Attribution Touchpoints

What’s a touchpoint?

A touch or touchpoint is an interaction between a prospect or customer and your brand. It can happen on any channel and be part of any campaign or marketing effort. 

It could be everything from a customer seeing a Google ad when searching for something relevant, to seeing your ad in a video, or a subscriber receiving a promotional email.

By focusing on touchpoints differently, it will highlight different ad groups, campaigns, and platforms.

You could identify how a display ad is essential in converting actively interested prospects by focusing on later events. At the same time, organic or paid search campaigns drive much of the top-of-funnel traffic.

Marketing attribution

Th art of identifying those channels, campaigns, and individual ads that contributed to a single conversion.

Since 67% of consumers use more than one channel to complete a single purchase, it’s not as simple as tracking conversions on a single platform.

To get a complete grasp on the customer journey and use the data to improve your marketing campaigns, you need to implement complex attribution models.

Single-touch attribution models

A single-touch attribution model gives 100% of the credit to a single customer touchpoint, either their first or last. Even if the customer interacted with your brand through on other occasions, that doesn’t get counted in the attribution. Only one campaign will get cleanly allotted 100% of the credit for the conversion.

Last-touch attribution

Last-touch is the most common attribution model for PPC, often referred to as last-click. It gives 100% of the credit to the campaign, ad group, and ad that drives the last identifiable click before a conversion takes place.

First-touch attribution

With the first-touch attribution model, 100% of the credit for a conversion goes to the initial touchpoint, the very first ad click, organic search, or video view.

Multi-touch attribution models

The two leading challenges that marketers relate to are getting a complete view of customers over multiple interactions and tracking marketing effectiveness:

Multi-touch attribution models better cover the entire customer journey, track advertising efficiency across channels, and let you make smarter marketing decisions. Instead of ignoring integral touch points in the middle, you can see every single customer touchpoint and how they fit into the bigger picture.

Linear attribution

Linear attribution models spread the conversion credit out evenly across every ad, ad group, and campaign.

For example, if a customer saw and clicked on four different ads, over a few weeks, each ad would get credit with 0.25, a quarter of a conversion.

The linear model helps you identify all the platforms, campaigns, and ads that contribute. Still, because the value is divided evenly with no consideration for timing, it doesn’t highlight which are the most important.

Differences between Wicked 1st party Linear attribution and traditional linear attribution

Traditional linear attribution counts every touchpoint in the customer journey and gives it equal weighting.  In simplest terms, if your customer had 100 touchpoints before making a $100 purchase, each touchpoint would receive $1 in credit towards the sale. This is a popular approach for 1 reason:  it is easy to understand. The problem is that all touchpoints are not created equal.  Think of almost anything you have bought recently – can you recall more than 1 or 2 touchpoints you had with the brand? 

Marketers like to think that all of their campaigns contributed to the sale of course. Counting all touchpoints greatly dilutes the value of the touchpoints that were most significant to the customer.

Wicked Reports linear attribution looks at 4 specific 1st party conversions and spreads the conversion value among those points.  This approach narrows your focus to the highest quality conversions that are most likely to have impacted the customer on their path to purchase.

1st Party Data

What is 1st party data

First-party data is the data you have collected about your customers or audience, you own and manage. It can come from your own website through cookies or via your app, CRM, customer feedback, in-store beacons, purchases, contact center, point-of-sale communication, or any other information given with the consent of users. It is a result of direct, trusted relationship and communication with a consumer, which makes it the most powerful. Owning first-party data also gives you the freedom to create your own segments and profiles based on the unique consumer data you have on hand. First-party data is considered to be more valuable and relevant through its specificity and quality compared to second or third- party data.

What is 3rd party data

Third-party data is generally aggregated from many different sources and consists of rich behavioral or demographic data. It is often collected by an entity that doesn’t have a direct relationship with consumers. Third-party data is often an inferred (implicit) data, which means that it is based on past user behavior and not on information, provided explicitly by the user. By collecting detailed behavioral profiles of users such as interests, patterns of browsing activities, hobbies or preferences third-party data has an incredible reach.

How & why Wicked uses 1st party data

Wicked Reports automatically detects 1st party data conversions from your CRM, Email Service Provider, and Shopping cart software.  These conversions are attributed back to ad spend, organic, and email marketing efforts. We have patents pending on this process.

