As mentioned in the previous blog post, we will be releasing new functionality that will help our customers understand better the ROI of their social media activities. This time we are excited to release a new analytics perspective: Campalyst now allows capturing a more comprehensive view of social media contribution to online revenues by measuring “indirect” or “assisted” conversions.
We would all agree that the path to conversion is rarely as simple as “click on the link in a tweet -> website visit -> purchase”. In most cases, the path to conversion would represent as series of visits from social media, organic or paid search and direct visits, which is spread out over a period of time.
Therefore, in order to understand the total contribution of social media to online revenues, it is important to go beyond measuring the last click conversions. “Assisted” or “indirect” conversion represents a case where a social media channel was not the last referrer of the conversion, but nevertheless, participated in the conversion journey. For instance, a person followed a brand on Facebook and regularly visited the website, but never converted. However, after seeing a promotion on Twitter the person followed the link and made a purchase. In this case, both the Facebook Page and Twitter account should get a credit for the eventual conversion.
So let’s jump into the new report and see how Campalyst helps marketers understand the total contribution of their Facebook pages and Twitter accounts in generating revenue!
As you can see on the screenshot above, Campalyst now measures both “direct” or “last-click” revenue, as well as “assisted” revenue coming from Facebook pages and Twitter accounts. In the above case, the Facebook page directly generated (or was the last referrer) $32,196 in revenue, and “assisted” (or participated in the conversion journey) in generating additional $16,799. Thus, the Facebook page should be credited to generate $48,955 in online revenue.
Another important metric, is what we called “Conversion Multiplier” (see above). It represents the ratio between “assisted” and “last-click” revenue generated by a given Facebook page. In other words, this Facebook page participated in generating 52 cents for each dollar of the last-click revenue.
Finally, the new report allows comparing Conversion Multipliers across multiple channels. For instance, in the above case Paid Search, Twitter and Facebook drive most “assisted” revenue then any other channels. We believe it can serve in two cases: 1) understanding which role social media plays in the conversion journey (awareness, consideration or conversion), and 2) optimizing allocation of advertising dollars into the channels that have the highest combined revenue.
The above functionality was made possible due to the release of Multi-Channel Funnels API by Google Analytics team and we are extremely thankful for all the support and guidance during the development process!
That’s all for today and stay tuned for the future updates! As always, you are welcome to try the new reports for yourself by login in to your existing Campalyst account or signing up for a free trial!