As a marketer, I have to admit I was pretty intimidated by the idea of using Excel when I first started. I mean, the rows, the columns, the data … it was all overwhelming. But my colleagues assured me that once I got the hang of it, I’d see how much easier it was to organize and analyze my marketing data. And boy, were they right!
One of the most helpful things I’ve learned about Excel is its ability to simplify calculations and automate tasks through the use of formulas. Sure, it can take some time to get used to entering the formulas and formatting them properly, but the payoff is worth it.
In particular, one formula I’ve found incredibly useful is IMPRODUCT. This formula is a bit more advanced, but once you understand how it works, it can save you a ton of time and effort. Let me break it down for you:
IMPRODUCT is an Excel formula that multiplies the complex numbers in one or more arrays (aka ranges of cells) and returns the result in complex number format. And if you’re wondering what a complex number is, it’s simply a number that has a real part and an imaginary part.
While that might sound confusing, here’s a real-world example of how you might use IMPRODUCT:
Let’s say you’re a marketer and you’re running a digital ad campaign on Facebook. You’ve created three different ad sets, and each ad set has three different ads. You want to determine which ad set is performing the best overall, but you also want to know which individual ad is performing the best within each set.
You’ve already tracked the impressions, clicks, and conversions for each ad, and you’ve entered that data into Excel. Now, you could manually calculate the conversion rates for each ad and ad set, but that would be time-consuming and prone to error.
Instead, you can use IMPRODUCT to do the heavy lifting for you. Here’s how:
First, select the cell where you want to display the results for each ad set. In this case, we’ll select cell D2, D3, and D4.
Next, enter the following formula in each of those cells:
What this formula does is multiply the conversion rates for each ad within the ad set, giving you the overall conversion rate for that ad set.
Finally, select the cell where you want to display the overall winner (i.e., the ad set with the highest conversion rate). In this case, we’ll select cell D6.
Enter the following formula:
This formula will return the highest conversion rate for all three ad sets, indicating which one performed the best overall.
And there you have it! With just a few simple formulas, you can quickly and accurately analyze your marketing data to make informed decisions and optimize your campaigns.
While IMPRODUCT might seem a bit daunting at first, it’s an incredibly powerful tool for marketers looking to streamline their data analysis. By using this formula (and others like it), you can save time, reduce errors, and gain deeper insights into your campaigns. So if you’re hesitant to dive into Excel, don’t be – with a bit of practice, you’ll be a pro in no time!