Why Brands Love Incrementality-Powered Marketing Benchmarks
Picture this: You’re a growth marketer at a fast-growing consumer brand, and during a recent board meeting your executive team asks you “if we gave you more budget, where would you spend it to help us find new customers?” Sounds like a dream right? So long as you have data-driven answers.
Scaling spend into your channels that drive the most incremental sales might be your first step, but fast-growing brands, like those at Measured, know that spend diversification can be just as important to long term growth.
“Maybe we should start looking into Upper Funnel TikTok, or Snap,” you tell the C-Suite. But you need a better idea of what kind of incremental returns to expect, so you don’t come back next quarter with sub-optimal results. Enter the all-new Measured Benchmarks, one of 3 applications that helps marketers execute a comprehensive media optimization workflow, all powered by our rich library of incrementality intelligence.
Using the Portfolio tab in Benchmarks, you quickly see what kinds of Incremental returns similar brands are experiencing: With a $1.40 Average ROAS(i) last month, compared to a $0.94 ROAS(i) from TikTok, Snap Prospecting campaigns are clearly outperforming CTV dollar for dollar, making it a better option to start exploring.
This is one of the many use cases that make Measured Benchmarks so powerful: quick, contextual guidance on how your brand “measures up” on channels you actively invest in, and insight into what kind of incremental returns you can expect from new channels. And unlike other benchmarking tools, Measured’s is the only one that helps you compare real incrementality metrics, like Incremental ROAS, or Orders %, against some of the fastest-growing brands on the planet.
Now available to all Measured brands, the all-new Benchmarks underwent months of extensive beta testing. The feedback from leading marketers was overwhelmingly positive:
“Measured Benchmarks have provided our brand with an edge we never had; now we can more easily distinguish whether performance changes are caused by macro trends across our industry, or micro trends unique to our brand,” said Jordan Roberson, Director of Digital Marketing at Johnny Was. “Additionally, the “Inactive Tactics” functionality helps us identify new channels worth investigating if they are performing well for brands similar to us.”
Other aspects of the application provide equally helpful context. Take Media Performance, for example:
Monday morning your Facebook channel manager tells you that Retargeting % Orders (i) – aka: Incremental-adjusted Conversion Conversions % – has been decreasing dramatically, asking you what to do. Do you scale back, or eat the cost to reach your target? “Check the Benchmark,” you suggest.
After pulling up the “Full View” tab of Benchmarks for Facebook Retargeting, they see that your brand is in fact seeing a much lower conversion rate for these campaigns than similar brands. Clearly something’s happening with your Facebook campaigns that’s not impacting other brands. Following a bit of investigation, they figure out that some of the retargeting creatives were oversaturated, and quickly resolves the issue with a new rotation. Conversions are back to normal in just a few days.
While our brands rely heavily on Measured’s Cross Channel attribution dashboard and Media Plan Optimizer for day-to-day ad spend reporting and optimization, Benchmarks provides an extra layer of insight and security to help guide your team to the right media investment decisions.