We use 1st party data conversions because they are real, verifiable, and the highest signal of intent.  Also, they are going to remain legal!

We find there are generally few real 1st party data conversions vs. the 3rd party data conversions being reported on by various pixel conversion trackers.

Each morning we pull all the 1st party data conversions from the previous day and attribute them with our various attribution models that inform different marketing strategies.  We match up the conversion revenue from 1st party data against the marketing spend to calculate ROI at the source, campaign, and ad level.

Our 1st party data conversions allow us to give the correct revenue value for each conversion, calculate lifetime value immediately, and attribute high value subscription customers more easily.

 

Privacy and Tracking

Death of the 3rd Party Cookie

Driven by both consumer awareness and regulatory change, the free movement of personal data through the adtech ecosystem has come under review and criticism over the last few years. But it’s important to understand why cookies were created in the first place and remember that some cookies are designed to simply make people’s web experience easier.

Chrome Same-Site Cookie

Third party cookies are often used to track weaker conversion signals such as views.  So the death of the 3rd party cookie will strengthen attribution for the companies that can integrate and rely on 1st party data.

  • Cookies for 3rd party data providers cannot track users unless the domain webmaster enables them.
  • This will prevent sneaky 3rd party data brokers from tracking you and selling your info.
  • Privacy-safe tracking tools that are knowingly used by the domain are still valid.

Wicked Reports has made the necessary modifications to it’s cookie to comply and our cookie is regarded as a same-site cookie.

Since our cookie and tracking scripts are deployed by the domain knowingly, and for the domain owner’s use, and not shared/sold to 3rd parties, Wicked Reports is positioned as a leader in same-site cookies for the purposes of marketing attribution.

Safari Cookie Blocking

Safari browser has been making updates to restrict how cookies can be set and for how long. This started last year with limiting the use of 3rd party cookies known as ITP (intelligent tracking prevention). This year safari released a new version of ITP which further limits first party cookies set on the browser to have a max expiry of 7days.

Impact:

This means that if a user is inactive for a 7day period, their cookies will be discarded. 

Impact is limited to new versions of Safari on macOS v12.1 and mobile iOS 12.2 but it will increasingly become more noticeable as users update to newer versions.

Your marketing tools (like Google Analytics) will likely report more Users (because a user that has not visited for more than 7 days will be recorded as a new user, instead of a second session by the same user). This will also result in less accurate attribution of marketing channels for products and services with longer customer journeys and re-marketing audience.

 

Wicked Onboarding FAQ

The Wicked Reports onboarding & consultation process has a goal of ROI on your Wicked Reports investment within 90 days.  This goal needs modest effort and focus from both our customer and our team.  Our framework has 4 Wicked Success Phases.

  1. Integration
  2. Revenue Insights
  3. Attribution Health
  4. Attribution Insights

The speed in which the phases are reached depends on your situation.  Factors that affect phase progress include:

  1. MarTech complexity
  2. Integrations – are they native to Wicked Reports or require API?
  3. Daily sales transaction volume
  4. Customer Conversion Funnel considerations
  5. Speed & availability of your team

Here is what you can expect from each Wicked Success Phase.

Phase 1: Integration

The integration phase can last from 1 hour to 1 month…seriously.  If you have native integrations with Wicked Reports, can deploy your tracking script to your entire MarTech stack easily (such as with Google Tag Manager), and can add tracking to your Google, Facebook, and Email channels quickly, this phase can be completed on the 1st day of signup.

Longer integration phases occur when you need to use the API for your custom system, or the tracking code has to be manually pasted in a variety of MarTech solutions, or your funnel requires custom event setup (uncommon).  We have experience with over 100 longer integration phase projects, it is not a concern and works out fine, as long as you understand and can accept this.

The most important thing during phase 1 is to deploy and verify the tracking script as fast as possible. Even if one of your integrations takes time to complete using our API, Wicked can be collecting tracking data for future attribution once integrations are completed.

