Trick, Treat and Attributions
Howdy Readers🥰
Yes! We know this is scary but regardless of your marketing results! Have a Happy Halloween 🎃 and we’re sure you know that every failed campaign is a lesson learned and the first step towards a better strategy :)
In this newsletter, you will find:
💁♀️How Burrow improved their ROAS to over 15:1 in static retargeting with Black Crow AI
🤑Mapping Multi-Channel Attributions
🤝Reddit announces New API features for Ads
💵Future of Commerce
If you’re new to ScaleUP then a hearty welcome to you, you’ve reached the right place along with 15k+ CEOs, CMOs, and marketers.😉 Let’s get into it, shall we? Oh! Before you forget, if someone forwarded this newsletter to you, don't forget to subscribe to our newsletter so you never miss out!
TOGETHER WITH BLACK CROW AI
iOS 14.5 putting a damper on your ad performance?
Meet Black Crow AI.
They're the brand that allows you to use your own first-party data to identify your site users & group them into high, medium, and low probability to purchase. You can then use these predictions as audiences for your retargeting & prospecting campaigns - allowing you to only target your most likely customers!
Over 100 DTC brands use Black Crow AI to supercharge their campaigns.
Learn how Burrow improved their ROAS to over 15:1 in static retargeting after just 30 days.
🤑MAPPING MULTI-CHANNEL ATTRIBUTIONS PART 2
In the previous edition, we got to know about the importance of Multi-Channel attributions and the types marketers can choose from. Today we will be exploring the steps to getting started with Multichannel Attributions and the challenges you may face in the process.
To set up your attribution model the three main processes are :
1️⃣Choosing your attribution style
2️⃣Setting up your analytics
3️⃣Testing and evaluating your data
1️⃣Choosing your attribution style
It seems simple and sometimes simple can be harder than complex.
The initial step is for you to decide on the attribution method that best depicts the source of your conversions.
A multi-channel attribution strategy is typically a no-brainer. Just answer these simple questions and follow along:
Should the most recent clicks be emphasized?
Or initial clicks?
Or divide the credit between the two?
You can easily determine methods that will work for you by:
Analyze past data from analytics: Gather and analyze the data you already have. What picture is your analytics drawing? To determine which set of statistics more closely reflects your experience, experiment with different calculations between first- and last-click attributions.
Compare data from various sources: To fix the mismatch, you must change your approach. If customers claim that an abandoned cart email was the reason they converted, you cannot be relying on first-click attribution only. Expand the types of data you collect to gain a more definitive picture. After 90 days, review the data again to see if any new information emerged that might assist you in determining your perfect attribution strategy.
2️⃣Setting up your analytics
Another difficulty for multi-channel attribution will arise as a result of Google switching from UA to GA4. To keep attribution models relevant, marketers need to solidify their understanding of usingGA4 in conjunction with Tag Manager, Meta, and Google Ads.
One possible default setting for Google Analytics 4 is single-touch attribution. And you should know how Google Analytics credits each conversion before deciding on the attribution model you wish to choose.
First cross-channel click: A single-touch attribution channel that provides the first channel your buyer clicked 100% of the credit for the conversion.
Linear cross-channel: Multi-touch attribution that evenly distributes the credit across all channels that the buyer used before making a purchase.
Based on cross-channel position: 20% is distributed across the "middle" engagements along the customer journey, with 40% going to the first and last interactions.
A decline in cross-channel time: Gives higher priority to touch locations that occurred near the actual conversion. According to Google Analytics, "A click 8 days before a conversion receives half as much credit as a click 1 day before a conversion’’.
3️⃣Testing and evaluating your data
The next step is to ‘wait’ after selecting an attribution model and setting it up in your analytics. Why not now? To ascertain whether your multi-channel attribution is accurately representing the conversion data, you must collect a sufficient sample size.
"Test." Check, check, check.
Your data speaks louder than anything else. Even if someone arrived at both pages via a similar search, your page would probably convert differently than that of a competitor.
