The framework to maximize Wicked Reports ROI reporting.
I am sure you are eager to dive in and start optimizing your multi-channel marketing strategy and ad spend using Wicked Reports ROI, LTV, and attribution reporting. Great to hear, because that is why we exist as a company!
This document is going to lay out the education and application of the ROI reporting features and scale/kill/chill framework to use with Wicked Reports.
Initial Use
After following your Wicked Success Steps to get your CRM, Order, and click data flowing into Wicked Reports, you can get familiar with our ROI reporting. Keep in mind that you will not want to make major ad spend optimization decisions until a complete customer buying cycle has elapsed. You can determine this cycle using our predictive behavior and cohort reports.
Start with learning how to use the ROI report: https://help.wickedreports.com/how-to-use-the-roi-report. This will get you familiar with the ins and outs of the daily and weekly analysis you can do with Wicked Reports attribution reporting.
Each campaign has advanced functionality, called "Wicked Tools", that is available by simply clicking on the "Wicked Tools" button at the end of that row. Here are the Wicked Tools to get associated with immediately:
Visual Customer Journey: https://help.wickedreports.com/visual-customer-journey. A quick visual on the contribution of a campaign to the flow of revenue from the customer journey.
Tracking Page Validation: https://help.wickedreports.com/tracking-validation This is not a report, but a feature that can be used to give peace of mind if you are unsure if Wicked is tracking clicks from a campaign when it first gets turned on. If you don't see any leads or sales tracked from a campaign you are spending on, use this feature to double-check tracking is setup correctly.
Once Wicked has tracked a week of sales
At this point, you can start to learn how the attribution model selected affects the sales and revenue attributed. The easiest place to start is with the attribution models of Linear, Last Click, and Full Impact.
For your bottom of the funnel campaigns that solely exist to get the sales conversion, apply last click attribution and analysis to see what you should do about them.
Multi-Channel Last Click Attribution: https://help.wickedreports.com/last-click-roi
How to evaluate, optimize, and scale/chill/kill a campaign based on last click ROI:
It is easy to get the hang of Wicked by using last click email analysis - because virtually everyone is sending emails that they want their list to click on and then buy. You can use our quick filters to quickly see email campaign results for last click. Then click on the details or explore buttons to see individual email last click sales & revenue results.
To assess a campaign's impact across the entire customer journey, and not just at the last click, we have 2 attribution models available: Linear and Full Impact.
Wicked's linear attribution is not the same as traditional linear attribution. We don't believe that every click and touchpoint should be treated equally. We mine your CRM and Order systems for the most important touchpoints and then spread credit among them.
Full Impact attribution is similar to Linear attribution in that it assigns credit to multiple touchpoints. However, it does not attempt to reconcile to your orders and is likely to overstate revenue.
Linear Attribution Model: https://help.wickedreports.com/linear-roi
Full Impact Attribution Model: https://help.wickedreports.com/full-impact-roi
For both of these models, you want positive ROI once the campaign's have been running an acceptable amount of time.
Wicked after 1 New Lead Acquisition to Sales Conversion Cycle
Now it gets really fun. After a full buying cycle, we can see whether clicks and leads to top of the funnel cold traffic have turned into profitable ROI over time...ideally as little time as possible.
For the Top of the funnel 1st clicks, Wicked takes care to look across all channels against all our various tracking and identification methodologies to determine the 1st click that led someone to one of your sites, landing pages, blogs, wherever (cross domain not an issue).
First Click Attribution Model https://help.wickedreports.com/first-click-attribution
Using First Click on the ROI Report to make scale/kill/chill campaign budget optimization decisions: https://help.wickedreports.com/how-to-evaluate-and-optimize-top-of-the-funnel-campaigns-using-1st-click-roi
New leads - everybody wants more new leads, and cheap as possible, spending as much with you as possible, as fast as possible.
Wicked Reports' has patent-pending attribution models that mine your CRM against tracked clicks across all marketing channels to determine which click deserves the credit for creating the new lead. Each day we update the value of this click against all orders detected directly from the source: your shopping cart, order, and subscription billing systems.
It can be very eye-opening to see your actual ROI climb, or not, as time passes from the new leads being acquired.
New Lead Attribution Model https://help.wickedreports.com/new-lead-first-optin-roi
Using New Lead on the ROI Report to make scale/kill/chill campaign budget optimization decisions: https://help.wickedreports.com/how-to-evaluate-and-optimize-new-lead-generation-paid-media-campaigns
Middle Funnel Magic
This isn't for everyone - but Wicked Reports can track the results of your marketing on the middle of your funnel also, if you fit certain criteria:
- You are spending on new leads, and then there is a next step process that happens down the road that requires email registration:
- calls booked/scheduled
- applications submitted
- demos taken
- webinars registered for
- You are targeting your existing email list with paid ads and emails to optin for content.
- Your CRM captures a step that Wicked can't or shouldn't, and you want to send that custom conversion event to us to see which paid leads are reaching that point in your funnel.
For all of these situations, we have 2 ways to help: ReEngaged Lead ROI reporting and Custom Conversions.
ReEngaged Lead ReOptin Attribution Model https://help.wickedreports.com/reengaged-lead-reoptin-roi
Using ReEngaged Lead on the ROI Report to make scale/kill/chill campaign optimization decisions https://help.wickedreports.com/how-to-evaluate-and-optimize-reengaged-lead-roi
Advanced ROI Benchmark Reporting
After 60 days of tracked clicks, and consistent usage of the reports above, you might be ready for our most advanced analysis, ROI benchmarks. Many of our long-time, multi-year users happily use Wicked Reports for cohort and ROI reporting and rarely delve into ROI benchmarks. Perhaps this document will change that!
When you have been running a campaign and the ROI is average, or the ROI was sky-high, you upped the budget, and now it feels like it is leveling off or dropping, what do you do? ROI Benchmarks can guide you to the your decision on scale/kill/chill.
Overview of ROI Benchmarks: https://help.wickedreports.com/roi-performance-benchmark-and-forecast-reporting
Specific how-to on ROI Benchmarks with different attribution models:
First Click Benchmarks https://help.wickedreports.com/how-to-optimize-top-funnel-paid-media-campaigns-using-first-click-benchmarks
New Lead Benchmarks https://help.wickedreports.com/how-to-optimize-top-funnel-paid-media-campaigns-using-new-lead-roi-benchmarks
Last Click Benchmarks https://help.wickedreports.com/how-to-optimize-bottom-of-the-funnel-sales-conversion-marketing-using-last-click-benchmarks
Summary
If you've made it this far you know just about everything there is to know about using our ROI reporting. Go crush it!