We use Predictive Behaviors to develop a model based on your historical customer data to help guide us on how soon cold traffic ad campaigns should be converting into customers.
Many prospects need multiple touches to be converted to a customer. Wicked Reports' predictive behaviors report analyzes the time it take to convert. We call this "Lead Buying Cycle" and use this data as a model to help you when analyzing cold traffic campaigns.
Reminder, a “lead” for Wicked Reports is the first time a person shows up in your CRM; This could be by a traditional lead capture, or a simple coupon optin on your site/landing page, or they have bought and now show up in your CRM also.
When to use Predictive Behaviors to Analyze the Customer Buying Cycle
Use this play after your historical lead data has been loaded into Wicked Reports from your CRM and your historical sales data has been loaded into Wicked Reports from your shopping cart. Wicked runs the math on all the cross-platform conversions to give you insights into buying time of your leads. This will then inform decisions on cold traffic paid campaigns as we attribute traffic, leads, and sales.
How to use Predictive Behaviors to Analyze the Customer Buying Cycle
- Open up Predictive Behaviors report in a separate tab.
- Set the date range for the last year and run the report.
- The “Forecasted Campaign Evaluation Time” is our recommended minimum baseline of how long a campaign should take to start showing results.
This timeline works for all campaign goals, even if the goal is not lead gen.
If the campaign has not been running as long as the “Forecasted Campaign Evaluation Time”, chill and give it time before making a decision to cut ad spend.
If the campaign has been running longer than the “Forecasted Campaign Evaluation Time”, you can cut ad spend if unhappy with the ROI if that is the decision after running analysis indicated for the specific attribution model.
4. Scroll down to sales velocity.
This is the distribution of all your leads that converted to customers over time.
The wider the distribution, the more impact your first click and new lead ROI campaigns will continue to show revenue lift over time and the longer rope you should give them to become profitable.
VIDEO: Wicked Quick Win - Using Predictive Behaviors to Discover Lead Buying Cycle & Buying Time