Conversion Tracking: Now Easily Measure your Multi-Channel Marketing ROI
Have you ever struggled with a weight loss programme?
With a host of dos and don’ts like following a specific diet, getting regular exercise, and sleep, it is hard to attribute the success or failure to what is working and what isn’t! If you are doing all things right but inadequate sleep is preventing you from reaching the magic number, then you may be wasting more energy and time than necessary in running on the treadmill.
You might even face a situation where once you hit your target weight, you become lax about your diet regime but continue to exercise, you might put on those kilos in no time.
So, knowing the outcome of everything you are doing is important for sustained results.
Now, let’s apply this analogy to measuring ROI on your multi-channel marketing efforts.
Every campaign you run as a data-driven marketer boils down to ROI. As a modern marketer, you are certainly leveraging the power of behaviour-based multi-channel, cross-device marketing campaigns. Unless you have the ability to attribute the conversions you are achieving to the right channel, you won’t know if you’re spending your marketing budget right.
In today’s multi-channel marketing scenario, it is more crucial than ever to precisely know the number of conversions each campaign produces.
Smartech recognises the pressing need to track these conversions to help you optimise your KPI-driven campaigns.
What is Conversion Tracking?
Conversion tracking is determining if the recipients of a marketing campaign are taking the intended actions. In other words, it is attributing the conversions (purchase, sign-up, website page visit, etc.) to the campaigns in order to measure your ROI on marketing.
Suppose you are a food delivery app and send an SMS campaign with a discount coupon code, and you are tracking the number of customers who actually place orders using the code and the actual revenue value. You are tracking the conversions.
Conversion tracking helps you precisely attribute your conversions to the campaign.
Did your user complete the purchase after receiving the abandoned cart SMS or did he/she decide to complete the transaction on viewing the cart abandonment push notification, or when he/she opened the email prompting him/her to complete the transaction?
What can Conversion Tracking Help you With?
- Identify your best performing channels
Accurate conversion tracking provides measurable outcomes about which channel is paying off and by how much. These numbers can be measured against your campaign’s KPIs to assess the results of your efforts. You can easily determine the impact of specific channel’s campaigns compared to your overall marketing efforts.
- Optimise future campaigns
By tracking conversions, you can optimise your future campaigns. For instance, for app-centric businesses like music or cab-services apps, tracking conversions of SMS and email campaigns may reveal that SMS campaigns result in better outcomes for the obvious reason that customers do the transaction on apps. Hence the brand confidently decide to pay more focus on mobile marketing than email.
- Calibrate your marketing budget
Apart from being helpful in basic optimisation, accurate conversion tracking helps in justifying the marketing investment (time as well as cost), and also in planning/modifying your marketing budgets across channels. Considering the above example again, conversion tracking data can drive marketers of app-centric brands to invest more in mobile marketing channels.
- Understand campaign content effectiveness
You can directly map the conversion tracking data to the effectiveness of the campaign content. You send two variants of push notification campaign to each half of your user base. Simply viewing the conversions can give you a quick insight into what kind of content works better.
Tracking Email, SMS, & Push Notification Conversions on Smartech
With multiple campaigns running on multiple channels simultaneously, measuring each campaign’s conversions can be tedious. Conversion tracking data in a ready-to-consume format comes handy, saving a lot of your precious time and effort.
Smartech’s conversion tracker helps you attribute your conversions to the right channel and campaign. With almost zero manual effort or intervention required, you have all the data right in front of you - how many recipients opened/clicked the message, how many opened the app/website, added items to the cart, checked out, the cart value, etc. You can define your own conversion activity along with the payload and revenue parameters.
All the complex calculations are done in real-time and you have all the information you want on your fingertips.
This powerful feature is available for SMS, Email and Push Notifications – the three strongest channels in your marketing automation suite.
With such an effective feature at your disposal, you can focus more on crafting highly relevant personalised marketing campaigns and leave the maths to our platform.
To understand more about how to get started, get in touch with us today!
Ritu is a Technical Writer & Content Developer by profession, and a Poet & Creative Writer by passion. She works as Assistant Manager, Content Development at Netcore.
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