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Improved Pay-per-Click Marketing Performance from Time-Tested 80/20 Principle
As marketers and business owners, we're always looking for "the
next big idea or strategy" to maximize our business performance.
Yet, the application of time-tested principles consistently
achieve greater results over efforts to create newer ideas and
strategies.
For example, Stephen Covey's New York Times best-selling and
world-renowned book, Seven Habits of Highly Effective People is
a self-proclaimed synthesis of principles taught by great
teachers and philosophers over 150 years ago 1. The world-wide
success of this book is evidence to the time-resistant power of
principles.
In addition, many hugely successful Internet Marketers generated
significant fortunes from applying 50 to 75 year old direct mail
principles to the new Internet medium. Marketing strategies used
by greats like Claude Hopkins, Robert Collier and John Caples
have significant application in today's digital environment.
Although pay-per-click marketing is a relatively new Internet
marketing strategy, its performance relates well to an old
principle called "Pareto's Law" or better known as "the 80/20
Principle".
The meaning of the 80/20 Principle is best explained by a recent
book, The 80/20 Principle: The Secret to Success by Achieving
More with Less", written by Richard Koch:
"The 80/20 Principle states that there is an inbuilt imbalance
between causes and results, inputs and outputs, and effort and
reward. 80/20 relationships typically will show that 80% of
outputs result from 20% of inputs; that 80% of consequences flow
from 20% of causes; or that 80% of results come from 20% of
effort." 2
When applied to pay-per-click marketing, 80% of outputs (or
desired visitor actions on your website), result from 20% of the
inputs (your keywords.)
Applying the 80/20 Principle to Pay-per-Click Marketing
One of the benefits of running a pay-per-click marketing
campaign is the control gained from selecting keywords to bid
on. In essence, the keywords you select enable you to target
specific types of individuals among varying demographics and at
various points within their buying cycle.
But because it is difficult to know specifically which keywords
(inputs) will ultimately generate the most actions (outputs) the
process of "keyword selection" should be applied liberally. This
means that all possible keyword variations and associations
should be selected to figuratively "blanket" or span across all
potential search queries for your products or services. By
relying on your keyword-level tracking system, over time, the
resulting website actions will sort the top performing keywords
from the poor-performing ones.
Under the 80/20 Principle, if you initially select 1,000
keywords for your pay-per-click marketing campaign, over a month
or two depending on visitor volume, your keyword-level tracking
system will uncover 20% of keywords that produce 80% of your
results. Likewise, the 80/20 Principle will expose roughly 80%
of the 1,000 keywords selected that
produce minimal to no
results.
Aside from seasonality variations and marketplace trends that
effect keyword performance, the 80/20 Principle pinpoints a
significant operational process that all Internet marketers
should implement immediately. By tracking your pay-per-click
marketing campaign at the keyword level and identifying the
specific keywords that produce maximum results, you can
eliminate roughly 80% of your poor-performing keywords. Through
this "keyword filtration process" you will re-allocate budget
dollars to the top performing keywords and reduce keyword
management time spent on poor-performing ones.
Remember These 5 Keys...
1. During your keyword selection process, "blanket" your target
market with every relevant keyword variation and association
used by your target market to find your products or services.
Use Overture or Google Adwords' editorial review to define the
relevancy boundaries (or "the ends of the blanket") for your
target market.
2. Define at least one value-oriented action such as an opt-in,
subscription, registration or sale that you seek a visitor to
perform on your website. This action (called your "marketing
objective") is the determination point for measuring how your
keywords are performing.
3. Implement keyword-level tracking to identify which 20% of
your keywords produce 80% of your actions.
4. Pay close attention to seasonality variations and marketplace
trends that may cause fluctuations in keyword performance.
Instead of eliminating all 80% of your poor performing keywords,
identify the most relevant ones to your products and services
and the ones with the highest demand volume and work on
adjusting their bids, re-writing their titles and descriptions
or re-engineering their landing pages to increase their
performance.
5. If branding is your primary objective as opposed to
"performance" remove your brand-oriented keywords from your
80/20 Principle analysis and associated performance metrics.
Analyze your pay-per-click marketing against the 80/20 Principle
to see if an imbalance exists between your inputs (keywords) and
outputs (actions). You will discover that a simple revamp of
your pay-per-click marketing campaign will significantly
increase your visitor-to-action conversion rates, reduce your
cost per action and enable a more efficient allocation of your
budget across your top performing keywords.
Sources: 1 Stephen Covey, Seven Habits of Highly Effective
People (New York, Simon & Schuster Inc., 1989) pg. 18.
2 Richard Koch, The 80/20 Principle: The Secret to Success by
Achieving More with Less (New York: DoubleDay, 1998) pg. 4.
About the author:
Kevin Gold is CEO of Enhanced Concepts, specializing in turning
website visitors into leads or sales, co-editor of
WebSalesability.com and published writer. Get a free report, "12
Sure-fire Ways to Increase Your Website Sales" and an exclusive
5-day website conversion email course by visiting
www.enhancedconcepts.com.
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KnowThis: For Marketing, Market Research, Internet Marketing ... |
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Marketing - Wikipedia, the free encyclopedia |
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Pay per click advertising - online advertising directly on sites of your choice, internet marketing solution for online advertisers. |
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Online Behavioral Contextual Advertising and Marketing. |
Promote your business with today's most effective online advertising technology, contextual advertising at a cost effective metric of CPC, PPC, CPM or CPV. |
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Sales Jobs / Marketing Jobs / Advertising Jobs - MarketingJobs.com |
Employment site for marketing and sales professionals. |
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The Chartered Institute of Marketing |
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Marketing: See what people are saying right now on Technorati |
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Marketing Profs - Marketing Concepts and Strategies: Expert ... |
Marketing knowhow from professionals. Newsletter, articles and how-to's. |
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Guerrilla Marketing Online - The Official Site |
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Business Marketing - Small Business Marketing |
Business marketing - Read everything your need to know about small business marketing. |
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All About Marketing |
Adapted from Field Guide to Nonprofit Program Design, Marketing and Evaluation ... Inbound Marketing Includes Market Research to Find Out: ... |
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Pages tagged with "marketing" on del.icio.us |
USA Network Announces a NASHVILLE STAR Marketing Partnership With ... - Yahoo! ... Direct Marketing Association: Telephone, Mail & Internet Marketing ... |
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ClickZ Internet Marketing Solutions for Marketers |
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Direct Marketing Association: Telephone, Mail & Internet Marketing |
Trade association for users and suppliers in the direct, database and interactive marketing fields, offering seminars and resources, and lobbying for ... |
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