How to Measure the Full Impact of Your Marketing QTT #10

Feb 7, 2017 12:00:46 AM

Summary

A little bit of information is a dangerous thing. As marketers, we run the risk of looking at surface level analytics to make important decisions.

Counting conversions isn’t enough.

In this video, we’ll look through how to take a larger view of how your campaigns work together with other sources of traffic and the powerful insights that could be lurking in the shadows.

 

 
 

 

Transcript

You might have heard the saying "little bad information is a dangerous thing", and that's definitely the case when it comes to measuring your marketing performance.

So, in this video we want to show you a more full way to measure the impact of your campaigns because there's a good chance that right now, you're not giving enough credit to some of your marketing efforts, and you're giving too much credit to some of the other ones that are running.

And when you have this information, you're going to be able to make better decisions, you're going to know how to scale your growth quicker, and, frankly, you're going to feel better about where you're putting your marketing dollars.

So, let's take a quick look at how you can do this in Google Analytics, and have a better sense of how your campaigns are performing.

Look at the conversions in Facebook or Adwords

The first thing that we want to cover is that when you're looking at conversions recorded in Facebook or AdWords, what you're doing is looking at a last click model. And the last click model was pretty simple, basically what it does is it gives 100% of the credit to the last traffic source that brought in your lead. 

Click here to learn more about attribution models. 

We know that that's not normal for marketing, we know there's usually many touches of your website before somebody actually goes ahead and converts.

It happens on the first try, but not always.

Go to Multi-Channel Funnel in Google Analytics

So, what we want to do is, through Google Analytics, take a look at the journey that people have taken to actually convert to your offer, because that's when to unlock some more of the learnings that we can find around how your campaigns are interacting.

So to access this report, you go to Google Analytics. You need to have conversion tracking set up. That's prerequisite, but go to Conversions, and then click Overview.

Multi-channel report in Google Analytics

Learn more about conversions here.

It's under the sub-menu of Multi-Channel Funnels. And you'll see here that there's kind of a visualization about how the different channels, or traffic sources, work together to bring somebody to the point of conversion.

But what I want to point out here, is this conversion paths selection. This is just to illustrate, you know, look at this person right here. They first Googled something, then they came to the site for Organic Search, then they were turned to the site through a referral link, so maybe a link on another website. And then, they went directly to the website. Still didn't convert, but they did convert after seeing an email from this particular website.

MCF Channel Grouping Path allows you too see your converters' path

Conversion Paths in Google Analytics

So there was four touches there before the person actually converted.

IMPORTANT:
Now for standard conversion tracking purposes, you're only going to see Email get 100% of the credit for that lead, but we know that's not really the story that unfolded here.

We know that they went through Organic Search, they went through a referral source, then they went back to direct to the domain, then they finally converted through email. So, what we want to get a better view of here, and this is a long, and complicated topic, but we can simplify it for the sake of this video.

What we want to do is get a gut check on how some of our different sources are contributing to sales or leads or whatever your key metric is.

And a really nice quick way to do that is through the Assisted Conversions menu.

Assisted Conversion Menu in Google Analytics

So click that, and what it's going to show you is, based on all these channels, what are the assisted conversions for each one.

So you can see here, last click conversions would be the standard way of measuring this. Direct visits to the website account for the most conversions here.

But, take a look down here to social media, they're accounting for another 235 assisted conversions. Same with Paid Search,
another 49 conversions.

Looking at your Assisted Conversions lets you get a better picture on how your different advertising channels work together

Giving credit to your other marketing channels

And so the point here is that you want get a nice quick gut check of how these other channels are participating in the process of getting a conversion, and then factor that in to some of your budgeting decisions.

For instance, like for all these assisted conversions that came through Paid Search, you're not getting any credit in AdWords or Facebook, but they played a crucial role in converting the leads into sales or just getting the leads in the first place.

Again, depending on what your conversion metric is.

So take a look at your assisted conversions, and get a good feel for how all of these work together.

Now, how does a channel get credit for an assisted conversion?

All it has to do is touch that person in their journey from their first visit on a website, to converting to your offer. So, keep that in mind. It might be the first touch, it might be one of the last touches. To get that information you have to go back to the conversion paths report.

But, even just looking at these assisted conversions right here is a great place for you to start to get a fuller picture of how all your campaigns are working together.

At the end of the day, you want to make sure that you're not giving too much credit to some sources, and not enough credit to others.

And that's going to reflect on some of your budgeting decisions for how you scale your growth.

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