To articulate better, there isn't a set solution to this question. There isn’t a general rule that says you should always credit 33.178392% of your conversions to Facebook advertisements on a Wednesday. But there are several compelling actions you can perform in the fine-tuning stage:
Mandate surveys following purchases: How do you initially decide what to test? You will have information to use in comparison to your multi-channel analytics if you implement post-purchase surveys. To understand the gap, give this a thought: if customers claim that your landing page generated the sale but you're giving sponsored social media 50% of the credit.
Observe the time: You may determine how accurate your attribution model is by keeping an eye on the timing of your conversions, even if you're doubtful about the chosen model. Consider weighting conversions towards the initial click. or instance, if conversions increase after you launch a Twitter advertisements campaign but every other element of your funnel remains the same.
With all these things in mind, multi-channel attribution may sound difficult, but it isn’t. Once your attribution is correctly configured, it should make it clear who your customers are and where they are converting.
Now before we get into examples of brands using multi-channel attributions here are a few common challenges marketers face while taking the multi-channel attribution approach:
❌Incorrect conversion attribution
You could make blunders in the initial stages of attributing your conversions. William Harris, the founder, and CEO of Elumynt, experienced just that. Here we expect you to feel a little sigh.
Harris references research that Elumynt carried out. For a total of 13 weeks, Facebook ads would be scaled. Nothing else would change regarding its marketing strategies.
Elumynt found that the amount of money it could credit to organic search in Google Analytics increased in the same way that it did for Facebook ads.
They found that the rise in brand terms was closely responsible for the surge in organic search when they dug deeper into this correlation using Google Search Console. What first seemed to be a staggering weekly growth from SEO was only falsely attributed revenue from brand phrases soaring in response to an increase in Facebook ads.
These kinds of issues are the reason it's crucial to pick a correct attribution technique. It can take a few months of exploring and testing until you find the one that makes sense for your business and feels like you have a clear understanding of where your conversions are coming from. Honestly, it feels like setting up a home with everything right!
⚠️Updated data laws
Online tracking of customers was once conceivable in the dim past of third-party data collection. Not any longer! The new data privacy regulations require first-party data to understand what your visitors are doing before they become your clients.
It can be challenging to collect and manage data, therefore businesses require data from all of their marketing initiatives to assign sales to particular channels.
It used to be easy to employ a single analytics solution to address all of these issues. But businesses today appear to require complete suites of software to track all conversions. Utilizing Shopify apps like Peel Analytics is one potential approach. Peel provides all tracking solutions that can ensure higher customer retention in no time! Get your exclusive trial and get a 20% discount today on your first 3 months, and make your ‘Attribution Decision’- easier and wiser.
📵Establishing offline attributions
You cannot afford to omit any channels if multi-channel attribution aims to produce a more thorough picture of the channels that are converting. What happens to offline attributions, such as when an online customer mentions your store in person to someone else?
To close these gaps, one option is to use customer surveys. To automate this procedure, several online store owners use Zapier interfaces for Shopify and SurveyMonkey. Use Zigpoll, a Shopify app, or another option.
Set SurveyMonkey or Zigpoll to collect information after purchases. Especially for conversions with first-touches that primarily occurred offline, you can utilize the questions to target the specific channels you haven't been able to set up using multi-channel attribution.
Now to the final bit XD
The brands that have managed to use multi-channel attribution ‘absolutely perfectly’:
Lil’ Tulips
They employed the multi-channel attribution strategy to identify the sources of their leads. Google and Facebook ads provided the majority of their leads.
Although multi-channel attribution requires time to implement, Lil' Tulips could see the results changing. They were able to achieve a 5,600% return on ad spend on Facebook advertisements by employing analytics to pinpoint the channels that were the most effective at converting customers.
The Vitamin Shoppe
Both offline and online retail has always been a part of Vitamin Shoppe's operations. It has gradually merged the two over the past few years. Customers were given the option to register for online auto-delivery within its physical locations in 2017.
Although it can be challenging to identify which clients originated from which sources while working in a hybrid setting. Do online orders that automatically ship to customers in person each month count as retail conversions? What about someone who decides to visit a physical store after doing some online shopping?
Vitamin Shoppe has discovered a combination of multi-channel attribution over time that improves its comprehension of customer needs.