Phase 2: Revenue Insights

Wicked Reports provides a variety of revenue & order insights that do not require tracking and attribution.  Once your CRM and Order data has been authorized and integrated, Wicked runs various algorithms connecting the CRM and Order data.  These algorithms inform you of such as things as:

  • What day of the week are your customers most likely to buy?
  • When are your customers most likely to buy in a given day?
  • How long does it take a lead to become a customer on average?
  • What is the lifetime value of your customers acquired in a given month?
  • How long does it take to realize increased value from 1st time buyers?
  • Do customers who purchase a certain product become more valuable over time?
  • When I do a free/discounted trial product, does it lead to higher value?

These revenue insights can be found using the following reports:  Predictive Behaviors, Cohort, and Value over Time.

These reports use historical CRM and order data, so  you can get many answers before Wicked Reports has even tracked one click!

Phase 3:  Attribution Health

The goal in this phase is to track as many orders as possible.  Each attribution model, by both design and depending on your marketing strategies, will have varying degrees of success attributing your orders.  We determine your Attribution Health using a metric called Attribution Coverage.  Attribution Coverage is the % of orders we are able to track for a given attribution model.

Some online customers, such as those using Shopify exclusively as their Order system, are able to track a high % of orders very quickly.  Others, with offline sales processes that require manual CSV import or other delayed revenue processes, will proceed a more slowly in this phase.

Phase 4:  Attribution Insights

When tracking is setup, you can get attribution insights from our cross channel last click attribution model.  The other attribution models accumulate data over time. It is best to reserve attribution judgment on campaigns until a full buying cycle has been completed.

At that time, you can get answers to questions such as:

  • What first clicks leads to buyers?
  • What lead gen campaigns lead to buyers?
  • What paid campaigns targeting my email list to re-engage lead to buyers?
  • Which campaigns are making or losing money?

At this point in your attribution journey with Wicked Reports, you should be able to recoup your annual investment in Wicked Reports through costs savings and/or revenue increases.

True ROI

If you want to avoid making the same mistake, you need to be measuring the digital marketing ROI of all your campaigns. 

ROI data will help you spend your money where it has the most significant impact as well as scale down or pause campaigns that are wasting your ad budget.

But accurately tracking the ROI of your digital ad spend can be a challenge if you don’t know what you’re doing.

Watch this video to see how Wicked Reports tracks real ROI you can trust.

Revenue Based on Real Orders

Product Reporting

You can see which products are selling the best within any given time period. You can also see how many sales occured along with the revenue generated.

This helps you determine which products you are selling the most of during any given time period. It will also allow you to determine which of your subscription products is bringing in the most revenue at any given time.

 

 

 

Why Wicked Uses First Party Data

SMART Attribution

 

First, let’s look at what first party data is…

It can come from your own website through cookies or via your app, CRM, customer feedback, in-store beacons, purchases, contact center, point-of-sale communication, or any other information given with the consent of users. It is a result of direct, trusted relationship and communication with a consumer, which makes it the most powerful. Owning first-party data also gives you the freedom to create your own segments and profiles based on the unique consumer data you have on hand. First-party data is considered to be more valuable and relevant through its specificity and quality compared to second or third- party data.

Now what is third-party data?

Third-party data is generally aggregated from many different sources and consists of rich behavioral or demographic data. It is often collected by an entity that doesn’t have a direct relationship with consumers. Third-party data is often an inferred (implicit) data, which means that it is based on past user behavior and not on information, provided explicitly by the user. By collecting detailed behavioral profiles of users such as interests, patterns of browsing activities, hobbies or preferences third-party data has an incredible reach.

We use 1st party data conversions because they are real, verifiable, and the highest signal of intent.  Also, they are going to remain legal!

Wicked Reports automatically detects 1st party data conversions from your CRM, Email Service Provider, and Shopping cart software.  These conversions are attributed back to ad spend, organic, and email marketing efforts. We have patents pending on this process.

We find there are generally few real 1st party data conversions vs. the 3rd party data conversions being reported on by various pixel conversion trackers.

Each morning we pull all the 1st party data conversions from the previous day and attribute them with our various attribution models that inform different marketing strategies.  We match up the conversion revenue from 1st party data against the marketing spend to calculate ROI at the source, campaign, and ad level.

Our 1st party data conversions allow us to give the correct revenue value for each conversion, calculate lifetime value immediately, and attribute high value subscription customers more easily.

Click here to see more about How Wicked Reports Differs from other Attribution solutions.

