If you’re like me and into agile marketing, you might find this tool handy to calculate the true CPA (Cost Per Acquisition) of any marketing initiative.
For a digital marketing initiative there will be a number of figures you will need to consider when weighting up ROI, and working out how much of a priority a certain activity should be.
Typically you will have figures for:
- Traffic, recipients or impressions
- Open Rates
- Click Thru Rates
- Trial Rates
- Trial to Paid Rates
- Cost or CPM (Cost per thousand impressions)
But also remember the frictional costs of an activity, the creative costs and make some kind of calculation around your time spent in the shower coming up with ideas.
You could also use an ICE score to rate and compare the activities beyond just cost.
ICE standing for:
Could this compound, be replicated, be pivotal, be influencial, be ‘viral’?
1= one off, 10 = compounding hypergrowth
How confident are you in the data and your assumptions
1 = Faulty Towers, 10 = Four Seasons
How easy is this to do?
1 = will take an army, 10 = child’s play
Have a look at what this might look like. Give my calculator a try: