Use Lift Studies to Validate Product Assumptions and Measure Conversion
Lift studies help answer the most important question – did my marketing influence a purchase that would not have happened if I had not carried out that marketing?
There are many kinds of lift studies but all allow brands a more accurate insight into the performance of their campaign and help them maximize return on investment by considering the entire funnel.
Actual vs. Predicted
A Causal Impact Lift study, for instance, compares actual site activity versus the prediction of site activity had advertising not occurred during the same timeframe.
As a result, you’ll see the direct impact of all your marketing efforts, enabling you to take a holistic and well-informed approach to future campaigns, understanding the full role each channel plays in terms of conversion volume and rates, outside its individual results.
It is becoming more and more important for brands to address the issue of attribution head on and when done correctly, brands will reap the rewards.
Read: Growth Hacking By Fixing Your Attribution First Having the ability to holistically understand how effective each of your marketing channels are will allow you to maximize your budget and drive ROI.
source: Matthieu Betton, Head of Global Car and Strategic Accounts, Sojern
How can you measure the true path to conversion? Unless you have proper attribution, it is difficult to know which content converted prospects and push them over the edge to become consumers.
Attribution means that you must know how to track, measure, and allocate value. Without an understanding of the data, you cannot understand how each of your marketing channels contribute to your bottom line.
5 Benefits of Attribution Models
- Minimize conversion time
- Optimize media plans
- Eliminate wasted impressions
- Yield greater ad-spend returns
- Allocate resources
An excellent example of attribution noted in a post by Matthieu Betton, Head of Global Car and Strategic Accounts at Sojern, highlights when the “last click fails to capture a traveller’s journey as he moves towards a booking.
It doesn’t take into account the multiplicity of interactions and influences (both brand-led and outside of brand’s control) that lead to the traveller’s eventual conversion – and there could be as many as 18.2 touch points on average, according to Google, before a consumer makes a final purchase decision.”
Betton notes, “another downside of last click is that it equates clickers and bookers, lumping both into the same category when research shows that clickers are not always bookers and vice-versa. So, if you’re running a display campaign, consider other measurements, such as view-through conversions.” Betton describes that view-through conversion occurs when a person is impressed by an ad, does not click, but searches or visits the website later and converts.
Algorithmic Attribution Methodology
The algorithmic technique uses statistics for dynamic analysis of digital data touch points. Conversion tracking is the most common example.
Rules-Based Attribution Methodology
The rules-based methodology is much simpler to implement than algorithmic attribution. For example, touch-point weightings that determine how credit for sales and conversions is assigned in conversion paths.
If you’re just starting to sort out your attribution, begin with the rules-based approach. Betton shares three easy steps to start your rules-based attribution:
- Get all your data in the same place. Set clear KPIs that are aligned with business objectives.
- Then begin to dig deeper: based on the nature of your business, define individual touch-point weightings or use available models (i.e. Google analytics multi-touch). Now you can begin the thought process around attributing value to each action prior to conversion. For example the likes of Airbnb will require a very different attribution model to Hilton despite both being in the hospitality sector.
- Now you can test, optimize, measure success and repeat the process.
source: Matthieu Betton, Head of Global Car and Strategic Accounts, Sojern.
There are a number of successful growth hackers who have masterfully aced the art and science of growth hacking. This includes doing a few important things like understanding the customer, conceptualizing an ideal product, as well as leveraging each and every tool available to them.
Proven Growth Hackers
Growth hackers are considered the gold-diggers of our times because of their ability to acquire from zero to millions of users in just couple of years. Examples include Facebook, Quora, Airbnb, Twitter, LinkedIn, YouTube, Dropbox, Spotify, Paypal, Hotmail, and the list continues.
Let’s consider Quora for instance. The idea behind Quora was to serve a platform that would let people engage in quality conversations. While the world already had N number of Forums, Quora chose to be different.
Quora is known for having aced two growth hacks that led the company to grow in millions. One of the hacks that worked for Quora is that they designed a feed that would generate interesting content based on a user’s interest. This feed provided the users with the present topics and user’s interest from most recent conversations.
Four Growth Hacking tactics early stage startups should consider:
1. Consider exploring remarketing
Remarketing plays a vital role when you have just entered the market with your thriving business. It is essential to market your brand to only those users who have shown a potential interest towards your brand or your online services. You can even consider those who have recently visited your web page. This turns out to be a great way to manifold growth wherein you focus your PPC campaign on such visitors.
2. Serve engaging content
Having a professional website design is just being enough today. Just as we mentioned above, you need to battle the cutting-edge and for that you would have to make considerable efforts to entertain, engage and retain your users. This is where content can do wonders to your business, provided it is marketed in the right way. Blogs have been around for a while and worry not as they are here to stay. Apart from maintaining and marketing your own blog, you should invite other bloggers to write for your brand.
Don’t forget that social media and any sort of content that’s relevant to your business goes hand in hand. Make sure your business has a social media presence and you are making rigorous efforts to keep in touch with your audience. Remember that social media is even more creative platform and it will demand you to come up with relevant as well as engaging content that helps you build a stronger audience base.
3. Offer Freebies
The mass never says no to free things and so offering freebies is one of the best ways to drive your potential users to use your paid services or product. In a way, you are letting your users avail the service or product which further allows them to witness the quality and consistency of the business. For instance, Moz. has set an ideal example. It manages to provide free SEO tools and resources to its users in order to attract them to subscribe for its paid subscriptions. The good news is that this strategy has done wonders for the company.
4. Use Referrals
Providing referrals is a proven way to build a solid customer base. You can choose to start a referral program just after you have few hundreds of genuine customer in hand. Take Dropbox as an example. Just within 15 months, Dropbox was successful in raising its user base from 100,000 to more than 4 million. All that this startup did is, it lured customers by offering upgraded storage amounts to referral party with an extra 500MB of storage free.
source: Sam Makad is marketing consultant at Skyward ERP