Leads take time to buy

“I almost canceled my most profitable ad campaign because I was measuring response every week instead of every month.”

“I stuck with an email offer that worked great although those leads took much longer to convert.”

One of these marketers understands the value of knowing how long it takes to convert a prospect into a customer. He can market smarter, report results accurately, and get the best ROI,

Which kind of marketer are you?

Understanding how long new leads take to purchase gives you insight into how long the customer journey is, when you should evaluate results, and how many overall new leads ever purchase your products.

Most importantly, you understand more about the sales channels that are driving revenue over time so you can replicate what’s working and improve the ROI of your campaigns.

Getting Real Answers

Most marketers ask business questions like:

  • “Where did I find my best customers?”
  • “Did that lead generation campaign really drive any sales?

Many try to find the answers by analyzing last-click attribution data—the only information they may have.

But here’s the thing: the longer prospect take to purchase the less likely you are to get an accurate answer that way. Last-click attribution can’t tell you about the customer’s history, why he joined your mailing list, when he opted in, and how many times you have reached out to him between first optin and first purchase.

It also can’t show you the customer journey over time so you know to stick with the ads, emails, message and offers that are driving in revenue. 

One Customer’s Experience

One Wicked Reports customer learned that only 4.4% of new leads from his Facebook ads ever purchased. Yet over time those ads have generated over $800,000 in revenue on an Facebook expenditure of $125,000.

Now consider that more than half of his leads take over a week to purchase. That means last-click attribution won’t help him scale to find more of the good sales.

 

Cohort Report

Understanding how much money your leads continue to spend with you is an extremely important data point.

If over time Leads that you find through Source A tend to spend way more money faster than Leads who were found through source B, you would likely want to focus your efforts on Source A Leads.

Our Cohort Analysis Report was created to answer this very question.

Without bringing in the true lifetime value of your customers you are wasting money and not spending enough to get the best customers and leads that are valuable for your business.

Wicked Reports show which ads create the most long term revenue for your company.
Tracking cohort groups over time reveals the true ROI of your marketing spending.
This report shows your days until you break even by your monthly cohort behavior. Find the cohorts where you break even the fastest and make sure your current marketing strategy reflects the tactics you used for those cohorts.
Track increase in value over time to see what you can pay for a lead

E-learning

Knowing and understanding your marketing data helps you:

  • Stop “spray and pray” marketing. With Wicked Reports you won’t have to guess or take stabs in the dark. When you can see the exact impact of each marketing campaign, you can see exactly what works and what doesn’t. You can learn from your mistakes and build on what’s working.
  • Stay focused on the metrics that matter. Modern marketers have access to so much data that it can be hard to know what’s important and what isn’t. Wicked Reports helps you stay focused on what’s important — the ROI of each marketing campaign. By focusing on real results — revenue, customers, and orders — you can avoid being distracted by vanity metrics and other statistics with little correlation to your bottomline.
  • Invest your time wisely. When you invest your time into a marketing campaign, you’re missing the opportunity to invest it elsewhere. If you invest your time into a marketing opportunity that returns 20% and you could have invested it into a marketing campaign that returned 200%, you just cost your business 180% of the ROI it could have had.
  • Save on marketing and advertising spend. When you can see exactly how well each paid ad performs, when you can see the exact impact on your business in terms of revenue, you know which ads you should kill off and which ones you should invest more into.
  • Piece together your business’s unique growth plan. As Wicked Reports reveals the true ROI of each marketing campaign, and shows you where your best customers are coming from, your business’s growth plan becomes clear.

This last point deserves a bit more attention because it gets to the core of why marketing is so important to your business… effective marketing creates customers and helps your business grow.

But, to create marketing processes that grow your company, you need to know:

  • Which marketing channels are most effective for reaching your target market. You need to be able to see how effective each ad is at attracting leads.
  • The messaging and nurture process that works. You need to be able to see how effective each email message is. You need to know how well your automated follow up is working.
  • What marketing or advertising brings your leads back to your site and converts them into paying customers. You need to find the exact marketing customers are clicking on before they become customers.

You need to know what’s working.

Only then, when you can see exactly what’s working and exactly how well it’s working, are you able to identify and assemble marketing processes that find high-value leads, nurture them with the perfect message for where they are in the customer journey, and then converts them into a paying customer.

