Dynamic conversion value integration in paid search.
Tektronix was previously optimizing to Target CPA, which did not prioritize the importance between different conversion actions and product value.
Increase in closed sales delivered by paid search. $48,287,152 vs. $26,530,460 YoY for the same period.
Increase in the number of conversions coming from the paid search
Decrease in the cost per application. Conversions were driven at a more efficient rate, dropping from $153 to $101.
Tektronix designs and manufactures test and measurement solutions to break through the walls of complexity and accelerate global innovation. They empower engineers to create and realize technological advances with ever greater ease, speed, and accuracy. Tektronix solutions have supported many of humankind’s greatest advances of the past 70 years. Health. Communication. Mobility. Space. You name it. With offices in 21 countries, they are committed to the scientists, engineers, and technicians around the world who will define the future.
They needed to optimize toward closed SQL dollars over the course of a long sales journey. Historically, assigning conversion revenue has been challenging due to multiple variables of product pricing for Tektronix’s test and measurement products. Variables include the quantity of analog channels, bandwidth levels, and sample levels. For example, to purchase an oscilloscope, there is no one-size-fits-all approach and revenue varies depending on the needs of specific consumers.
Values would be based on conversion goal, product, and product conversion rate through the entire sales process. Through interviews with the client’s sales, analytics, and product teams, we ascribed a dynamic conversion value across 4 different conversion actions by region, product value, and product sales close rate. Our proven approach included:
The use of dynamic conversion values established benchmark profitability performance by product and region spanning across 20+ countries. Once sufficient data was collected, we optimized for efficiency with Target ROAS.
Tektronics saw the following year-over-year (YoY) improvements with no increase in media spend:
“Being able to quantify our results globally has allowed us to measure and allocate our marketing dollars much more effectively, and efficiently. Something we haven’t been able to do before partnering with NP Digital.”
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