With the ability to view aggregated results via the Benchmark Dashboard, comes the ability to more accurately set goals within your individual marketing campaigns. Let's see how you can leverage benchmarks to improve goal setting with Wavo's Reference Lines!
In order to make sure your marketing goals are providing an accurate reflection of overall performance, it is important to have the ability to reference relevant benchmarks with validated data sets.
What Makes a Validated Data Set?
To get the most accurate benchmark and set a reasonable goal for your campaign, here are some things to consider when filtering the data pool in your Benchmark Dashboard:
1. Platform: If your campaign is running on TikTok, verify that these are the only campaigns being pulled for your benchmark.
2. Geography: Location can heavily affect how various metrics are represented.
3. Time Period: Campaigns that have run more that 90+ days in the past may not provide the most accurate representation of your desired KPI.
4: Objective: If you are running a campaign for Video Views, the data set should reflect campaigns with this objective.
5. Artist: Have several campaigns been run for this artist in the recent past? Does the artist have a large following?
6. Genre: If the artist does not have a large following, or many recent releases, consider looking at the broader scope of Genre related to the campaign/artist within your market.
As you apply these filters to your benchmark dashboard, keep an eye on the size of your data pool. The smaller the data set, the more likely an outlier can affect your average, and skew the result you are looking for. Any filter that reduces the amount of data drastically should be reconsidered in an effort to provide more accurate benchmarks.
Setting Up Your Campaign Goal Using Benchmarks
Once you have found your benchmark, you can navigate back to the Marketing Campaign Dashboard and input your goal using the Reference Line tool. Now you can track the pace of your campaign against the aggregated historical data and measure how well it is performing.
Reminders:
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Consider campaign budget before finalizing and inputting your goal.
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For a review on how to build a Benchmark Dashboard, read Creating a Benchmark Dashboard.
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For more information on Reference Lines, read Using Reference Lines.
- Having your campaigns correctly tagged is essential for benchmarking! Read Tagging: Best Practices & Examples for more insights.
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