MY MOBILE CPA IS TOO HIGH – WHAT CAN I DO?
You’ve been told to reduce your mobile CPA, now what? Cost per acquisition is always one of the key metrics for any business. And while the definitions of CPA can vary, its importance doesn’t. The drive to achieve more value from that CPA is often a motivation for businesses getting in touch with us. As a result we’ve put together this piece to give you a head start!
Most of the new companies we work with are not optimising the way they measure mobile CPA and track conversions. The modern digital landscape is complex. The huge increase mobile devices means it takes skill, time and investment to ensure that measurements are accurate.
Your mobile CPA may be high when looked at in isolation. But it may be that by improving the accuracy of your tracking that you are able to see how conversions are occurring on other devices. Mobile may be a part of the conversion funnel, but not the whole story.
So what should you do first?
- Set expectations.
- Agree on the methodology and measurement
- Get your baseline data
- Develop ideas
- Test and optimise
Don’t expect perfection, set expectations
Mobile is a difficult channel to track, and like all measurement and data sources, it is only one source. You may need to look at more complex econometric analysis to really start to determine value and return on investment. No matter what though, you need to know that there will not be a perfect answer. Make sure you, your team and your business knows this.
Agree on the methodology and measurements
Now you’ve set the expectations, set about exceeding them. There are lots of great tools out there that can help you to track and understand conversion. Decide on what you think will work best, set it up correctly, test it, and then define your measurements.
Get your baseline data
Allow some time for your baseline data set to build. The most frustrating thing about developing improvements can often be the lack of knowledge about what really worked. Baseline data is key to ensuring you understand the benefits of changes you’ve made. Use this time wisely to develop ideas!
There may well be some really obvious things that you, your boss, or other people in the team think you should change. That’s great, but don’t just settle for those. Think about what more you could be doing to improve mobile conversion rates. Set out each idea, with a hypothesis about how it will alter conversion, and think about how you will ensure you can understand if it’s been successful. Prioritise this plan.
Test and learn
It sounds so simple, but actually this is the toughest part. Sticking to a test plan to ensure you get accurate, statistically significant results is absolutely key to long term success. Additionally data by itself will likely not be enough, think about user testing, surveys, and other sources of information to ensure you know not only ‘what’ was changed, but also ‘why’
By now you’ve hopefully seen some improvements to your CPA, and you’ve likely made some of the obvious optimisations and changes, but you shouldn’t settle for that. Innovation is what really changes the game, and in the world of mobile there are lots of great ideas out there. AI, voice, connected devices, omnichannel to name just a few, you need to get out there and find out what great new things are happening that could help your business grow.
This process is not linear, it’s a cycle. Now you’ve done it once you can take all the learnings about how the process worked and make it better.
Partner with Mobylise™ to gain specialist mobile media analysis skills to understand performance and build insights that can drive customer acquisition. Get in touch today