Goals: Clearly state your marketing goals. What did you strive to achieve using this piece or program?
Faena is a luxury brand and entertainment group located in Miami and Buenos Aires with plans to scale globally. In Miami, the festive season and new year pose a huge opportunity for the brand with increased demand and visitation in Miami Beach as a whole. To take advantage of the peak season, we scaled up our paid search efforts with a keen focus on ADR and the primary objective of increasing revenue by 15% YoY.
Results: Which of your original goals did you achieve and how? How did you measure the effectiveness of the piece or campaign? Entrants should provide quantifiable results of their tactics or campaigns. (for example, click through rates or ad equivalency)
From November-March 2024, we generated $1.5 million in paid search revenue, up 65% YoY, far surpassing our initial goal of 15%.
To achieve this, our team revamped our paid search efforts, from refining our audience targeting and personas, ensuring we’re capturing the top 10% household incomes to restructuring our campaigns to focus on local and domestic markets that were driving the bulk of bookings.
And with the heavy prospecting and offline marketing activities driving increased visibility for the brand, we wanted to ensure we were maximizing our brand search impression share to capture those low hanging fruit searching for Faena. This in turn has allowed us to maximize coverage on the SERP and defend our brand terms against competitors and OTAs.
We measured the effectiveness of these paid search campaigns through secondary KPIs, like conversion rate and booking engine entrance rate. Both of which saw incredible increases YoY with a +95% increase in conversion rate and a +79% increase in booking engine entrance rate.
Return on Investment: How much revenue has the piece or campaign generated and how does this compare to your goal? What was the return on investment?
From November-March 2024, we generated $1.5 million in paid search revenue at a whopping 23:1 return on ad spend, up 62% YoY. This outperformed our initial goal and made the start of 2024 a successful Q1 that exceeded forecasts for the Miami asset.
Division
Digital - Search Marketing Strategy