OCT Strategy with MKTG Plan
At MKTG Plan, we believe that an understanding of OCT is not merely about recognizing its benefits. It goes beyond that — to fully leverage OCT, businesses should form powerful strategies that focus on the key aspects of offline conversion tracking. Here’s how we can help you create such strategies:
Identifying High-Value Customers
Our team will assist you in integrating your CRM data into your online ad campaigns. This process allows the algorithms of Google, Meta, and LinkedIn to identify and target potential users that resemble your best customers, thus, enhancing your business performance.
Optimizing for Specific Actions
MKTG Plan endeavors to maximize your return on PPC spending. To do this, we guide businesses in optimizing their campaigns for their most valuable action. This optimization helps in delivering higher quality leads rather than focusing on the number of leads generated.
Beyond optimization, we also delve into meticulous data analysis. Exploring which keywords, ads, campaigns, or creative themes lead to offline conversions can help highlight any wastage and suggest profitable investment opportunities. By examining offline data, MKTG Plan helps businesses understand their advertising campaigns, resulting in effective resource allocation and higher returns.
FAQs About Offline Conversion Tracking and MKTG Plan
1. What is Offline Conversion Tracking (OCT)?
Offline Conversion Tracking is a digital marketing tool that integrates customer lifetime value (LTV) data from customer relationship management (CRM) systems into online ad platforms like Google, Meta, and LinkedIn. By doing so, marketers can understand better what makes a valuable customer and find more users with similar qualities, this helps in boosting the overall business performance.
2. How can OCT be beneficial for my business?
OCT, when utilized effectively, can place your business ahead of the competition. OCT helps identify your best customers, understand and optimize for high-value actions, and uncover potential wastage and profitable investment opportunities based on data analysis. Over time, this could significantly enhance your PPC advertising success.
3. Why should I choose MKTG Plan for my business’ OCT needs?
As a leading Miami website design and SEO Miami company, MKTG Plan excels in helping businesses maximize their returns from PPC spending through OCT. Our comprehensive services include customer identification, action optimization, and data analysis. Our dedicated team guides businesses through every step of the OCT journey, ensuring that they can fully utilize OCT to strengthen their online presence.