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Optimize Your Grasp of Measurement and Optimization! w/ Bob Lanham
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The KPI Cafe returns with Facebook's Head of Automotive Retail Bob Lanham. The inspiration behind the episode stems from the disjointed approach to defining two key terms used in digital marketing: measurement and optimization. How you define these will help change your perspective on how to approach your digital strategies, budgeting, and benchmarks for success. It's time to start thinking about how to spend better, not spend more, by asking "Why?" more often and leveraging the right Key Performance Indicators (KPIs) to make well-informed decisions.
Here's What to Expect:
Bob Lanham's Origin Story (and Some Other Cool Background) (2:10)
Biggest Challenges in Digital Ecosystem (12:00)
- "too many"
- ad spent to sales
- media mix model problem-solving
- marketing cut first
What Does "Measurement" Mean? (18:06)
- Defining of Success
- PVR
- "Delivered" on Empty/Wrong Metrics
- Platform Synergy
If Digital Is More Efficient, Why Is Cost-Per-Car Sold Stagnant? (23:20)
- Inefficiencies of Spend
- Understand What and It's Return
- Vendor Change: Incrementality or Simple Replacement
How Should We Define "Optimization"? (28:26)
- Maximizing Return to the Model
- Breaking Out Results of Platforms
- "Digging into the Platforms"
- Buy Strategy, Not the Product
"The Why" (36:51)
- A Huge Gap
- Sales Mindset vs. Marketing Mindset
- What Will This Do for Me?
The Bet from Facebook (41:10)
What Should Dealers Understand About Facebook Measurement? (42:32)
- Wrong KPIs
- Full Funnel
- Sales Matchback
- BRANDING
Facebook As a Branding Play (49:30)
- Platform vs. Television / Traditional
- Programmatic Efficiencies
Concluding Thoughts (55:43)
Chapters
1. Bob Lanham's Origin Story (and Some Other Cool Background) (00:02:10)
2. Biggest Challenges in Digital Ecosystem (00:12:00)
3. What Does "Measurement" Mean? (00:18:06)
4. If Digital Is More Efficient, Why Is Cost-Per-Car Sold Stagnant? (00:23:20)
5. How Should We Define "Optimization"? (00:28:26)
6. "The Why" (00:36:51)
7. The Bet from Facebook (00:41:10)
8. What Should Dealers Understand About Facebook Measurement? (00:42:32)
9. Facebook As a Branding Play (00:49:30)
10. Concluding Thoughts (00:55:43)
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