When we talk about social media campaigns, a lot of different performance indicators are thrown out there. With CPCs, CPMs, CTRs, and more, it’s no wonder that many small business owners get dizzy trying to figure out which metrics to look at. There is, however, one figure that rules them all: The bottom line.
But how do you know if your revenue is coming from your social media efforts vs. another channel in your marketing mix?
Enter – Attribution:
What Is Attribution?
Attribution simply refers to giving credit for a particular customer action. For example, someone may see your Facebook post, click on it, and buy a product. The sales for that product can directly be attributed to your social media as a result. The same applies to Google Ads, or your company newsletter. The most common way to measure this impact is through what marketers call “last click” attribution. This basically gives credit for that sale to the last channel a customer touched. But what if you’re seeing a boost in sales, but not a lot of “last click” attribution being given to your Facebook ad? The truth is, there’s a good chance your advertising efforts aren’t being recognized the way they should be.
Marketing 101 tells us that the more channels you add to your marketing mix, the more effective your campaign. So why are we giving direct credit to a single advertising effort for a purchase, when the customer journey is likely much longer? Let us explain: Sure, like our original example, sometimes you’ll have a 1:1 relationship between an ad and a purchase. But what if they clicked your Facebook ad, and then left the website, before clicking on a Google retargeting ad and finally making that purchase? You could argue that both ads assisted in that conversion to a purchase.
How Can You Tell?
So now that you understand attribution at a high level, it’s time to measure the impact of your next campaign. We recommend plugging your website into a Google Analytics account, and enabling the eCommerce features available. This will give you access to in-depth data regarding all of your sales. Within the side menu, scroll to the following: Conversions>Multi-Channel Funnels>Assisted Conversions. You’ll now be able to see all of the traffic that comes into your website, where it came from, and which channels have contributed to your sales. Congrats! You’re well on your way to becoming the digital advertising pro your business deserves.
30% of online shoppers say they would be likely to make a purchase from a social media network like Facebook, Pinterest, Instagram, Twitter or Snapchat.
In case you’re still not quite the professional you envisioned; KWSM has an in-house content team that will help give your brand a human face and generate the results you’ve been looking for.
CONTACT US for a complimentary brainstorming session on how to create your next content strategy.