Independent digital media agency Next&Co’s new media auditing tool, Prometheus, now features a research and optimisation component that can show brands their most profitable customers and segments based on any conversion metric – a global first.
Prometheus has been used by more than 300 companies – from SMEs to large multinationals and ASX listed companies with multi-million-dollar advertising budgets – and shows companies exactly where their digital advertising spend is wasted based on several criteria.
The new enhancement integrates Google’s suite of tools, from the Google Marketing Platform and Google Ads, and several Adobe features, giving brands the ability to choose from more than 1,500 qualitative and quantitative (revenue, clicks, average order value) measures.
This creates a specific sequence of who the most profitable and highest converting consumer groups are for a brand.
This feature is used both as a research tool during pre-campaign planning and also during digital advertising activity to optimise performance and reduce waste.
The new Prometheus feature has been used by more than 125 brands, with strong results.
For example, a healthcare client used the new feature after spending $75,000 with a research agency who advised that females aged 25-34 in Melbourne were the best segments for the brand to buy against. Prometheus found that, in fact, men aged 35-44 in Melbourne were a better target.
“The client went with our recommendations as they could see first-hand using their data who they needed to target and to forecast growth. The campaign was an outstanding success driving a 4x return above expectations and an average order value increase of 111 per cent,” Next&Co co-founder, John Vlasakakis (pictured) said.
“When we integrated the healthcare brand’s first party analytics data it was a completely different outcome, there are no assumptions or interest groups used, but rather historical data that can go as far back as 10 years to determine who the best types of customers are to buy media with for each brand. It eliminates the ‘pin the tail on the donkey’ of digital buying.”
Next&Co was recently named as one of the top 10 media and marketing companies in the 2021 AFR BOSS Most Innovative Companies List for its Prometheus tool innovation.
A self-serve, easy to use and intuitive platform, Prometheus allows advertisers to find out the efficiency of their digital ad spend across Google, Facebook, LinkedIn, and Bing. It can be used across any digital publisher with an API (application programming interface), including catch up TV.
Prometheus has inbuilt KPIs advertisers can select from, including leads, customer conversions, ROI, reach and they can choose their targets across each metric. The auditing tool then determines the exact wastage of their total annual digital spend in dollars and where that wastage is occurring campaign by campaign and on a creative level.
Prometheus provides a score out of 100 on the overall performance of each metric and the exact amount of media dollars wasted. The data is then individually audited for each type of advertising activity run within the tool and an individual score for each.
Prometheus can predict how many conversions advertisers could potentially achieve, make creative recommendations and CPA (cost per acquisition) improvement recommendations.
“In the last quarter alone, more than $54 million was wasted in digital advertising spend. In a post-COVID environment, marketers have a keen eye on return on ad spend, and there is no tool anywhere which can calculate the exact amount of media dollars wasted on these platforms or where companies’ most profitable customers are,” Vlasakakis said.
