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Space & Time has used the following skills/services in the project.
Funko is the world’s largest proprietor of licences. The company establishes a connection to pop culture with a product line that includes vinyl figures from movies, television, comics, video games, Loungefly, Funko games, board games, and accessories.
The Challenge
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.
Our Solution
Funko was firstly 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, we were 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.
We 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’ campaign in the UK market. After just two weeks of running this campaign against their business-as-usual campaign, the results justified a roll out of the same PMax campaign across all of their EMEA markets.
The Results
By leveraging ROI Hunter, we were 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, we were able to use this data to inform our strategy and achieve exponential growth increasing conversion rates by 105%, whilst driving average campaign costs down by 30%.
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.
“We are delighted with both ROI Hunter and Space & Time in adopting and integrating Performance Max campaigns so quickly to our accounts and using the product-level performance data to drive performance. Since adoption, we have seen marked improvements compared to our SMART Shopping campaigns.” Tom Roberts , Digital acquisition manager, Funko.
