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In episode #667, Eric and Neil discuss which channels are causing your sales. Tune in to hear how you can track this information.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: What Marketing Channel is Really Causing Your Sales?
- [01:03] If you are direct-response marketing, using Wicked Reports can help you succeed.
- [01:20] Wicked Reports will find out when your leads opted in, took actions on your website, and will track how profitable that lead became months down the line.
- [02:02] Google Analytics also has multi-channel attribution.
- [02:27] When thinking about multi-channel attribution, you will find that some channels drive the majority of your revenue. However, marketing is all about the rule of 7.
- [03:30] You can’t always put a price on good will. Some of your social media work won’t show up in analytics.
- [04:20] Segment will take your data points and push it to your CRM.
- [04:46] That’s all for today!
- [04:49] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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The post What Marketing Channel is Really Causing Your Sales? | Ep. #667 appeared first on Marketing School Podcast.
Full Transcript of The Episode
Eric Siu: Welcome to another episode of Marketing School. I'm Eric Siu.
Neil Patel: I'm Neil Patel.
Eric Siu: Today, we're going to talk about what marketing channel is really causing your sales. This is a problem I hear from a lot of people. I'll get emails, I'll get Slack messages from people, “Eric, how do you go about handling attribution?” We're having this attribution problem right now because people have traffic coming from all these different sources, everywhere. How do you wrangle all the data to make it, well, really fair for you to access where you're getting most of your marketing ROI from? I don't know if we want to jump straight into the solutions. Do you have any thoughts around it before we do?
Neil Patel: No. Let's get into solutions.
Eric Siu: All right. Here's some solutions around it. The one tool I've been talking about, if you are, let's say you're a direct response marketer, you're selling info products, you are selling software, using a tool like Wicked Reports can help you. Wicked Reports will basically take the data that you have coming in from AdWords, from Facebook, and then the email service provider that you have. An easy way to describe this is an example. Let's say for example I am paying money on Facebook for an email, and basically, I'm also paying money on AdWords and YouTube as well.
What Wicked Reports will do is they're going to find out exactly when that lead opted in, when they took actions on the website, and then maybe six or seven months down the road, how profitable that lead became. It's not just last click attribution, you are looking at the entire funnel and the entire lifecycle of that lead. Wicked Reports is actually tracking the whole thing. That's not the end all be all solution. This is just a simple solution for a lot of you that are doing info products or affiliate marketing or doing software marketing as well. It also tracks CallRail too.
Neil Patel: Google analytics also has multi-channel attribution. It's a free tool. You guys can use it. Most of you guys don't customize or setup Google Analytics. There's a lot of articles online, like if you just google Google Analytics multi-attribution, how to set it up, how to use it, it will walk and break you down or it will walk you through and break down everything you need so that way you can get the most out of GA. In addition to that, when you're thinking about multi-touch attribution, you're going to fin that some channels drive majority of your revenue, and you're just going to be like, “These other channels suck. I see very little revenue coming from them.” But you have to keep in mind marketing is all about the rule of seven. Someone sees you seven times, they're much more likely to convert into a customer.
I bet, if Eric looked at his GA or whatever tool he's using for reporting, because I bet it's the same as me, in which, if he looks at the stats from videos and how many sales are being generated from his videos or how many leads, it's very little. But if you look at what people are seeing, because I bet you the videos are somewhat middle of the funnel, yes, they're not coming for first seeing the videos, right, finding it on YouTube or Google or whatever it may be. But they land on the site, they may read some articles, they may come back, they may end up watching one of his videos on his site or the social web. They build that personal connection with Eric, and then later they may come back through Google AdWords or whatever it may be and then convert into a customer. When you're doing multi-touch attribution, keep in mind, you can't always put a price on goodwill, and some of the stuff that you're doing on the social media sites won't show up in your analytics, and it never will.
Eric Siu: I think the easy way to describe this is when you're playing basketball. It's not just one person doing all the work, you're passing the ball around. Let's look at the Cavs for example right now because they're in the finals with the Celtics, right? People need to get LeBron the ball, but there's got to be ball movement, right? There's assisted conversions all the time that you should be looking at in Google Analytics. Now, what you can do, and Neil is right, you can't track everything. For example, it's really hard for us to attribute podcasts. Did you listen to a podcast and did you also watch a video as well? Then, did you take this action? You're not going to be able to get that granular.
But, you can also use a tool called Segment.io. Segment will basically take a lot of your data points that you have together and basically push it into your CRM. There's a lot of fragmentation with all these different tools right now. People are using different sale stacks, different marketing stacks out there. But, check out Segment.io. It might actually help what you're trying to do. Show it to your developers, and then from there, it might make your life a lot easier because it can push a lot of this data into Analytics, it can push it into your email service provider as well. Neil, anything else?
Neil Patel: No. That's it from my end.
Eric Siu: All right. That's it for today. But, go check out our marketing tools to grow your business at singlegrain.com/giveaway, and we'll see you tomorrow.
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