When you’re able to do this, your marketing improves dramatically:

  • The ROI of your ad spend increases.
  • Your sales cycle shortens.
  • Your conversion rate improves.
  • Your business creates more of the high lifetime value customers that fuel growth with big, repeat purchases.
  • Your word of mouth marketing increases because you’re finding more of your ideal customers who love your solution. They make recommendations and referrals cutting your advertising costs and creating a viral growth effect — each new customer brings in more new customers.

This kind of marketing process creates snowballing business growth. It’s what we’re all after.

It all starts with data. You need to be able to see what is working which is exactly what Wicked Reports does for you.

Wicked Reports shows you:

  • The exact amount of revenue each lead generation campaign creates so you know which marketing channels and ads are the most effective for reaching your target marketing and making them aware of your solution.
  • Which email campaigns are most effective at nurturing your leads and getting them to come back to your site to make a purchase.
  • What the “last click” is before a customer’s first purchase and every purchase after that. See what marketing is most effective at creating the “tipping point” that finally motivates someone to make a purchase.

Once this data is accessible to you, the path forward becomes crystal clear.

 

Subscription

Attribution is tricky when it comes to recurring revenue, because it is critical to track lifetime value.

This is where Wicked Reports shines

So it’s easy to assume that the last marketing email or online ad is what got a customer to purchase. But you’re probably wrong. Let me tell you a secret: the most important factor is time.

Let’s take this idea for a test drive. Ask yourself these three questions for your business:

  • What is the value of my customers over time?
  • What is my return on advertising over time?
  • Which emails or ads are making the most money?

Do you have the answers? I didn’t think so.

Tracking the Customer Journey

Let’s start with the customer journey because most businesses don’t convert 100% of prospects on the first day with the first contact.  (You wish, right?) Your customers communicate with you over a period of time that can vary depending on their needs, their budgets,their schedule, and even their fiscal year.

They go from clickers to prospects and from prospects to customers. Eventually some become your best customers. But which ones go from good to great and what marketing programs made that happen?

You start by building relationships with prospects:

  • You reach out to them multiple times.
  • You nurture them with multiple offers.
  • You try different approaches. You target and re-target.
  • You mix ads and emails, blog posts and social media to get your message across.

Still, it could take days, weeks or even MONTHS to go from the original click—that first optin–to when they actually buy. So how do you know in all that communication, over all that time, which activity finally triggered the SALE?

Control the X Factor by Tracking Value Over Time

The next thing to keep in mind is the importance of first optin because this is why the customer gave you his contact information in the first place. That might have happened a long time and many marketing touches ago.

So how do you connect first optin to the initial sale?

Somewhere along the way, retargeting might have kicked in. You sent out a new offer, a different message, a best-practices recommendation or some other information and, BINGO! they purchased.

You really need to know which retargeting offer got someone who had been on your list for a long time to pull out their card and buy something. The last click may—or may not—not be what drove the sale. And it almost certainly wasn’t the first contact you had with the prospect. So how do you go back in time to calculate the correct attribution?

If all you’re looking at is the last click, you can’t see either the first optin or the retargeting success and connect it to the sale. You have been blocked from a huge piece of information that could make all your marketing efforts more successful.

If you don’t know what finally triggered the sale, it’s because you can’t track value (real sales) over that entire customer journey and the complicated sales funnel that results from it. That makes your tracking data essentially worthless.

You try to figure it out by running from spreadsheet to report and from column to column but in the end you fail. It can be a pretty frustrating situation.

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Invisible Payments Add Up

Another complication comes from recurring payments like memberships and payment plans. All those payments add up week by week but they’re invisible to pixel-based systems because they require a customer to land on a page. Another complication comes from recurring payments like memberships and payment plans. All those payments add up week by week but they’re invisible to pixel-based systems because they require a customer to land on a page.

But when your system bills the customer’s credit card automatically, the transactions go straight to the bank. They don’t land on a Thank You page so there are no pixels to track.

What if 80% of your revenue comes from recurring payments? How could you track those most profitable customers?

There’s one simple thing to understand—and it should be easy but usually isn’t.

The only way to get accurate tracking data that gives you ROI over time
is by connecting the click on an ad or in an email to sales from your shopping cart.

