Hey you there, Adtriba user! Did you notice? Something’s new in the console navigation! The what/if budget simulator is now available.
I know what you’re thinking – “Just what I needed; as if marketing attribution was not complex enough as it is.” Good news! It’s super easy to use (like the UTM link manager), and there is no need to have your IT team intervene to start working with the what/if budget simulator.
First things first, what is it and how can a what/if budget simulator make my life easier? Working in marketing, you are on a budget and you want to maximize your return on advertising spending (ROAS). Striving to get as many conversions as possible, you want to invest your budget in the smartest way possible and that is what our what/if budget simulator is for.
What/if budget simulator – step-by-step
To begin with, you need to input your total marketing budget. Let’s imagine we have $50,000:
Next, you can see your CPA (cost per acquisition) for each marketing channel (e.g. paid search and social in our fictional scenario.) AdTriba’s elaborated algorithms calculate these values from your customer journeys, including all touchpoints from the various channels you engage in. Let’s say our paid search CPA is $86.50 and social CPA is $102.80.
Now, you can insert the minimal and maximal amount your budget must abide by. If you do not have any restrictions, you can leave them blank. For the sake of our example, we will suppose the maximum paid search marketing budget is capped at $12,000:
All there is left to do is to click on “Create Plan” to find out how to split your budget in order to get as many conversions as possible! *rolling drums*
So, the most exciting data is obviously how many conversions you can expect to score. In our scenario, we can expect 508 conversions.
Let’s take a look at the breakdown:
Since the CPA for paid search is more competitive than for social, our tool recommends investing as much as you are allowed to (a.k.a. $12,000.) This should yield 139 conversions. Meanwhile, social marketing should yield 370 conversions with the rest of the budget.
In that light, you reshuffle your budget and you raise the cap for paid search to $28,000. Since Adtriba can accurately define how all advertising channels are intertwined in the customer journey, it also takes into account the indirect effects of each modification. Change the max budget to 28,000, click on “Create Plan” and here come the new results with a whopping 538 conversions!
What/If Budget Simulator in a nutshell
Let’s wrap it up in a few points:
- Adtriba accurately determines your CPA for each advertising channel
- Adtriba’s customer journey analysis pins down the exact effects of each advertising channel
- The what/if budget simulator lets you push sliders up and down on these channels to find out how to maximize potential conversions
We hope you’ll enjoy using the what/if budget simulator! If you have any feedback or questions, don’t hesitate to get in touch or leave a comment below.