Tracking Sales Through 3rd Party Vendors
GM Pharmaceuticals currently only sells direct to consumer through 3rd party vendors and utilize their website to drive brand awareness and foot traffic to their vendors.
Monkedia was asked to drive GM Pharmaceuticals’ overall business with various vendors (Amazon, CVS Health, Publix, Meijer) through social advertising. Because consumers were unable to purchase the products directly from their website, we had to come up with innovative methods to track referrals to their vendors to project estimated sales and sell-through rates.
Advanced Pixeling Techniques to Track 3rd Party Sell-Through
In order to track prospective customer’s engagement with GM Pharmaceuticals’ website, Monkedia used advanced pixeling techniques to fire an event anytime a user took an action directing them to a 3rd party vendor. We were able to provide real-time data on the total number of referrals to their various vendors, and also define the referrals with high granularity to each specific vendor. This allowed GM Pharmaceuticals to estimate sell-through rates at each vendor to better project sales and inventory management.
Because the focus of the advertising efforts were on growing the brand and drawing in customers who previously were not familiar with GM Pharmaceuticals, Monkedia did extensive creative testing to understand what messaging resonated best with prospective customers. With over 90% of all ad spend focused on cold audiences in a saturated market, we utilized extensive creative and copy testing around imagery (lifestyle, product focused, etc.), video, influencers, and copy (emotion, call to action, etc.).
Driving Qualified Leads for Under $2 + Rethinking the Traditional Sales Model
Monkedia was able to drive qualified leads for under $2 to Amazon, CVS Health, Publix, and Meijer. Due to 94% of ad spend being focused on cold audiences (those unfamiliar with the brand prior to receiving ads), GM Pharmaceuticals reassessed their sales model and shifted more of their budget towards social media advertising instead of traditional sales people.