Make Time Work for You

Time is the X Factor in measuring advertising effectiveness, Follow the customer journey from first optin to first purchase. Get on top of how, when and why your customers buy over time and you will run your business smarter and more profitably.

Finance

Most financial organizations realize they have a massive storehouse of data, but few know what data is important, or how to leverage this data for increased revenues and lower costs. And as channel proliferation increases, the ability to know what channels are the most effective and efficient to reach any individual consumer is getting more difficult. 

 

At a time when customers are interacting with their financial institution through multiple channels, the explosion in consumer data can help banks and credit unions generate key insights that can respond to new market trends and changing consumer behaviors. This can help organizations create better products and personalized experiences which can increase revenues and decrease costs. The results from a predictive marketing perspective will improve the ability to pull consumers in rather than push products out.

 

Shopify

You look in your Shopify app and see that you made a sale. That’s great!

Now you want to do more of what brought the sale in because it worked. Of course, that’s only logical.

So how do you bridge the gap between your marketing programs and Shopify data?

But now you ask . . .

  • Where did that customer come from?
  • Was it that killer email you sent out last week to your own list?
  • Did it come from your new Facebook ad?
  • Or could it have been the blog post that went up last month?

Shopify can’t tell you that. Their records are based on last click, which means you see only the last thing a customer clicked on before they appeared in your Shopify store. It’s the final conversion but it’s not the whole story. So how do you bridge the gap between your marketing programs and Shopify data?

Multiple Outreach Programs
After all, we know that customers often don’t buy right away. It can take weeks or even months before they pull out their card and hit Buy. In that time you have probably reached out to them multiple times and in several different ways. You’ve used different messages, tested several offers, and tried discounts. But you don’t know which one worked.

All the data from those programs goes into your CRM but how can you bridge the gap between marketing program and action, prospect and customer, CRM and Shopify to find out which marketing program got you a customer and brought in revenue?

Again, Shopify can’t tell you that.

Tracking the Customer Journey
But Wicked Reports can. In fact, we track the entire customer journey from first optin to last click so we can tell you exactly what brought in that sale to Shopify. Not just the first optin or the last click—you see the precise program that caused your customer to buy.

You can also see where your best customers came from long before they appeared in your Shopify store. Now you can go back and mine that rich source again.

Wicked Reports integrates with Shopify through an app that pulls in all your order data with a simple Shopify integration.  Once you connect it, the app puts our code on your Shopify pages and begins importing your data into Wicked Reports. It’s easy and it’s accurate.

Plus, we sync the data we need nightly so your reports are constantly refreshed. You make decisions based on data that is always current so you can adjust your marketing spend with total confidence.

What About Other Shopify Tracking Apps?
Other Shopify tracking app do some of this but it has one big problem: they track Facebook pixels. We know that pixel tracking doesn’t work for six BIG reasons.

  • Incomplete Data: There will always be gaps in the data because pixels don’t cover data from telephone follow-up or leads generated at a live event.
  • Inaccurate Data: Pixels load the data multiple times or it’s not properly installed.
  • No Data: People shop with cookies turned off. Your best customers might buy over directly without ever hitting a pixel page.
  • Conflicting Data: Customers use multiple devices over their lifetime with your company. Or they have multiple products in their shopping cart.
  • Time-Consuming Processes: You must program the “value” of a conversion on every Thank You page, which is tedious and takes time
  • Difficult Attribution: It’s hard to push data across domains. Plus the complexity of marketing efforts makes it nearly impossible to attribute the right source.

Forget Pixels, Track People
Wicked Reports avoids all these problems because we don’t use pixels at all. Instead, Wicked Reports is a “People-Based Tracking” system that records the metrics of real human beings. It connects directly to the source of your data, your CRM and ecommerce/email systems.

Without pixels, you don’t have to worry whether you’re making decisions based on bad data. And you don’t have to hire expensive programmers to connect all your systems or do a lot of tedious work.

Remember, the money happens when you can connect the click on an ad or an email to sales in your shopping cart AND you can see the return on investment over time. When you connect Shopify to Wicked Reports, you see all this data, all the time, with complete confidence in its accuracy.

As GI Joe famously said, “Knowing is half the battle.” Once you know where customers are coming from, you can scale your winners and kill your losers based on crystal-clear ROI. The rest is up to you.

