Nov 26, 2024
NYSTIA Wednesday Webinar #6 Recap
During last week's Wednesday Webinar Jonathan Keslow from Epsilon presented his topic: Guide to Metrics that Matter.
Some insights from the webinar:
- Intro to Epsilon
- A digital media and attribution company.
- Serving big and small destinations for over 60 years.
- By looking at individual online targets they are able to calculate individual's spending in destinations.
- What is the right metric?
- The “right” metric might not fit when used incorrectly.
- The “wrong” metric might not fit when used by itself.
- You need to choose metrics that matter to you and
your board. - Impressions aren't the right metric.
- Most used Tourism Metrics in 2024
- Clicks
- Widely used because of its ease of understanding.
- 0.07-0.10% industry average.
- Clicks show "engagement" with the ad.
- Site Visits
- Someone receives marketing and clicks to your page or organically arrives.
- It shows someone more engaged with one's website.
- Video Completion Rate
- Someone completing an entire video ad.
- The industry benchmark is 60-65%.
- This helps drive awareness and shows engagement within the content, but shouldn't be used as a conversion metric.
- Bookings
- Someone intends to stay at a hotel, but not a guarantee that it will be followed through.
- Shows intent on visitation and helps the destination collect a bed tax.
- Return on ad spend
- Amount of revenue that is earned for every dollar spent on
media (ad spend). - Benchmark range $10:1-$180.
- Shows how your marketing dollars put dollars back into the destination.
- Amount of revenue that is earned for every dollar spent on
- Clicks
- What those 2024 metrics really mean
- Clicks
- Someone may or may not have accidently clicked my ad.
- 99.98% of all ads are not clicked on according to the Advertising Bureau.
- Love Communications found that negative correlation of clicks to generating a booking.
- Site Visits
- Someone is on your site, is it easy to navigate? Is the right content shown for this person?
- It's on you to keep that person on your site.
- Can I achieve what they want in 50 seconds?
- Video Completion Rate
- Now that they are watching the video what happens next?
- Does the video lead to them spending more and making those bookings?
- Bookings
- Are a great driver of intent, but do people actually stay?
- Do you control the booking prices and properties?
- How is credit being given? How are you able to see all the properties booking data?
- How are you getting people to stay?
- What does that stay mean for everybody else in your destination?
- ROAS
- There's a lot of different ways to calculate ROAS.
- Did my investment drive more then what I invested in?
- How do you measure a return when we don't own the cash registers in the area.
- Clicks
- Break Down
- Don't lead with Impressions.
- Impressions aren't effective alone.
- Not directly tied to individual people.
- Lead with your Reach.
- Directly tied to individual people.
- Determine how many people were shown your ads.
- Cost per acquisition
- How much does it take to engage someone.
- Great metric but not standing alone.
- It only measures one thing at a time.
- Return on ad spend
- A key metric that will, overall, tell the greatest story.
- The amount of revenue earned for every dollar spent on advertising.
- It's key to be able to tie an individual who you've served an ad to, to each dollar spent in a destination.
- Don't lead with Impressions.
- See the slide deck for case study results!
We would like to give our sincere thanks to Jonathan Keslow for providing his time and valuable insights on Metrics that Matter. You can learn more about Epsilon by visiting their website.
Please see the slide deck below and recording below.