Episode #78 - Unpacking Retargeting on Amazon and the Stages of Competency in Performance Marketing 📊🎯
Amazon Ads Raw DailyShow Notes
Episode #78 - Unpacking Retargeting on Amazon and the Stages of Competency in Performance Marketing 📊🎯
In this episode, we delve into Amazon's retargeting dynamics, exploring the efficiency and flaws of retargeting campaigns. Plus, a reflective journey into the competency model, shedding light on the evolution from novice to expert in any given skill, with performance marketing as the lens.
Hello everyone, welcome back to Amazon Ads Raw Daily. My voice might seem a bit off today, but let's get into the meat of our topic. We're diving deep into the world of retargeting, spurred by a recent post I encountered. Amazon's retargeting often displays a peculiar pattern: customers tend to make their purchase decisions incredibly quickly. With our analyses showing a majority of purchases happening within the first 10 minutes, it raises questions about the efficiency of retargeting campaigns. If a large fraction of your customers decide in such a short time frame, how efficient is your 7, 14, or even 30-day retargeting campaign? Moreover, Amazon's current system doesn't allow for the exclusion of those who've chosen a competitor's product over yours, leading to potentially inefficient ad spends. An observation from personal experience: after purchasing a product on Amazon, I still find ads recommending similar products, which feels redundant. Why would I need another bike helmet after just buying one? When strategizing your retargeting, considering the "time to purchase" metric could be beneficial. Reflect on whether long retargeting campaigns make sense for your product. Switching gears, let's discuss competency, specifically through the lens of the model from Matthew Broadwell. As someone who's been in performance marketing for over a decade, I often ponder where I stand on this scale. From "conscious incompetence" to "unconscious competency", it's crucial to understand where you might fit. This awareness helps keep ego in check and encourages continuous learning. Few questions for introspection: Am I aware of my deficiencies in this area? Do I recognize my competence, but still have areas to improve? Can I perform these tasks effortlessly? Do peers perceive me as an expert? Remember, mastering any skill typically requires an investment of approximately 10,000 hours. Reflecting on my journey, I've dedicated numerous hours to marketing, but it’s a mix of pure performance marketing, strategy, and team leadership. So, have I hit that 10,000-hour mark specifically in performance marketing? That's food for thought. Regardless, the essence remains: always stay humble and hungry to learn. I view myself as a daily learner, always seeking to expand and refine my skill set. That wraps up today’s insights. Despite the slight hiccup with my internet, I hope this episode provided valuable takeaways. Until next time!
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