Adwords

SMBs Need to Better Understand the ROI from Google Ads

Many SMBs do not understand the ROI they are getting from Google Ads because their sales are happening offline or they have a subscription based model where one sale results in recurring monthly revenue. Wicked Reports is able to connect with CRMs and pull in sales data to show businesses the ROI they are getting from many different advertising channels.

The challenge was Google Ads was showing form fills and phone calls to a business, but not the sales and sales value data. Without this sales data, smart bidding was optimizing around a wider net and was not able to “see” which actions were resulting in sales.

Leverage Advertiser Sales Data in Google Ads & Optimize with Smart Bidding

In order to improve Google Ads performance and drive better ROI for SMBs we needed to leverage that sales data into Google’s platform to give Smart Bidding a holistic view of which actions were resulting in the best value for a business. Wicked Reports already had integrations with the CRMs of all of their customers. This allowed us to pass the gCLID through to the CRM data and match it back to the Google Ads touchpoints. This allowed the conversion actions to be updated with CRM Leads and Sales data.

We then needed to choose the right Smart Bidding model to optimize around this true business data that was imported into Google Ads. It was important that we take into account the value of each sale, so we decided to implement a Target ROAS strategy that would optimize for value as opposed to cost. Advertisers are able to opt-into this Smart Bidding strategy directly from the Wicked Reports platform. Wicked Reports leveraged Google Ads scripts to make this possible. Because Wicked Reports only has Reporting API access, they wanted to utilize Scripts to expedite speed to market, instead of building this feature through the Google Ads API and have to complete full RMF.

With the improved performance of the Offline Conversion Import and Smart Bidding, Wicked Reports wanted to also give advertisers the opportunity to increase budget and re-enable paused campaigns that were driving delayed revenue. We flagged campaigns that had high ROI and low impression share in the Wicked Reports platform to allow advertisers to implement budget increases via scripts. We also used scripts to re-enable campaigns that had delayed ROI. This helps people understand the Customer Lifetime Value of Google Ads.

E-Commerce

The Critical “Missing Piece” of the Ecommerce Growth Puzzle

Growing an ecommerce store is like putting together a puzzle with four critical pieces:

  1. You need to generate high-quality visitors
  2. You need to capture and nurture leads
  3. You need effective ecommerce best practices and automated marketing follow up to convert your leads and visitors into paying customers
  4. You need accurate insight into exactly how well each piece of your marketing process is working so you know what levers to pull to scale your business.

Unless you have all four pieces, you’re not going to be able to successfully grow. Almost all small ecommerce stores are completely missing piece #4. They don’t have  “accurate insight into how each piece of their marketing processes are performing” so they’re guessing at how to grow. They are experimenting rather than executing on a data-driven plan.

Worse, they may be misled by the little data they have. This is because they’re often relying on reporting provided by Facebook, Google, and email marketing providers…

The big problem with paid ad reports no one is talking about

Many people aren’t aware there are major problems with the reports they’re using to monitor and optimize their ads:

  • Facebook and Google give you a conversion count, but don’t tell you how much actual revenue each ad is producing from those conversions. This can lead to undervaluing certain ads and overvaluing others. You have to know the revenue an ad creates to know how much you can spend on it and still be profitable. A simple conversion count doesn’t begin to provide this insight.
  • It’s in Facebook and Google’s interest to take credit for as many sales as possible — regardless of whether they were actually the last click that converted the customer. Facebook and Google have no way of knowing if the last click was from an email campaign you sent out, a referral link someone gave out, etc. But, you can be sure they are going to claim those conversions as driven by them if the person was recently exposed to an ad. This can lead to overvaluing your Facebook and Google ads and undervaluing other aspects of your marketing process.
  • Their reporting is limited to a window of time so you can’t tell how many orders were made over the lifetime of the customer or what the total value of those orders is. That’s an absolutely critical piece of information for optimizing your ad spend. Repeat purchases and subscriptions are just lost, never attributed to the original ad that created the customer. An ad might not bring in a lot of revenue on the first purchase, but if it brings in high-value customers that make many repeat purchases, it might return an extremely positive ROI over the long-term. First purchase revenuye can’t convey this.

