Indirect Conversion Tracking and Why You Need It
When your company uses tactics like offering incentives and promotional packages in a marketing and sales campaign, tracking consumer conversions and actions is usually straight forward and simple. You look at metrics around revenue, transactions, individual response rates, and who and who is not receiving incentives.
However, more and more channels and campaigns means that your consumers have more and more options to convert outside traditional trackable methods. So, how does your company keep everything straight? Are there non-tangible actions that should be included?
Put yourself in a consumer’s shoes: how many ads have you seen, but did not take action on due for whatever reason? How many times did you eventually purchase that product or service that was advertised to you through a different channel but because of that original ad’s influence?
By utilizing this type of indirect action and conversion tracking, your company can be one of the pioneers to take human nature into consideration for your marketing and sales efforts.
What to Include in Indirect Conversion Tracking
Once you make the choice to invest in indirect conversion and action tracking, it is also important to understand what to include and measure. The following metrics should be considered and applied as appropriate to your company and marketing goals:
- Who your consumers are since data and analytics are all about tracking who the actual people taking actions are and not just the actions they take. Therefore, it is key to track consumers and who they are, how they engaged with your company, and the other areas they interact online. This could include new customers, highly engaged customers, and the most influential customers in your base. This way you can see how consumer’s external behaviors affect how they interact with your company.
- Specific indirect actions and conversions and what happened before and after that one action. This could include where a consumer found your company website, how often they tag themselves at your store or service center, and what content they have viewed from your company. It is also very useful to track total indirect actions as well as conversion rates.
- What content is shared and its impact on consumers. While your company may not currently have content for consumers, like a blog, newsletter, or weekly emails updates, it is something your company absolutely should be doing. If your goal is to attract new customers or to engage current ones, then tracking simple online page views is useless since you don’t know what excited them. Your company needs actionable data and to get it you need content.
Without including both direct and indirect conversion tracking and data analysis, companies will never be able to make informed decisions on strategy going forward.
Why Your Company Needs It
Your company needs to invest resources into truly understanding all aspects of consumer experiences and how your advertising tactics affect their actions. You can now take into consideration that sometimes a consumer is influenced by several channels but may choose just one to complete the CTA (call-to-action). One example could look like this: consumer A sees your company as a sponsored ad for a product she is interested in. She then goes to your website but gets distracted and does not complete any actions. Then, a few days later she sees an ad for your company in a magazine and goes back to the website to buy the product. She purchases the item and then is offered a gift card if she adds one more item to the cart. She completes the transaction. This consumer is influenced by several key tactics here and is upsold on a new item because of it. Your company has a new customer and new revenue because of this.
Now, imagine if you company had missed one of these impressions because it had not considered indirect tracking? It could have cut budget from one of these channels and missed this new customer. If this happens again and again, it could significantly alter your company’s bottom line.