FUNKO wanted to scale a new campaign with Performance Max (PMax), Google’s new goal-based campaign type that enables performance marketers to access all of their Google Ads inventory from a single campaign.
While PMax gives retailers the ability to create campaigns for specific goals to increase conversions, it offers limited visibility and no actionability into the actual product performance that’s needed for retailers to make the most informed decisions about what those goals should be.
FUNKO needed insight into how their items were performing across all of their Google channels at the product level in order to choose the right items to promote in their PMax campaign.
FUNKO was first set up with the ROI Hunter Product Performance Management (PPM) platform.
The PPM platform is a unique solution that integrates product-level performance data from across all of a retailer’s channels (Google Smart Shopping, Google Analytics, Meta, etc.) and combines it with their product inventory. Using this product-level data, e-commerce retail marketers can easily create highly specific segments to achieve particular campaign goals (more conversions, higher revenue, etc.).
This setup allowed the ROI Hunter PPM platform to evaluate the data match rate of FUNKO across all of their Google channels. Having their cross-channel data in one place allowed FUNKO to see all of their Google data side-by-side and on a product level, which enabled them to discover patterns in their products’ performance that they would not have been able to find anywhere else.
Using the PPM platform’s Product Group Builder, FUNKO’s partner agency, Space & Time, was able to filter FUNKO’s inventory based on any metric (revenue, transactions, etc.) available from across Google Analytics and Google Shopping, as well as custom metrics that they defined themselves.
Space & Time decided to filter for products that had a Return On Ad Spend (ROAS) greater than five (ROAS > 5) and created a new product group out of these items for FUNKO’s PMax ‘Pop’ campaign. In this case, ROAS > 5 refers to products with a ROAS greater than five in Google Shopping data per market.
FUNKO chose to test the PMax ‘Pop’ (ROAS > 5 product group) campaign in the UK market. After just two weeks of running this campaign against their business-as-usual campaign, FUNKO decided to roll out the same PMax campaign across all of their markets.
Without ROI Hunter, FUNKO and Space & Time wouldn’t have been able to retrieve the product-level performance data from Google Smart Shopping needed to identify the right products to promote. By using the Product Performance Management platform, FUNKO was able to use this data to inform their strategy, and achieve exponential growth in their conversion rate.
FUNKO’s PMax ‘Pop’ (ROAS > 5) campaign resulted in a 105% increase in conversion rate. It also led to a 19% jump in Click-through rate (CTR) and a 30% drop in average campaign cost.
Additionally, a month after expanding this campaign to run in all of their European markets (the UK, France, Germany, Italy, and Spain), FUNKO’s overall account performance across Europe saw a 65% increase in revenue, a 94% spike in ROAS, and a 10% decrease in average campaign cost.