Earlier this year, Apple began releasing iOS 14.5. This update prompted users to answer whether they would allow their data to be tracked for advertising purposes. As a result, brands are facing an increase in measurement uncertainties, and marketers are tasked to quickly understand and prepare for a post-IDFA world.
Emad Hasan, Retina’s CEO and Co-Founder, explored some solutions for the most common Facebook attribution challenges on our blog. In our latest webinar, he is joined by Zack Werner. Zack serves as the founder and CEO of the Maze Group, which helps its enterprise clients leverage technical solutions and full-funnel marketing tactics to shift the focus to measurable, profitable growth.
As an expert in decision-making that drives profitability, Zack is uniquely poised to offer invaluable insight into strategies and tactics that can help marketers navigate changes to ad tracking and attribution.
Check out the recorded webinar to listen to Zack and Emad’s full conversation and presentation or just catch the highlights below.
iOS 14.5 makes retargeting a big challenge
Prior to this update, retargeting campaigns could be relied upon to consistently demonstrate the highest ROAS in terms of conversions. However, with retargeting campaigns now rendered less effective, the best way to circumvent the issue is to convert customers earlier.
With the goal of acquiring your potential new customers’ email addresses sooner, try different ways to incentivize that conversion, like offering discounts early on. Keep in mind, though, that offering high value discounts early in the process may lead to a rise in one-time customers rather than new clients who might actually be loyal to your brand.
Make privacy a central concern in your data collection process
The key to centralizing privacy in your data collection process is in one-way hashing. When you build ad audiences in Facebook, the ads platform can turn personal identifying information (PII), including email addresses, into one-way hashed data, which is anonymized for privacy.
Using this data, your desired audiences can be identified in Facebook without ever exposing their email address or other PII to you and your marketing team.
Broaden your reach with an intentional mix of marketing channels
Remember, Zack is all about focusing on strategies that drive profits. So, when we say broaden your reach, that doesn’t necessarily mean to just cast a wider net and hope for the best.
Instead, focus on channels you can invest in with the goal of minimizing CAC, or customer acquisition cost. The first step is to set a target CAC that makes sense for your business, and more importantly, for the specific customer being acquired.
Comparing the CAC to the customer’s lifetime value (CLV), or the amount of revenue they’ll bring into your brand over the time they spend as your customer, is the only way to truly understand how much is worthwhile to spend acquiring a new customer.
Check out the full recording of the webinar to get a great demonstration of how the relationship between your CAC to CLV ratio and your return on ad spend can help you prioritize your marketing channels with profitability at the forefront.