And that’s all for our final edition of Mapping Multi-Channel Attributions.
Say hello to this new adventure of multi-way multi-channel attribution to set the business/brand of your dreams.🧚🏻♀️
🤝REDDIT ANNOUNCES NEW API PARTNERS FOR ADS
Reddit has revealed the inaugural partner platforms that have been approved into its Ads API program as part of the ongoing expansion of its ad business. These providers will have early access to Reddit's ad tools to create various new integrations.
As founding partners in the development of Reddit’s Ads API, a component of their larger Marketing API offering, VidMob, Sprinklr, adMixt, and PMG will join them. These alliances will give advertisers the tools they need to assess the effectiveness of their creative as well as automate, scale, and improve their campaigns to improve the usability, effectiveness, and functionality of their Reddit Ads.
Advertisers will have access to more Reddit ad creation and analytics capabilities through these new agreements, each of which focuses on a different aspect.
Vidmob: By fusing Reddit's Ads Manager with Vidmob's creative analytics, the effectiveness of ad creative will be linked to the commercial objectives of the advertiser. Reddit advertisers will be able to enhance ROAS and stretch marketing budgets further with Intelligent Creative thanks to Vidmob's real-time ad performance data and analytics.
Sprinklr: Through its integrated platform for customer experience management, which features industry-leading AI, Sprinklr will help marketers expand their Reddit campaigns while reducing risk to their brands, generating more income, and saving time.
adMixt: Designed specifically to optimize and attribute incremental new customer acquisition, adMixt's award-winning technology is focused on economically expanding sustainable eCommerce enterprises. To the greatest extent possible, their paid media management and creative service offerings will improve Reddit advertising success.
PMG: In order to link more Reddit advertisers with the correct audience and open up new possibilities for the agency's customers to expand across the Reddit platform, the independent agency has assembled a team of strategists, developers, and creatives.
Future expansion of these collaborations will provide additional companies access to Reddit's enhanced ad choices, enabling advanced targeting, analytics, placement, and other features.
FUTURE OF COMMERCE
Moving into the festive season and 2023, pandemic restrictions have eased. But the number of people who are buying products online is less than pre-pandemic, with 18% fewer consumers shopping online and delivering items to their homes. Oracle Retail’s outlook on consumer behavior and the approaching holiday season says a lot more.
Consumers are more conscious of price points. Based on surveys, a great price point is often(47%) a compelling point for the purchase to take place. For brand owners, this means using more sophisticated pricing strategies and technology to draw in buyers without losing margin on over-discounting will be essential.
Consumers continue to shop online and have products delivered to their homes comes with heightened expectations around the delivery experience. Some 47% of global shoppers say that the time it takes to get a delivery influences their decision to order online. Online retailers should be ready to deliver fast shipping and real-time status updates
In 2022, social media jumped to the top spot (21%) in how consumers find the most compelling offers and products from retailers. Interestingly, email closely followed at 19%, up from just 10% in 2021, and in-store promotions at 15%.
Consumers are loyal to brands that provide variety, instant availability, and recognition. These attributes are esteemed and redeemable with an easy checkout experience or brand value alignment.
However, Oracle’s research also points to an uptick in in-store shopping along with online shopping this holiday season. But the game stays on as who’s once sold to the ease and prestige of online shopping experience, stays there forever and ever. The deal is how you retain them with your unique strata.
NEWS UP
💵Pinterest reports Increasing Usage and Revenue in the latest performance update
💁♀️Instagram announces New Live Events Series to assist marketers with their holiday campaigns
🐦Twitter adds new ‘Communities’ Module for Professional Profiles
🛍️Walmart enhances digital shopping ahead of holidays
👽Google acquires Twitter-backed AI avatar startup Alter for $100 million
QUICK BITES
🧑🎓TikTok launches ‘TikTok Academy’ marketing education platform
👾Musk reassures advertisers ahead of the Twitter takeover, outlines elements of his plan
⚒️Why retailers are rushing to build tools for creators
We'd love to hear your thoughts and feedback on this newsletter🤗. If you have any suggestions, please reply to this email, and we will see you on Tuesday.
Have a great weekend and see you soon👋