topic Re: Accept zero as an event default value... in Ads

Accept zero as an event default value...

TH7 — Mon, 17 Jul 2023 20:07:05 GMT

For contact ad events, I would like to enter a default value of 0.00 (zero).

I would especially like this option for contacts that are in an earlier lifecycle stage.

We want to use this event feature to show return on investment. If we were merely forecasting, then yes, we would enter a value greater than zero (e.g., a target asp).

Thank you!

Re: Accept zero as an event default value...

jolle — Tue, 18 Jul 2023 13:16:57 GMT

Hey @TH7, thanks for reaching out! This is an interesting use case.

Is there a specific reason why there shouldn't be a value attributed to your conversion event? Like you captured in your screenshot, that value is used by ad platforms to determine the highest-value conversion events for which they should be optimizing your ads. And even if the contact is in an earlier lifecycle stage, there's still value in their conversion.

I recommend getting an estimated value together here based on the conversion rate of each lifecycle stage and your average deal value (so it should be your average deal value divided by the number of contacts in that lifecycle stage needed to close a deal). You should follow the same process for each lifecycle stage/conversion event so that you ad platforms know the value of that conversion to you.

Alternatively, you could set the value at $1 under the custom value option to get it as close to 0 as is currently possible. Just keepin in mind that you're effectively telling the ad platform that this conversion event is worth almost nothing to you, so it likely will not be prioritized above other conversion events.

Hope this helps!!

Re: Accept zero as an event default value...

TH7 — Tue, 18 Jul 2023 15:01:41 GMT

I have reccomended 1 dollar, 1 cent, or deal asp to the team as a possible values.

Conversion rate * asp is better for established companies with plenty of records and a stable average deal size. The sum amount would be accurate because the MQLs are interchangeable. Otherwise it is just "hopeful" math.

I'd prefer for early stage events to update when a later deal amount is created or use an event to event (MQL to SQL) conversion rate for prioritization.