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