Measure advertising campaigns from the first view to a purchase
Alyona Samovar, Web analyst @ OWOX
Evaluation of advertising campaigns, taking into account the time during which the customer decides to make a purchase. This article describes the way to improve advertising campaigns estimation accuracy by analyzing time buyer spends from the first visit to a purchase.
A buyer needs time to make a decision, since his first visit up to placing an order. It may take hours or even days for a customer to make a purchase, depending on what stage of the sales funnel he is. Therefore, when evaluating advertising campaigns, especially the new ones, you need to consider what share of income has been received from this campaign already. Otherwise, a promising source of traffic may be underestimated or, on the contrary, the conclusion concerning an ineffective source will be made with a delay. In any case, the lack of information leads to decrease in ROI and increase in CPA value.
OWOX BI services can collect and analyze raw and unsampled data about each customer in real-time. Using SQL query, and BigQuery Reports Add-on for Google Sheets you can build a chart based on this data, that answers two important questions:
- How does the share of orders received from advertising campaign depend on the time elapsed since the start of this campaign?
- How does this share depend on the traffic type and other parameters?
Test your knowledge
- How does the time of purchase decision differ depending on the price and the category of the product?
- How does the interaction with two or more advertising sources affect the time of making a decision? Does it reduce the time or increase it?
- What share of users who started with the choice of promotional products, has made an order before the promo ending?
As a result, marketing manager and analyst can estimate the part of obtained income really fast, knowing the type of advertising campaign and the time that has passed since its launch. This allows you to make accurate decisions on advertising budget management faster, increasing their ROI and reducing CPA.
What role does data analysis play in optimizing the customer journey?Data analysis plays a crucial role in optimizing the customer journey by providing businesses with insights into customer behavior and preferences, identifying areas for improvement, and helping businesses make data-driven decisions to enhance the overall customer experience.
How can businesses improve their website usability for better conversion rates?Answer: Businesses can improve website usability by simplifying navigation, providing clear and concise product information, optimizing website speed, offering easy checkout options, and ensuring mobile responsiveness.
How can businesses track customer behavior from viewing to purchase?Answer: Businesses can use various analytics tools, such as Google Analytics and Owox BI, to track customer behavior and gather data on their interactions with the website, products, and other touchpoints.