4 ms·
I mean, you don't need too many stat techniques for basic tracking: 1) Set up Facebook pixel on your checkout thank you page + collect referral into into a dat
by cm2012 8y ago
I mean, you don't need too many stat techniques for basic tracking:
1) Set up Facebook pixel on your checkout thank you page + collect referral into into a database.
2) Spend $1,000
3) See how many purchases Facebook reports came from Facebook, check out how many sales you get recently have the Facebook referrer.
4) Repeat if sales revenue > $1,000.
This is obviously the simplest use case possible, but there you are. It's pretty reliable.
- tomrod 8y agoThis is missing some testing. In multichannel environments you have the potential for multiple touches, as well as baseline if your company is large enough. For example, a traditional product like cars: you have a baseline of folks who come in, and then you have (ideally addtional/higher rate of) folks that come through the digital channel, such as engaging an online salesperson. Do the digital channels generate a higher rate of purchase than the baseline channel? If so, is the lift statistically significant? These are what I mean. Revenue moving through a digital pipeline could be because people happened to fall into that bucket but were already going to purchase anyway. In other words, some of the $1000 went to non-incremental marketing. The goal is to make sure the incremental marketing exceeds the spend.
- sib 8y agoI guess for (4) you mean, "repeat if [attributable] _profit_ increase [vs control] > $1,000"? Not much point in driving $1,000 in _revenue_ with $1,000 in marketing spend unless your margins are 100%.