The idea of dynamically updating anything is pretty exciting. See what works or doesn't, fix it on the fly, and reap the rewards of your savviness? Sign me up.
But just because the technology is available to dynamically update ads, doesn't mean that you should jump in without preparation.
You can improve the likelihood of success by having a clear strategy for your campaigns, so that when they go live, the cross-functional team is on the same page about how and when to update ads in real-time. Here, we'll focus on dynamically updating the actual content in ad units, versus optimizing media placements.
Determine when to check in. If your campaign is running for 8 weeks, consider checking ad performance on a daily or weekly basis, depending on your available time. Checking more frequently could mean catching a trend and course-correcting early. However, if your cadence is too frequent, you may act when your sample size is too small to determine a correlation.
The ability to make updates is a blessing, so don't let it to turn into a burden — find a balance that works for your team.
Identify your top KPI. While you can and should keep an eye out for various metrics, it's good to have one main KPI as a priority. Traditionally, clickthrough rate (CTR) and interaction rate are two popular options.
However, CTR is outdated and has little to do with actual conversion or user engagement. We recommend a metric that reflects how your users will interact with a content-rich ad.
Examples include video completion rates, time spent scrolling to read a social media feed, or hovers on creative components. This will help you evaluate campaign performance more accurately.
Decide your basis of comparision. Are you comparing your campaign to static ads, other interactive campaigns, or industry benchmarks? Are you comparing your current campaign to one with comparable impressions, type of audience, length of time that it ran?
Reduce as many variables as possible so you can attribute changes in engagement to the ad content instead of other factors.
Decide which elements of the ad will be dynamic. Almost every part of an ad can be dynamic, but realistically some concepts will be fairly set. But sticking with your overarching campaign, you can still optimize diferent parts of the ad in a few ways.
First, you can add a function that wasn't there before. For example, you can easily add a video to an existing ad.
Secondly, once you make that change, you can experiment with different versions of videos to see which works best. You can also do this with headline copy, call-to-action statements, product photos, and social media feeds.
The elements of the ad that are likely to make the most dramatic difference will vary for each brand, campaign, and industry. So you'll need to keep an eye on what works and make the decision for your own situation.
The bottom line is that brands should have a solid concept of a campaign's strategy and objectives. Meanwhile, a tech provider like Flite should provide guidance on how to implement and measure the important KPIs, as well as identify blind-spots regarding advertising capabilities that the brand might not know is possible. This conscientious approach ensures that your brand will get the most out of dynamically updating your display campaigns.