When it comes to email marketing, marketing automation, and lead nurture data, it’s even worse. Many ecommerce stores rely on ActiveCampaign, Drip, MailChimp, etc.’s reporting to tell them how their campaigns are performing. Those solutions do a great job of telling you opens and clickthroughs, but not revenue produced.

For most ecommerce stores, automated follow up is a black hole of insight. They have a vague sense it’s working, but they can’t attribute sales to a particular campaign or follow up sequence.

The solution is people-based revenue attribution

The key to nailing down puzzle piece #4 is tying together each click on an ad, each clickthrough from an email, each click on a tweet, each touch in the customer journey to:

Actual customers
… and their actual orders…
… and the revenue created from those orders…
… over the entire lifetime of the customer.

That’s the holy grail. Having that data is like have a super power — it’s like having x-ray vision for your marketing. You can see exactly what’s working and what isn’t. You know what levers to pull and when to pull them. You see how it all fits together to create awareness, leads, customers, and repeat purchases for your ecommerce store.

You’re no longer flying blind or relying on incomplete, misleading data. You know that this particular Facebook ad generates $20,000 so you can spend up to $19,999 to still be profitable.

You can see that a particular email campaign is generating thousands of clicks but very few sales so you can remove it from your automated follow up, split test it, or hunt down the issue causing the low conversion.

You can see that your best customers are coming from a specific Adwords ad so that you can invest more into it and reverse engineer it to find more of those high lifetime value customers.

Data science for your small business

Large ecommerce stores like Amazon.com and Wal-Mart.com have data science teams they can rely on to maintain databases, run queries, and crunch the numbers on command. The answer to every question is served up on a silver platter.

But, what about you, a small business?

You can’t afford a data science team and most marketing attribution and analytics solutions are either prohibitively expensive or prohibitively difficult to set up and use.

Are you just forced to rely on the incomplete reporting of Facebook, Google, and your email marketing solution?

Wicked Reports was built for small, growing ecommerce stores like yours. With our one-click integrations, you simply authorize your ad accounts, your email marketing solution, and your ecommerce solution. After that, the data starts pouring in. There’s no need for a programmer.

Using people-based tracking, Wicked Reports ties clicks to actual people and their orders so that you know exactly how much revenue each specific ad and email campaign is generating over time. You’ll know the real ROI of each ad.

Then, we tie that data to the customer lifecycle so you know what ads are working to generate awareness, which ones are creating leads, which ones are creating customers, and which ones are creating repeat customers.

Check out more The 3 new truths of e-commerce marketing

C-Suite

Our SMART reports provide actionable insight about customer behavior, lead intelligence, and conversion performance.

SMART REPORTS

Cohort Analysis 

  • This report shows your days until you break even by your monthly cohort behavior. Find the cohorts where you break even the fastest and make sure your current marketing strategy reflects the tactics you used for those cohorts.
  • Track increase in value over time to see what you can pay for a lead

Right now, marketing is all about figuring out lifetime value of a customer, incrementally. 

If you’re not engaging with your consumers on digital today, you’re going to be missing out significantly. Digital offers such a unique opportunity to have a personalized conversation with a consumer. There’s nowhere else you can do that. Use that to your advantage.

Check out our post Analyze Lead Groups with the Cohort Analysis Report

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Marketers

Marketers want and need to have a better understanding of how their ad dollars are being spent beyond click, views, impressions and ad platforms. Wicked’s SMART attribution is a more advanced solution for today’s complex media world.

We enable you to plan strategically, invest with purpose, measure the performance of their activities, and ultimately maximize marketing’s impact on the business. This gives marketers the ability to drive greater performance, increase ROI and improve alignment with corporate goals.

You Get Actionable Insights such as:

  • which channel works best at the top, middle, or bottom of the funnel
  • which campaigns and ads create the most long term revenue for your company.

To truly understand the value of each consumer interaction with your brand, it’s not enough to count impressions, eyeballs or measure the effectiveness of your digital marketing using the consumer’s last interaction with your brand (i.e., last-touch metrics). You need to know the effectiveness of each marketing touchpoint in every consumer journey regardless of where those touchpoints occur. 

It’s incredibly important to capture the full journey, every touchpoint to the last click, and include those touchpoints deterministically. It’s not about consuming every bit of data, but consuming the right data and having the ability to identify when things are working.

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