A Marketing Metric You Need To Track | Bathroom Break #115

[MUSIC] Welcome to a new special series called The Bathroom Brick. That extra 10 minutes you either have to listen to marking tips or use the bathroom or both. But I don't recommend both, but that's your choice. This collab's gonna be super fun. We have Daniel Murray from the Marketing Millennials and me, Jay Schwettelson, from the Do This Not That podcast at subjectline.com. Each episode in the series, we are gonna go over. With tips about different marking topics. And if you want to be in the bathroom, fine, just don't tell us about it. Thanks for checking it out. [MUSIC] We are back with another bathroom break. I am here with the keynote speaker. [MUSIC] I'm the best-hunting author. [MUSIC] Number one podcast in the world, Jay Schwettelson. All of the best. Do This Not That podcast. And I am Gamer, the Argue Millennials. And I actually have a question for you because I've actually never asked you this question. Like, are you a theme park guy? Do you like roller coasters? Do you like going to theme parks? Do you use your kids to theme parks? It's an excellent question. First of all, I can't go on any ride that goes in any formation of a circle because I'll throw up. I can't go on a merry-go-round. I can't go on anything that go, forget a loop to loop, forget about. Vomit instantly, vomit nation. But I really do like going and playing carnival games. I like winning stuffed animals that are both awkward, weird, smelly, and are poorly designed. I just like winning them. I also like funnel cake. I feel like we went from theme parks to carnivals. Yeah, carnivals. I like carnivals. That's what I like. I like that. I like that. What? I used to like theme parks. I think theme parks are a good time. But I did have this experience. I went to six flags in Texas with my cousins when I was living in Texas. It was really hot. I like forgot to eat in the morning. I went on a rollercoaster and I square like blacked out for two seconds. And then after that ride, I thought I was going to faint. And I was like, it was so hot, I didn't know where to go. And I went into this restaurant and the line was so long. So I was like, do my cousin please go get me something. And I sit down in the chair. These people leave their fries on the table and take their fries. I swear I was about to pass that. That is. No, I'm not going to get free to go to theme parks after that. I don't know how to cross. You ate somebody else's fries. I had theme parks. I just go, I have another random question with you. Because you're like six five. You're a big tall dude. Have you ever tried to get on the ride? You're like, you're too big. No, but I have the little like, cheers. And in there. I just, I remember also another story. But I, you know, those like the drop rides. I would not do that. Just the good power of terror. That you say, no way I'm doing that. Yeah. I went in there with, I was like 10 years old. And I clipped them to go. But my dad was saying, and I was, at win lock. So I was flying or am I seeing my dad's like holding me down the whole day. And I never going to ride like that again. So the PTSD from theme parks. I just want to. You're all don't wow. Yeah, next level. All right. So what we're talking about today is not just theme parks. We're talking about them in called blended cack. You know, ever since I got to know Daniel, been talking about marketing stuff, I don't think every third conversation, Daniel somehow slips in there. Yeah, but blended cack is where it's at. That's my whole thing is blended cack, whatever. And I want to talk about what does that mean? What does it mean for marketers? Why is it something that's always on your mind? Can you like first break down what it means? Yeah, so blended cack is like the customer acquisition cost of all your channels like combined. So each you people are probably measuring it. If you are like your customer acquisition cost of met a Google whatever channels you're running. I believe that you should have a blended number that you come up with in your organization that if I we hit this blended cack, we're okay. So say this like it costs $20 to acquire customer $30. However much of product costs come up with that number. And if you stay with your under your blended cack, you're pretty much safe to go and keep spending. And the reason why I think about this is when we talk about this in all of our podcasts is attribution lies. Attribution doesn't tell you the truth. It will say that meta and Google are doing better. Usually like meta Google looks better because they have you have branded keywords that you are betting against that have a way higher cack because people know who you are but that's not even they didn't get the new name somewhere else. So I also believe you need to separate blended cack on Google. I'm not blending cack but cack on branded search keywords and just keyword search in general. When you're bidding on Google, that's a whole another conversation. But I like this number because it gives you room to know I can go do another channel to spend more if my blended cack is okay. And if it rises above, then we re-evaluate what channels are and performing and not performing pull back somewhere. But I like that number just as a way to keep my marketing and check and also not be beholden to one channel all the time. So so I would say and I fall in this camp, which is probably not a good thing. What I do is very siloed. I look at each channel or each platform unto itself. This is I even separate that within meta. Here's how Facebook is doing. Here's how Instagram is doing. Here's how LinkedIn is doing. Here's how email is doing. Here's how this is doing. You look at them all separately and then what I do, which is a bad idea probably is, oh okay, you know reddit's not doing that great. I'm going to take budget from reddit. I'm going to put it more towards over here, which is doing really well. So do you not look underneath the hood and you kind of give each of these platforms and channels kind of more legs to run a longer period of time? Do you think it's a mistake to kind of be looking at everything siloed? No, I think you need both. I think blending together the number is the number you're aiming for. But I think you need to measure every channel in a silo. Just to know what the number is. Because you're in the silo and you know, if meta goes up too high, like something's happening in meta, if IG goes up too high, something's happening in Instagram, if Reddit goes up, you have to get a baseline of