Each ad or mail campaign, or blog post, eventually needs to contribute to something. Whether short-term, to sell something; or long-term for brandbuilding. But how do you measure how much your content actually contribute to bottom-line revenues?
Defining the question
Most Google Analytics adepts will blindfoldly know how to navigate to the campaigns menu under ‘Acquisition’ and —given you’ve defined a ga-goal representing a sales event— point to the conversion column. I’m afraid you’re only seeing a tiny fraction of the influence the campaign had in function of revenue contribution.
In fact, the conversion column only provides the conversions that occurred during a session that was initiated by selected campaign/ad/post/mail...
For every unique visitor that interacted with the campaign, how much revenues were generated, potentially a few visits later and days after the campaign triggered the initial visit; and how much revenue can be attributed to the campaign.
What we want to see is for every unique visitor that ever interacted with the campaign, how much revenues were generated, potentially a few visits later and days after the campaign triggered the initial visit; and how much revenue can be attributed to the campaign.
And the correct revenues are...
In the above example, we try to illustrate the journy (well...journey) of a visitor:
- The visitor sees an ad and clicks on it. He’s taken to a bookstore, and buys a book he’s been liking to buy for ages. $50.
- An hour later, he sees a banner and clicks on it again...but he’s not buying anything this time, may 1 book was enough...
- 3 days later, he sees that same ad again, and clicks on it again. He doesn’t buy anything.
- On his thank-you email from days ago, he clicks on a promo-code he hadn’t seen before...and decides to buy the rest of the collection.
Most web analytics tools, such as Google Analytics/Campaigns as shown above, will tell you your ad contributed to $50 revenues.
Some smarter analytics tools will try to figure out cross-device tracking and deep linking, understand the journey context and tell you the ad contributed for $50 + $750 = $800 revenues.
Maybe others will do some math and give you $400 in revenues.
journy.io is a business analytics tool that uses customer behaviour to tell you for a selected period, after a few events were triggered for a few journeys, what the probable contribution was for all journeys together, for the data it can analyse. The more data, the more accurate we learn the impact of an ad or campaign.
P.S. For the above example, with only 1 journey with 2 ad touchpoints, and taking 3 variations only, journy.io would tell you the ad contributes to $175.
P.P.S. Without forcing any attribution model, other than the one customer are behaving to! More on a next blog post... 😉