By Ted Barthell on July 7, 2016
You’ve probably heard the term “incrementality” used around the industry. Everybody wants media that brings incremental value, or sales revenue that you would not have received without its sole contribution. So how do you determine incremental, or unique, revenue amidst today’s cross-channel chaos? At Impact Radius, there’s a report for that.
The example below from Media Manager shows % unique revenue by media, along with % revenue involving 2 touchpoints, 3 and so on. Attempting to calculate this on your own, taking into account crediting rules and complex cross-channel paths, would be very difficult and yield uncertain results. An omnichannel analytics platform (that unifies all your media) does the hard work for you, so you can focus on gaining insights.
So what’s the big deal? How does this help you? Knowing unique revenue helps you understand where you’re getting the most bang for your buck. Driving lots of solo conversions indicates a very effective media investment. Of course, you want to consider costs. If a media drives a lot of unique revenue, but is high cost too, that affects your return on ad spend and should be considered if you’re looking to scale up your investment.
You can hone in further on unique revenue insights specific to your marketing goals – if you’re focused on new customer acquisition, look at which media is driving the most incremental revenue from new customers. Check out the post titled “The Secret to Affiliate Marketing Incrementality Revealed,” from our own Todd Crawford, to learn more.
A leading online retailer leveraged these insights in Impact Radius to achieve an impressive 87% revenue increase YoY from unique conversions across all channels. Have you thought about the impact these insights could have on your marketing? We’d be happy to chat strategy with you – give us a call at 805-324-6021.