Hi,
How is your company dealing with economic uncertainty?
Speaking with our clients, I find that some companies are quick to reduce budgets, whereas others will try to make the most out of the existing ones.
Whether your company is acting similarly to the former or the latter, in this age of uncertainty, marketers need a strategy to protect their budgets and, with it, their results.
At Optimove, we build capabilities to empower marketers to do exactly that – from measuring the incremental lift of each campaign or journey to optimizing marketing strategies for the highest impact.
In this edition of the Product Magazine, I would like to introduce you to Optimove’s new testing, measurement and optimization capabilities that will allow you to prove your marketing value, increase efficiency and evaluate your budget across different KPIs.
Cheers,
Shai Frank, VP Product
Testing Different Streams with Multiple Treatments
You created the perfect Stream, tying together all touchpoints into a cohesive customer experience, and it works pretty well. What if I told you, you could get better results just by testing more treatments against one another, or against a super control group?
Similar to individual A/B/n campaigns, you can now use Streams to test up to four different treatments for the same target group, in addition to a “super control group” – to identify the one that generates the highest uplift. For example, you can evaluate the performance of a single-channel approach using only email, as opposed to a multichannel one, using both SMS and email, or a combination of digital ads, email and SMS.
Never Miss an Important Business Metric
Many times, marketers define an objective or a campaign or a journey, and then measure the performance of these campaigns to try and maximize the impact on these objectives.
But sometimes optimizing one metric may unintentionally hurt other metrics. For example, when trying to maximize the number of orders or deposits, you may realize that the average order/deposit amount goes down. And it may be perfectly fine – as long as you are aware that this is what’s happening.
This is why you can now evaluate how each treatment is performing against all of your KPIs – to make sure that you are not hurting one while improving the other.
Discover the Most Influential Touchpoint
If you are an avid reader of the magazine and our blog, you already know how we feel about attribution – there is no reason to limit CRM marketing to traditional last-touch attribution.
Optimove’s multi-touch attribution model measures the impact of each touchpoint and the aggregate impact of the entire Stream.
How do we do that? By using two levels of control groups to measure incrementality:
- Control group for the entire treatment, allowing us to measure the uplift of the entire Stream
- Control group for every campaign within the Stream, allowing us to measure the relative uplift of each campaign
Let’s look at an example – let’s say I created a Stream with one treatment of three campaigns (A, B, C), and a “control” treatment. When measuring the entire Stream against the control treatment, we found that this Stream resulted in a $67,000 incremental lift.
Now, we would like to understand the contribution of each campaign within this Stream. So we would first calculate the uplift of each individual campaign:
- Campaign A resulted in $17,000 uplift
- Campaign B resulted in $25,000 uplift
- Campaign C resulted in $10,000 uplift
And then calculate the relative contribution of each campaign to the overall uplift of the Stream:
- Campaign A: 25% ($17,000/$67,000)
- Campaign B: 37% ($25,000/$67,000)
- Campaign C: 15% ($10,000/$67,000)
By understanding the relative contribution of each campaign to the overall result of the stream, marketers can optimize their plans and efforts in ways that previously relied on a lot of guesswork.
We are currently rolling out multi-touch attribution to all clients – look for it on the new Stream Analysis page.
From our blog
How Long Should Your Post-Purchase Marketing Journeys Be?
We compared the performance of short vs. long PPJ for one of our retail clients. Here’s what we learned and how to DIY.