Twitter has released its long-awaited conversion tracking tool this week, giving marketers with well-run Twitter profiles a better understanding of how advertising on the platform can impact your sales objectives.
The measurement and reporting tool, which is available globally, will help you visualize the full conversion impact of impressions and engagement from Promoted Tweets. As a result, you’ll be able to better optimize your campaigns and prove the return on investment (ROI) of your social strategy.
How Does It Work?
If a retailer wants to measure how a specific Promoted Tweet campaign drove purchases on its website, it can create a “purchase” conversion tag and place it on its purchase confirmation page. That tag will then report to Twitter that a purchase has been made any time an individual reaches that page. From there, Twitter will match that event against the “set of users who have viewed or engaged with any valid Promoted Tweet campaign.”
One of the key benefits of conversion tracking is that it gives you a full view of how Twitter-specific engagement and impressions lead to conversions. Your campaign analytics report is broken into two sections: post-engagement conversion and post-view conversion. The latter accounts for when an individual only views an ad and later converts on your website. This in and of itself is valuable for marketers, but post-engagement conversion takes it a couple of steps further.
Not only does post-engagement conversion attribute URL clicks, but also tweet expands, retweets, replies, favorites, and follows that an individual performs on a Promoted Tweet before converting. This really puts into context just how important a well-run Twitter profile is. The more consumers interact with your content, the more data you’ll have to apply to the success of your campaigns.
Twitter has already seen “encouraging” results from advertisers who participated in the conversion tracking beta over the last several months. The multi-channel retailer Alex and Ani saw an increase in campaign performance using conversion tracking with a 65 percent lower CPA than its CPA target. GrubHub Seamless used the tool to tailor campaigns to an ROI-positive cost-per-order (CPO).
Create Killer Campaigns
Other examples of great Promoted Tweet campaigns include Arby’s, which used Promoted Tweets with Lead Generation Cards to give members an easy way to sign up for its newsletter and receive coupons and deals. During the first six weeks of this campaign, Arby’s grew its email list by more than 400 people, and many of the people who signed up also retweeted the company’s Promoted Tweets, which earned more leads for the brand.
Similarly, men’s apparel “e-tailer” Bonobos launched a Promoted Tweet campaign to announce an exclusive Twitter deal. With more than 80 retweets in eight minutes, the deal unlocked and the strategy netted the brand nearly 100 first-time purchasers. According to Bonobos, this strategy was 13 times more effective than its other marketing efforts and wrapped up with a 1,200 percent ROI.
And finally, the inbound marketing pioneer HubSpot used Promoted Tweets to engage existing followers and individuals similar to those followers. These tweets offered educational content that also included a specific call to action, such as an invitation to attend a webinar. Through increased engagement, HubSpot saw a 150 percent increase in sales through Twitter with a 46 percent lower cost-per-lead for an overall, a 32 percent ROI.
These brands built effective marketing campaigns and were able to leverage Twitter’s Promoted Products to directly impact ROI. With conversion tracking, businesses will be able to see just how big of a role engagement plays in their overall social and sales strategies. Previously, it was difficult to know whether a tweet-based referral to your website converted into a sale. The true value of an ad comes from the actions taken after viewing it, and now you’ll have a clearer view of what steps lead up to a conversion as well as what happened afterward.
If we take a look at the bigger picture, conversion tracking proves ROI not just because of the ads, but because of the social management you’re investing. Ads generally work best when connected to a well-run Twitter profile, which means that your social team is regularly engaging followers with valuable, high-quality content and conversation. It requires that you use a variety of tools at your disposal, something that the brands mentioned above executed perfectly. Twitter’s conversion tracking helps to optimize content as well as ad spend.
If you’re interested in building your own campaign, take a look at Twitter’s Direct Response Marketing Guide for Businesses. Here you’ll find valuable information on how to set goals and decide on the trackable metrics that are most representative of success for your campaign.