Welcome to Trust the Process (#11)

Welcome back to Trust the Process. Below we’ll dive into what the Trust community is learning from its growth investments, show how Ridge Wallet is handling rising CPMs and supply chain backlogs, and share some of the headlines trending across Trust.

The Marketing Markets

The mix across the community’s marketing investments stayed fairly consistent over the course of the past week. Facebook and Instagram accounts for 60% of spend, with Google at roughly a third. Here’s what else the Trust community is seeing:

1) Facebook CPMs

Facebook CPMs fell slightly over the course of a week, due to a pricing drop in recent days:

Week over week: -5.9%

30 day high: $12.74

30 day low: $8.29

2) Instagram CPMs

Instagram CPMs hit a 30 day high in recent days, leading to a week over week increase:

Week over week: +7%

30 day high: $8.96

30 day low: $6.42

3) Snap CPMs

Snap CPMs have significantly jumped over the course of a week, with its 30 day high occurring in recent days:

Week over week: +26.9%

30 day high: $7.75

30 day low: $3.79

4) Pinterest CPMs

Pinterest’s CPMs have been fairly steady, but a recent 30 day low led to pricing increase:

Week over week:

30 day high: $6.85

30 day low: $5.71

One final pricing tidbit: Snap’s 30 day jump in CPM pricing is the largest we have seen for the platform since sending out this newsletter. Pricing is nearly double what it was 30 days ago.

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Community Conversation of the Week

With CPMs rising throughout the year and supply chain issues continuing, we caught up with Sean Frank to get his insights on what he’s been seeing across the many e-commerce businesses he connects with. Sean is the COO at Ridge Wallet and recently detailed his experience of speaking with 30 e-commerce owners:

What’s a successful strategy to counter iOS changes you’ve recently heard of?: I advise brands to spend through the pain. Set up a first party data system like Northbeam and move tracking away from business manager.

Being in Q4 right now, it's hard to shift to new platforms. We were lucky we were already early to Snap and TikTok. We have been on Google since day 1. But if you haven't really spent outside of Facebook, you just need to find a way to better report the actions happening.

CPMs are the real killer here. It will just be twice as expensive as last year for every user. If you can own your data and solve the tracking/reporting problem, you will still have higher costs. We are seeing CPMs up 300% with some audiences. Clicks will cost more.

Need to focus time, energy, and resources on post click optimization. Why are you sending traffic to your Shopify collections page? Has that been A/B tested? If clicks are going to cost 5 bucks you better convert at 5%+

How are you navigating supply chain issues?: We are always inventory heavy. We try to have the next 12 months on hand. So we can still sea things and just wait for the delay, but we can also air because of how small our items are.

But there is no solution here. Things are just delayed and will take a long time to be made and shipped. If you can't air stuff, and you have an empty warehouse you just have to raise prices and skip Q4. This is what will kill a lot of brands this year, people being over exposed or leveraged and counting on product for peak.

To read more of Sean’s insights, including what he’s seeing with acquisitions, click here.

Trending Across the Trust Community

New Adds from Google Ads

Google has released several updates it says will better help advertisers.

After what it described as “strong beta results,” Google is now rolling out Performance Max campaigns for all advertisers. Google says Performance Max, which it introduced in part last year, will “help you drive better results across all Google Ads channels and inventory.”

Google also released new ways to manage and optimize conversions, in which “you’ll be able to tell Google Ads which specific business goals your campaigns should optimize for.”

Social Shopping Continues to Go Live

Pinterest is now the latest platform to dive into the live social shopping experience, launching what it’s calling Pinterest TV.

“Hosts will have a shopping toolbox to enable live shopping experiences including a product drawer with prices and product details, product drops and brand collaborations, a display of how much is left and a limited-time-offer module to offer discounts,” the company said in a blog post.

Instagram also announced it will be launching a live shopping series for the upcoming holiday shopping season.

Facebook and Snap Unveil Marketing Certificate Programs

Want to become more proficient with your marketing campaigns? Facebook and Snap are trying to help with just that through new certificate programs.

Facebook has teamed up with Coursera, as they now provide a marketing analytics professional certificate. Facebook says the program “explores analytical skills, tools, data visualization, statistics, segmentation and more.”

The “Snap Focus” certificate is “designed to help media planners, buyers and strategists report on and optimize for full-funnel results on Snapchat.”

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Thanks, and see you next week!

James & the Trust team