Google "Discovering lifetime value for Google ads"
For their Google Ads campaign targeting marketers, Google tasked Essence with identifying and targeting customers with a higher lifetime value instead of just relying on short-term goals like recent product purchases.
Essence built a privacy-first machine-learning tech that predicts a user’s lifetime value of a user with ‘revenue scores’ that are used to optimise bids in online advertising auctions.
The agency did this by using online and offline conversions and native bid algorithms on Google Marketing Platform to optimise to lifetime value in real-time, along with existing GMP and machine learning products, such as Tensor Flow. Importantly, it does not use third-party cookies, which will soon be obsolete.
Test results in the Western Europe and MENA regions between June and December last year were impressive: a 333% increase in return on adspend and a 23% increase in revenue. Google has asked Essence to scale this approach to as many product areas and
campaigns as possible.