TEKTRONIX
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.
+82%
Increase in closed sales delivered by paid search. $48,287,152 vs. $26,530,460 YoY for the same period.
+48%
Increase in the number of conversions coming from the paid search
-34%
Decrease in the cost per application. Conversions were driven at a more efficient rate, dropping from $153 to $101.
THE COMPANY
Tek is the measurement insight company committed to performance, and compelled by possibilities.
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.
THE CHALLENGE
Tek was looking to better qualify their conversions across their global Google Search Ads program.
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.
THE SOLUTION
Working across multiple stakeholders and departments to define a dynamic conversion value.
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:
Walk
- Conduct Interviews with Tektronix’s sales team to acquire essential purchase data
- Conduct profit and loss interviews with Tektronix’s finance team to account for product value and their associated operating costs
- Quantify past projects by channel and/or campaign to account for historical data
- Develop custom UTM source codes that flow into CRM database
Jog
- Quantify marketing investment based on data inputs and desired ROI goals
- Identify conversion rate based on SQL-to-sales data
- Map average value of final sale and LTV
- Determine conversion value to set distinct values of each touch point, such as SQL and closed deals
Sprint
- Assign KPIs in paid search platforms for daily campaign management based on conversion ROI funnel activity
- Identify dynamic values with offline CRM data and apply static conversion values to paid search campaign conversion actions
- Analyze significant data trends and forecast for seasonality
- Consistently re-evaluate expected conversion values and attribution modeling based on customer data points
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.
THE RESULTS
Maximizing paid search business value with Target ROAS.
Tektronics saw the following year-over-year (YoY) improvements with no increase in media spend:
- +82% increase in closed sales delivered by paid search. $48,287,152 vs. $26,530,460 YoY for the same period.
- +48% increase in the number of conversions coming from the paid search channel.
- -34% decrease in the cost per application. Conversions were driven at a more efficient rate, dropping from $153 to $101.
RECOGNITION
Winner, 2022 Search Engine Land PPC Agency of the Year.
“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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