Welcome to the world of eRetail media, where everything is measurable and trackable! As a brand, you know that measuring your marketing success is crucial for staying ahead in a highly competitive market. But with so many different KPIs out there, which ones should you be focusing on? In this blog post, we'll explore three essential eRetail media KPIs that every savvy marketer needs to know about. These metrics can help you track your brand's performance across all the digital channels and help you to make data-driven decisions that will boost sales and revenue. Sounds good? Let's dive in!
The advantages of eMedia over traditional media
eMedia media provides unique advantages over traditional media, such as the ability to reach a more targeted audience based on their online behavior and search history, obtain detailed analytics and performance data, gain access to cost-effective campaigns with flexible pricing models, and optimize campaigns in real-time. This enables advertisers to measure the success of their efforts and make data-driven decisions to optimize their campaigns for maximum success.
What are the three key KPIs for eRetail media that you have to track as a brand?
As a brand, you have to track three KPIs for eRetail media: Share of voice, Uplift and ROI.
· Share of voice (SOV) is the percentage of space that your brand occupies in the eRetail top performing pages compared to your competitors. This metric helps you understand how visible your brand is in the market and whether you need to increase your advertising efforts. It's the best way to measure your brand's visibility and reputation in the online space. At Shalion we mesure it across the 4 visibility components: Share of ads, Share of Search, Share of Shelf and Share of promotion.
· Uplift is the percentage increase in sales that can be attributed to your eRetail media campaign. It's a key metric to track because it allows you to measure the effectiveness of your campaign in driving results.
· ROI is the return on investment of your eRetail media campaign. This metric allows you to see how much money you're making for every dollar you spend on your campaign.
How brands can use these KPIs to improve their eCommerce sales?
Share of Voice, Uplift, and ROI are essential for any brand looking to measure the success of their media campaigns. By regularly monitoring these KPIs, brands can optimize their media campaigns and improve their eCommerce sales. With a better understanding of what tactics are working and which ones need improvement, brands can stay competitive and successful in the constantly evolving eCommerce landscape.
On top of that, it’s important to track each of your competitors' Share Of Voice (SOV). You should be looking for changes in their presence, in the number of ads run and the offers or promotions used. By understanding your competitors' media strategies, you can learn what works and what doesn't and make informed decisions about how to structure your own campaigns.
In short, having a comprehensive understanding of your competitors' media strategies is essential for any business looking to succeed in the current eRetail landscape. Keeping track of their activities and successes gives you an edge over your competition and helps you stay ahead of the game.
In conclusion, we can see that Share of Voice, Uplift and Return on Investment are all important metrics to consider when measuring the effectiveness of your eRetail media strategy. Keeping track of all three will ensure that you are able to efficiently measure and compare performance across different campaigns. Additionally, tracking these metrics over time will allow you to make strategic changes as needed in order to maximize ROI. Ultimately, understanding these KPIs will help you optimize your eRetail media performance for maximum success.
We've got an exciting webinar coming up that you won't want to miss! We'll be exploring the latest trends and strategies in eRetail media for brands, and how they can help enhance your sales and engagement. To stay up-to-date on the launch date and other important details, be sure to follow us on LinkedIn. This is an incredible opportunity to gain valuable insights and stay ahead of the competition, so join us and don't miss out!