New feature in MarketHype: See how much sales your mailings generate!
5 October 2023 | New features
5 October 2023 | New features
Oh, how we've longed. And oh, how we've sketched ideas, created and refined. After several months of work, we can finally reveal what we've been working on. Are you ready for the big news? Fasten your seat belt, cause it's time to introduce our latest feature: Marketing Attribution!
Marketing Attribution is a kind of metric that you use to see which sales your marketing generated. It can be about learning more about what your campaigns have delivered, which marketing activities have gone well or less well, as well as which sales your ads have contributed to. With the help of Marketing Attribution, you can estimate the value of or ROI (Return on Investment) for, for example, your newsletters.
MarketHype is a system for marketing events and experiences. That said, MarketHype's Marketing Attribution feature is uniquely designed for you as a marketer in the experience industry.
With the feature, you gain an increased understanding of how your marketing activities contribute to your business's sales. How many concert tickets were sold via the newsletter? What was the average order value for your last SMS sending? And how many of your contacts clicked on that pre-visit automation where you suggested pre-ordering champagne for the room? You get all this and more with our new Marketing Attribution feature.
1. Sales generated by marketing activities
You look at a specific email, SMS or automation (SMS or email) to see what sales the individual marketing activity contributed to.
2. Event & production sales sources
You look at a particular event or production to see which marketing activities generated sales for the event or production. You also see a percentage breakdown of how the various mailings drove sales to the event or production.
In order for an e-mail, SMS or automation to be attributed to sales, it is required that:
... the mailing goes to a recipient in your contact list,
... the recipient opens the mailing or clicks on a link in the mailing, and
... the recipient completes a purchase.
The purchase that the recipient makes can never constitute more than one attribution. If several mailings are sent, in other words, only one of the mailings is attributed to sales, where the order is attributed to the last sent mailing (where the recipient opened the mailing and/or clicked on a link).
Example: You as a business send three different mailings within a week. The recipient opens all of the mailings, and chooses to make a purchase after the second mailing – before the third mailing has gone off. The sale is then attributed to the second mailing.
There are differences in how the attribution for SMS and email looks like in MarketHype. For SMS, sales from orders are attributed for 24 hours from when the SMS is sent. When it comes to email, sales are attributed from purchases for up to 7 days from when the email is sent.
The principle is the same for automations as for "regular" mailings that are sent manually.
Why should you really keep track of which sales your marketing activities generate?
With Marketing Attribution you learn more about what works and what doesn't. What drives sales and what makes recipients convert? With this kind of knowledge in the back of your mind, you can make smarter decisions about your marketing budget and, for example, decide whether to spend more or less on a particular channel. Cost-effective for the win!
What content engages customers? What messages get them to open, click, interact and buy? You will find out with the help of Marketing Attribution. You can then use information like this to further sharpen messages, timing and graphic elements for the campaign's.
If you have a firm grasp of the customer journey, which touchpoints the customers interact with and when they do so, you can create a personal customer experience that your contacts won't forget. Through relevant content, offers at the right time and enthusiastic added value, you get strong customer relationships that last a long time. Increased customer loyalty and likelihood of conversion, you get too!
If you use the information you get via Marketing Attribution in the right way, you can, in summary, make better decisions based on data. Decisions that lead to an optimized budget, sharper campaigns and enhanced customer experiences.