When companies plan their budgets, sometimes it seems as though they are throwing gum at a wall to see which flavor sticks. While this may be the only way they know, there really is a better way to determine where and how to plan for budgets using multichannel conversion data. With Google Analytics’s Multi-Channel Funnels, there are three key bits of information to help paint a clear picture of how and where to spend your marketing efforts.
- Determine where do current conversions come from and how did they get to the website. Are they coming from PPC? Organic search? Social? Referrals?
- Determine the reach and frequency of your remarketing campaigns by accessing the dates of conversion. When did the visitor first come to the website and how long did it take for them to convert? By looking at how long it took them to convert you can make your remarketing efforts more fruitful.
- Establish your conversion goals early. Collecting data over the course of time will help your understand where to add to existing budgets. Do you invest more in tried and true conversions or do you build strategies to increase underperforming channels? Do you want to continue spending big money on pay-per-click or change to a longer run tactic and build up the organic content on your website? Do you need to beef up your social media efforts? Is it time to invest in a solid content marketing campaign to drive traffic to your website?
So when that CEO comes into the office one day and announces “We should change the website to orange and let’s move the Buy Now button below the image.” First you can say “Well, that might be a great idea, but how about we test it first to see how the conversions respond?“
The meeting is adjourned and your team jumps through the A/B split testing hoops. Half the website served up is orange with the call to action under the product image. After 90 days, if those orange people aren’t converting, then this gives you the data driven information you need to go back to your CEO and say “this idea sucks and we have lost this much conversion!” Of course, this is a silly scenario, but this gives you an understanding of the decisions on what you do and don’t do to your website can drastically affect the conversions.
Test! Test! Test!
This is the information your company needs before you make plans for your marketing dollars. As you plan next years budget take a good hard look at your websites analytics and more specifically at your multichannel funnels for these key bits of information so you can make educated decisions that will be more fruitful than that gum idea.
Learn more about how digital analytics help you achieve success for your business!