Business Automation Case Study
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Using Attribution To Boost A Successful Product Release
A leading tech company that helps transform digital businesses through intelligent automation knew a thing or two about data. After all, it provides a cloud-native, consumerscale platform that can handle app, data, API, integrations, and process automation for enterprise companies managing sales, support, IT, HR, finance, and marketing. With a new product release planned for mid-year, the company wanted to ensure the launch was a success and support it with proper paid marketing.
The Details – Before:
Starting ROAS
Monthly Budget
Monthly Revenue
Channels
KPI
13.23
$40,368
$534,200
Direct, Organic Search, Paid Ads/Display, Email, Referrals
Increased ROAS and Overall Revenue
Starting ROAS |
13.23 |
Monthly Budget |
$40,368 |
Monthly Revenue |
$534,200 |
Channels |
Direct, Organic Search, Paid Ads/Display, Email, Referrals |
KPI |
Increased ROAS and Overall Revenue |
The Challenge
No Definitive Way Of Assessing Marketing Effectiveness
The company was enjoying success and worked hard to build the next iteration of its automation platform. It was about to release its first automated marketplace, a website where businesses could check out what was new and purchase automated solutions for their own. Version 2.0 of its solutions included adding in best business practices of its automation services (based off input from current customers, as well as instituting learnings from the successes of previous implementations).
The company needed to deploy LeadsRx Attribution™ so it could understand if its marketing campaigns were effective and how its ad spend aligned with overall business goals and objectives. Specifically, the businesses needed to successfully promote its new automation marketplace without cutting into its revenue and without reducing ROAS.
As an Integration Platform as a Service company, the goal of its website is to attract new leads, present demos, sign up would-be customers for trials and, hopefully, close deals. With that in mind, the LeadsRx Insights team went to work examining the complete sales funnel, from top to bottom – including top of funnel conversions (customer inquiries and demos) and actual sales (conversions/product purchases), and all points in between.
The Solution Collecting Impartial Attribution Data
By installing the LeadsRx Universal Conversion Tracking Pixel™, data was collected on 100% of the company’s marketing touchpoints. The LeadsRx pixel automatically learned about all touchpoints and properly allocated the right amount of conversion credit to each touchpoint.
As the data accumulated, customer journeys were populated into various real-time attribution reports – giving the company instant access to the impartial attribution data they needed to make optimization decisions. Those customer journeys were also aggregated into fully customized segmentation reports – showing the business exactly who its “best” customers were, and how to get more of them.
By using attribution data, the company was able to understand exactly where clients were coming from, as well as how long it took to close a deal and make a sale.
The company was able to understand the size and value of unpaid marketing channels; direct and organic search together accounted for nearly 81% of conversions in June 2019, which climbed to 90% in July.
Attribution insights also showed what spend is necessary to entice a new client to sign up for a demo and move on to a free trial of the service.
Iteration: Keep up continuous iterations to allow for further pivots to marketing campaigns as new, real-time data becomes available.
A Small Increase In Ad Spend Nets A Good Bump In Revenue
The net month-over-month results were impressive. With ad spend being essentially flat, the company was able to increase revenue by nearly $90,000 (a revenue increase of 16.8%) from June to July 2019. ROAS bumped up from 13.23 to 15.41 (a 16.5% increase) for the same time period.
The beauty of attribution is that it follows the impartial truth, in real time. Should the data show that an adjustment in paid ad placement proves fruitful (or maybe it doesn’t), the company can pivot its marketing approach further to optimize ROAS.
The Details – After:
New ROAS
Monthly Budget
Monthly Revenue
Channels Optimized
KPI
15.41
$40,500
$624,100
Paid ads grouped properly; small optimizations recommended
ROAS Improved 16.5%; revenue increased 16.8%
New ROAS |
15.41 |
Monthly Budget |
$40,500 |
Monthly Revenue |
$624,100 |
Channels |
Paid ads grouped properly; small optimizations recommended |
KPI |
ROAS Improved 16.5%; revenue increased 16.8% |
Key Takeaways
Ensure that upper funnel paid ads are looked at in the holistic customer journey on the path to closed deals. It’s imperative that new prospects are brought in and moved along to closed deals.
It is important to measure 100% of touchpoints across all channels, or as close to 100% as possible – otherwise you can’t optimize between them.
ROAS, with actual expenses and revenue, is key to understanding the holistic view of how channels interplay with each other – even with direct or organic search channels (unpaid).
Attribution insights uncover opportunities to adjust ad spend, allocation, content, and messaging – to maximize ROAS and revenue.
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