As the lockdown eases in several countries and mask-wearing becomes a norm for most, on today’s episode, Kunle talks about what your performance marketing strategy should look like in a post-COVID-19 environment as well as why now is the best time to prep up for Q4.
He talks about the prior increase in conversion rate over the lockdown period for a segment of brands and specifically addresses actions DTC brands should start taking in preparation for the challenging months ahead.
On today’s episode Kunle talks about,
- Metrics over the last two months
- The Panic Buying eCommerce Frenzy over Lockdown
- Data backed reasons as to why the boom is behind us
- The Impact of Motivation on Conversion Rate
- Facebook Advertising Set Up, TOF, MOF
- Creative Refresh
Podcast Show Notes:
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- 05:00 – What to Expect from Today’s Episode
- 05:39 – Recap of the Past Two Months
- Panic Buying of Essential Goods
- Specific verticals experienced doubled number of purchases.
- Increase in conversion rates
- CPM dropped – 55% drop in CPM per 1000 impressions
- 09:39 – Reasons for the drop in CPM
- People were transfixed on their devices and on social media.
- Tremendous amount of adverts coming in that only the most relevant adverts are clicked through.
- 10:40 – Verticals that were negatively impacted by COVID
- air travel, travel products, hotels, tickets, sports events, gambling, physical retail stores, events, in-person services, car insurance, home insurance, insurance products, real estate
- 30% drop in CPM across the board
- 11:47 – What has changed?
- Conversion rates are going back to where they used to be.
- Motivation levels have gone up.
- There’s still no budget for advertising.
- 12:48 – What should we be doing right now?
- Build out relevance in all your creatives.
- Invest in your creatives and look at it from a top-of-funnel perspective.
- Run competitor analysis.
- No downtime in Facebook Advertising so far.
- Optimize your feeds.
- Increased competition in Google Shopping.
- 15:31 – Facebook Advertising
- Creative refresh top-of-funnel
- Creative refresh for your mid-funnel
- Check your particular offers and see how you can improve them.
- Work on your copy.
- What kind of copy used to work pre-COVID and optimise on that.
- Objective: Get conversions and grab micro-conversions (visits, view content, initiate checkouts and purchases, mailing list)
- Start aggressively acquiring traffic to prepare for Q4.
- 17:03 – Recommendations for Preparing for Q4
- Double down on your top-of-funnel traffic.
- Focus on a creative refresh and make your adverts relevant.
- Begin prepping up for Q4 by flushing in adverts to acquire more traffic.
“Don’t walk on anything desperate. Do not give Black Friday-type of offers in July. It’s a loser thing to do and it will reduce the perception of your brand.”
Facebook Group • Continue the Conversation
The eCommerce GrowthAccelerator Mastermind Facebook Group has just launched.
It is a community…
✔️ for founders and experts passionately involved in eCommerce
✔️ for the truly ambitious wanting to make an impact in the markets they serve
✔️ for those willing and open to help and share with other members
Here is where to apply to join the Facebook group
This episode is brought to you by:
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