Digital marketing forensics just keeps on getting better. A recent addition to the Google Analytics tool kit that exemplifies this improvement is Multi-Channel Funnels. With Multi-Channel Funnels you can now measure the effectiveness of each digital channel (and even off-line channels to some extent) that you use to reach audiences and drive them to conversion.
Conversions are (obviously) a wonderful thing. Like the high scoring star player on a soccer team they tend to be the focus of attention, while the other players who helped move the ball down the field often go un-noticed. Just like in sports there are often other players, or sources, that assist in achieving that coveted moment of conversion in digital marketing.
A coach of a sports team has an advantage. They can watch the conversion unfold, as the ball moves from player to player and finally into the goal. They can then watch films, to refine their game, utilizing successful plays more frequently and eliminating or refining less fruitful ones that waste time, effort and expense.
Digital marketers don’t have the luxury of watching a multi-channel conversion unfold in real time. But, Multi-Channel Funnels offer the digital marketer the equivalent of films in the coaching arsenal. Using Multi-Channel Funnels in Google Analytics reveals the traffic sources involved in your customers buying cycle.
(Graphic Source: Google Analytics > Multi Channel Funnels > Overview
In the image above, the Assist Interactions show the referring source of traffic to your website. These interactions could take place in a day or over the course of a month or even more. If your analytics and channels are set up appropriately, Multi-Channel Funnels will reveal pre-conversion touch-points in order and tell you when each one occurred. You can even see the Assisted Conversion Value (ACV).
What about those traffic sources that aren’t showing up very often in conversion paths? Should you ignore or do away with them all together? That depends. Let’s say that SEM is showing up somewhat frequently as an assist in your conversion paths, but organic search is failing you miserably. If the cost of SEM is disproportionately high compared to the ACV, maybe it’s time to consider investing in SEO to generate better organic results.
If you know the cost associated with the channel providing the assist then understanding the value of its conversion assist and the frequency with which it is appearing in different conversion paths gives you the ability to measure the return on investment for the different channels you are using or relying on. Now you can fine tune your playbook for greater success. Requesting, appropriating and justifying your marketing budget just got easier!
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Tags: Analytics, Erik Strout, Google Analytics