what those channels are for who you are. But we talk about this all the time. You run a brand campaign and then someone sees your meta ad. They convert a meta and then your meta looks better. Or you could do a reddit ad. They see a reddit ad on reddit. They come by on Google or they type your name on Google. And those channels just start uplifting. Sometimes you turn off the faucet of another channel. And then you see blend the cat go up and you like start turning off another channel and another channel. But it's probably because you turn fully off a channel that was meant that was helping you get branding. Search keywords, meta keywords, I mean meta conversions, email conversions, whatever you're looking at. So that's why I like to look at blended cat because Bennicat gives a whole number of your whole marketing picture. And it makes you think, okay, I don't have to fully shut off Reddit right now, even if it's higher than I expect. Because I know maybe Reddit's a longer term channel for me. I don't have to pull back here that much. But if the silos help, because if Bennicat goes higher, you can start self-diagnosing each channel and say, okay, meta-cac the last three months was this. And now it's gone up 20, 30%. Maybe something's happening in meta. Maybe my ads are there's ad fatigue. Maybe there's we needed prospect better. Maybe I'll retargeting ads on doing good. Whatever you can diagnose each channel by that. But blend the cat less you play. Marking activities that will help you build longer term pipeline in the future, not today. So let's say for example, right now, you know, Chatubetina allows you to run ads, right? And you're like, listen, we're going to bring that on as a new silo, a new platform, a new, whatever. Add to the gate if it's something that new like that. Will you just have that be part of your blended cat? Or would there something that's net new like your organization has never done read it, or Chatubetina or ads on whatever. Do you have it live on its own before joins the party in the blended cat land? Like you have a separate thing just for testing. No, but I do think like 20% of your budget should always be for testing. And I would mark it as a test budget and let it run for longer period time. But I will see because it is still overall spend to acquire costs. Like you spending like blended cac is like taking your overall marking spend and then how much your cost, like how much your cost to acquire that customer and you channel. So like if you're saloing that, then you're like missing the whole picture. And then some people measure cac differently, like they measure like the employee costs in the marking department, the software, like the tools, whatever. I like to do the channel part and then you could do another calculation of like that to your department. But yeah, I would always put any channel I put in and blend the cac. And but I don't think that because the spend is so low, I don't think that would affect blend the cac that much because like if you're spending 5K and chat GBT and 100K a meta, that's not really gonna throw. Am I raised the blend of CAC by a little, but it shouldn't do much. That's why keeping in the numbers are gonna really affect it. If you decide to blow 50% of your budget and that you'll see a big change in blend of CAC. - All right, well, let me go back to the original topic of, let's go to Carnival. It's forget about theme parks for a second here. Are you, will you eat food at Carnivals? Will you go, will you get funny cake? Will you eat a hot dog? Or do you think the Carnival food is disgusting? Will you use a Carnival bathroom? What Carnival game are you good at? Do you like throw the little circle thing and you win a fish? What is your deal at a Carnival? - I like Carnival food. I think they belong like once a year because you might get a heart attack. But I do like a final cake. I do like, I know you're probably gonna hate this, but like one of those big turkey dogs. Like this for a turkey lat. - What is a turkey like thing? I don't understand, how did that start? First of all, nothing is worse than welcome on Disney World. Do you see something that's being turkey like? I'm like, what are you doing? It's not Thanksgiving. - Yeah, 'cause they were never the Carnival though. Like a Carnival is like, I'm present a Carnival. - I know, I think it's better than Carnival because we're the Carnival. - We're being turkey like from. It's getting from like someone's toilet. I mean, what do you think it's coming from? (laughing) - But Pana, I do like a final cake. I do like trying something that's exotic, but I won't touch like a deep fried snickers or something like that. - I know, like a fried Oreo? That's the best. - Oreo is different. - A bit like a fried snicker? What is the difference? - Would you like fried butter? Would you eat a deep fried? - I wanna try that, I wanna try that. I saw that. I wanna try that. - But when I went to the rollercoaster combo, you went straight to Carnival in your head. I don't know why you're like, you know? Live in Florida and you have like Disneyland and you're captain Harry Potter. You wanna go get whatever is beer butter, - Oh, I actually, I did go to, I have been to Universal and I've been with. - I had the butter beer, I've had it. - What's fun? I think that's fun. - It's too crowded, too many people. - You're like running on the, it's like a marketing conference for you. - Yeah, avoid people at all costs. - What if your getting conferences had like deep fried Oreos and turkey legs with you? - That booth would probably be the most popular booth ever. Deep fried butter. I mean, that's my ICP right there. Well, once again, we've covered the most important topics in the world. I don't know what they are, but go and follow the marketing millennials. Go and follow Do This Not That podcast and go crush it this week. - Daniel, come on man, I gotta get back to work, get outta there. While he's still in there, this is Jay. Check out my podcast, Do This Not That for marketers each week we share really quick tips on stuff that can improve your marketing and hope you give it a try. Oh, here's Daniel, it's finally out. - Back from my bathroom break, this is Daniel, go follow The Marketing Lab podcast, but also tune into this series. It's once a week, The Bathroom Break. We talk about marketing tips that we just spew out and it could be anything from email, subject line to any marketing tips in the world. We'll talk about it. Just give us a shout on LinkedIn and tell us what you want to hear. - Peace out. - Later.