These days it’s easy to analyze campaign metrics and their value in a particular channel over time. You can not only observe which segment converts best and what characterizes its members but also what communication channel is the most effective for your business.
It is worth analyzing different sales channels in combination with several other indicators. Find out how campaign metrics can help you get on the right path with the way your sales funnel works.
It’s not only about conversions
You may think that sales metrics should be focused mostly on conversion as a tangible customer activity in the sales funnel. To some extent, you’re right. But sales funnels are becoming more complicated due to a constantly growing number of touchpoints. Your presence in different communication channels is a crucial factor to determine the performance of the campaign. The two most important indicators in sales campaign performance are:
The growth of the customer base from a given channel + number of conversions
It’s easy to measure.
- Check how many clients go to your base directly from a specific channel, even if the visit does not end with a conversion. Developing the channel will help you gain many potential leads that you can activate.
- In marketing automation tools, you can create segments to compare the number of conversions from various sources (like email, ads, pop-ups etc.). This way you can find out which channel is the most effective and which should be optimized.
What else can you do to analyze campaign metrics and see if what you’re doing is effective?
1. Start by analyzing the likelihood of conversion
Divide the database into at least four groups, depending on the probability of conversion or performing some other activity. This allows you to direct your marketing message to those with a medium or low chance of converting. By not directing discounts to those who are not interested in your budget, you save on your ad budget.
2. Analyze the funnels of the campaign on a regular basis
Sales funnels let you monitor the stages of selling and maintaining customer relations and look for conversion bottlenecks. Determining a customer journey enables you to classify users more efficiently, according to their realistic chances of conversion.
Create campaigns for a specific group of clients, for example based on demographic data, who have purchased selected products for a certain amount of money at a specific time. With the help of a funnel, you can quickly and easily find specific customer groups that fulfill the indicated condition. For instance, they abandoned a basket in the second step of your funnel or completed at least two transactions within 12 hours.
3. Check at which stage of the funnel the largest outflow of customers occurs
Research the effectiveness of the campaign and analyze the path users took to get to the site by checking the source of visits. Using segments, you can verify the results of campaigns conducted via various sources: landing pages, AdWords, etc. You can also check at what stage of the campaign’s funnel, the largest outflow of customers takes place. This means you can assess which elements and campaign steps need to be optimized and checked (a form may be too long, unreadable or display poorly on mobile devices).
4. Analyze the effects of the campaign
Check the effectiveness of upsell campaigns, using actions based on projected behaviors in the customer journey and the number of steps taken. This allows you to target customers using, for example, the help of a survey that gathers information about the reason for abandoning a cart. This information will help you to find out, for example, if product recommendations are not well matched to customer preferences.
5. Evaluate interest in specific products and categories
Global analysis is a good starting point. However, it is also worth focusing on the unit data.
Knowledge about the most popular products and categories will allow you to:
- Optimize your offer (for example, to resign from the least popular categories)
- Prepare promotional plans based on the most or the least popular products
- Prepare discounts for the most or the least popular products
Analyze interest in a specific product not only by checking the number of conversions but the number of visits on the product card. You can form a segment out of the group of people who visited a specific subpage or product category but did not make a purchase.
Extracting groups most interested in specific products will help you learn more about their shopping paths. Choose categories of products that are most important for your business and check:
- whether the customers buy them online or offline
- which days they buy them
- which actions precede the purchase
- which layout results in the best conversion (if you conduct A/B tests)
All this data will allow you to better conduct promotional policy, create future offers, but above all, better personalize content addressed to your clients.
Campaign metrics are your friends
In today’s marketing, numbers are a marketer’s best friend more than ever before. Advanced analytics of user traffic on your website and in communication channels enable you to respond better to customer behaviors and needs. If you draw conclusions based on measurable insights and implement changes accordingly, you’ll notice improved performance in no time.