The framework to maximize Wicked Reports cohort and customer lifetime value reports.
Wicked Reports primary use case is marketing attribution, but we have a number of powerful reports that do not require any tracking or attribution at all. Cohort and customer lifetime value reports can provide valuable insights after Wicked Reports has synced and connected your CRM and Order systems together.
Cohort Reports for Immediate Use
During the Wicked Reports setup, those of you with native integrations will find that your CRM and Shopping Cart/ Order systems get connected with a few simple clicks. Depending on the time of day and sophistication of your system's API, we can have your initial data load completely between 2 hours and 2 days.
At this point in time, before a single click has been tracked, you have access to powerful cohort insights mapping CRM data to Customer Lifetime Value from your Order / Shopping cart data.
The first report to look at is the Customer Cohort: https://help.wickedreports.com/how-to-use-the-customer-cohort-report
You will be able to determine customer lifetime value over time starting from the new customer acquisition date.
The next report unlocked by your Wicked Reports subscription is the New Lead Cohort report: https://help.wickedreports.com/how-to-use-the-new-lead-cohort-report
Right out of the gate, you can-
Optimize what you can pay for new leads: https://help.wickedreports.com/how-to-optimize-what-you-can-pay-for-new-leads, and
Determine your break-even date on new lead acquisition: https://help.wickedreports.com/how-to-determine-break-even-date-on-your-new-lead-acquisition-paid-media-campaigns
After 1 Month of Tracking & Attribution
Advanced cohort reporting from Wicked Reports combines tracking & attribution data against the new lead, customer, and product cohorts in your business.
In the New Lead and Customer Cohort reports, you can filter the cohort data by the attributed source, campaign, ad, email, and targeting that generated the new lead or customer. This lets you know if Google or Facebook is a better acquisition channel based on actual customer lifetime value instead of guessing.
Determining what you can pay for new leads can be analyzed by channel or campaign, as can break-even date on new lead acquisition. One channel is often a cheaper lead source, but not always a more valuable lead source - this report puts that debate to rest and gives you the answer.
Advanced Product Cohort Reporting
For some order / shopping cart integrations, we can pull product SKU data also. This opens up product reporting connected to customer lifetime value.
Wicked Reports has 2 product cohort reports. The first product cohort report is a more traditional cohort report. The cohort is the product purchase month. The customer lifetime value is displayed for all subsequent months for all customers that made a purchase of that product for that month.
Our non-traditional but very popular advanced product cohort report is the Product Tripwire Attribution Report: https://help.wickedreports.com/product-/-tripwire-attribution
This report does not function like a traditional cohort report. You set your product purchase time range, and then profitability is determined. Future customer lifetime value starts at the end of your report date range.
The Product Tripwire Attribution report is built for people that run tripwire offers. A tripwire offer is an initial product purchase offer that is heavily discounted or a product that is unusually low-priced compare to other offers.
The goal is to get the prospect turned into a customer as fast as possible to help finance acquisition costs. This report lets you know if/when you become profitable from these types of offers.
Individual Customer LTV Reporting
A legacy report still in high use is the Customer LTV report: https://help.wickedreports.com/crm-contact-and-order-utm-search-using-the-customer-ltv-report
This report lists all customers for a given time range with their accumulate customer lifetime value. It also displays the attributed link for the selected attribution model.
Clicking on an individual customer takes you to their entire tracked customer journey. See what Wicked has attributed marketing credit to for this customer's lifetime value.
Summary
Wicked Reports has powerful cohort lifetime value reporting that can provide insights a few days after initial CRM and Order / Shopping cart setup. Advanced insights that layer marketing attribution over traditional cohort reporting get unlocked as your tracking & attribution data health grows over time.