Last Updated on June 6, 2021 by Elevate Digital
“When is the right time to kill my low performing ads?”
You can feel the end creeping up, lurking in the back, and the floor slowly falling out from underneath. It can be hard to talk about “the end” of a relationship, but it is better than letting something continue long after the feeling that it already ended. Sometimes it just takes courage to step up and say, “it’s not me, it’s you.”
Of course, I’m talking about low performing ad campaigns. What else did you think?
How Do You Know When To Turn off Ads?
You might have done everything right in the beginning and scoured over all the “how-to’s” and old college textbooks. You defined the goals, set a budget, found the target audience, determined the media, and painstakingly crafted a surefire message. Really, it was more of a work of art than an ad campaign.
Running successful ad campaigns means knowing the right time to switch off of a low performing ad campaign. Ultimately, this skill involves knowing how to evaluate your own ad campaigns.
So, What Is A Good Return On Ad Spend?
It is true that these things are hard to evaluate.
Does it cement brand awareness, or does it induce them to make a purchase here and now? Despite these difficulties, social media and information companies such as Google & Facebook now provide a growing set of metrics that can provide a better picture of how your ad is performing with your target audience.
Here are a few of these valuable metrics:
- Reach/impressions: This measures how many people could realistically see the post or ad as opposed to how many people actually see it. This is valuable because it can show if an ad is not reaching its full potential and if change is necessary.
- Average engagement rate: This measures how many people engage with the ad relative to your total followers. This can see if your ad is actually resonating with people.
- Lifetime Value (LTV) and Return on Ad Spending (ROAS): This shows how much value the customer is bringing to your business versus the cost of advertising spent to reach them. If you are paying way more than the value they bring to you, it might be time to say “it’s not me, it’s you” to your ad campaign.
It is good to know how to craft an ad campaign, but it is arguably more important to know when to switch from a low performing ad campaign to something new.
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