Welcome back, Marketers!🙌😍

 Today in Wednesday's edition, we dive into the world of "Multichannel Attribution," helping you understand the metrics behind successful marketing campaigns. Just like tracking points in a basketball game, we'll show you how to evaluate your marketing channels' performance and navigate the challenges.

You'll also discover essential lead generation KPIs, key metrics for boosting sales, and how to create immersive experiences through interactive video marketing. Stay informed and ahead of the game in the ever-evolving world of marketing. 📊🚀🎥

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Multichannel Attribution: Understanding the Metrics Behind Successful Campaigns📈🔀

7 Crucial Lead Generation KPIs and Metrics🔊📊

How to Build Immersive Experiences With Interactive Video Marketing 🎥🚀

Hire the Best Talent For Your Company Using SCALIS: AI-Driven Hiring Solution

Top Reads📚 

HTE Job Board- Get Your Dream Job With a Click✨💼

Multichannel Attribution: Understanding the Metrics Behind Successful Campaigns📈🔀

Multichannel attribution is a way to figure out which marketing channels are working for us. Imagine you're playing basketball, and you want to know which player scored the most points. It's like that but for marketing channels.

Multichannel attribution has become super important because now we use many different platforms for marketing. We're not just sticking to one channel; we're combining search, social media, email, and more. In fact, 75% of companies use multichannel attribution to see how well they're doing.

Challenges in Multichannel Attribution 😓

Using multichannel attribution isn't always easy. It's like trying to keep track of a basketball game where the players keep switching teams and playing on different courts. Sometimes, we count points twice, which can be confusing. This means that if you want to be good at 

using multichannel attribution, you need to be skilled and experienced.

Important Numbers to Know 📈

To make the most of multichannel attribution, you need to understand a few important numbers:

• Customer Lifetime Value (CLV): This shows how much a customer is worth to us over time.

• Conversion Rate: It tells us how many people are doing what we want them to do, like buying something.

• Cost per Acquisition (CPA): This shows how much it costs to get a new customer.

By looking at these numbers, we can see which marketing channels are doing well and where we should focus our time and money.

Tools and Tech Stuff 🛠️

When it comes to using multichannel attribution, you can use different tools. Some popular ones are:

• Google Analytics: It's easy to use and great for small to medium-sized businesses.

• Adobe Analytics: It's more complicated but offers a lot of options for big companies.

• HubSpot: This is good for inbound marketing and has some cool features.

The tool you choose depends on your budget, team size, and how much data you want to dig into. Don't forget to think about how things might change as your business grows.

Different Ways to Track 🧩

There are different ways to track what's going on with multichannel attribution. Here are some of them:

• W-Shaped Attribution: This one looks at three main parts of the customer journey – when people first hear about a product, when they become interested, and when they finally buy. It gives credit to all three of these parts equally.

• Multi-Touch Attribution with Revenue Weighting: This one not only looks at the different parts but also how much money we make at each stage. It's super useful for big businesses with long and complicated sales processes.

• Algorithmic Attribution: This is like using smart computers to figure out what's happening. But it needs a lot of data and powerful computers, so it's mainly for big companies.

Choose the way that works best for your business.

What to Do Next 🚀

Using multichannel attribution isn't the end of the story – it's just the beginning. Here's what you should do:

• Use the information you get to make changes. If emails are working well, put more effort into them. If something isn't working, don't be afraid to stop doing it.

• Keep testing different things to see what works best. Try changing things a little bit and see if it makes a difference.

• If you find a marketing channel that works really well, think about how you can use it more. But be smart about it – don't spread yourself too thin.

In a world where everything is connected but also kind of confusing, multichannel attribution is like a guide that shows us the way. By using the right numbers, tools, and methods, you can find the path to marketing success.

Hire the Best Talent For Your Company Using SCALIS: AI-Driven Hiring Solution

The first-ever fully-integrated ATS & job board powered by AI - matches qualified candidates to the right companies.

I scaled my e-commerce agency Electriq to 50 employees in 3 years and a successful exit, but I experienced hands-on the horrible inefficiencies that e-commerce businesses face when it comes to finding and hiring talent. I’d post a job on Linkedin for a Shopify developer and get 500+ applications, but at most, 5 of those candidates had even logged into Shopify!

While at Stanford, my brother Parker signed up for LinkedIn, ZipRecruiter, Indeed, and all of your standard job boards. To date, he has yet to receive a single recommendation that he is even remotely qualified for. His inbox is littered with CMO positions and other unqualified roles, such as air traffic controller!

So, after selling my first business last year, we set out to try and find out why job boards don’t work. After our research, we realized just how large of a gap there is in the market, and SCALIS was born.

7 Crucial Lead Generation KPIs and Metrics

1. Number of Leads Generated ✅

The Ultimate Goal: Generate as many leads as possible

This metric is the foundation of your lead generation efforts. It helps determine if you're on track to meet your quotas and keep your business thriving. Remember, it's not the quantity but the quality of leads that truly matters.

1. Conversion Rate

The Key Metric for Sales

What It Measures: The percentage of leads that convert into sales

A high conversion rate is a reason to celebrate, indicating strong lead nurturing and deal-closing skills. Conversely, a low conversion rate highlights areas that need improvement in your sales process or further training.

1. Average Deal Size 📈

Measuring the Value of Each Sale

Calculating the average deal size can reveal your proficiency in upselling and closing larger deals. A higher average suggests success in these areas, while a lower average may prompt you to reevaluate your target audience and ideal customer profile.

1. Sales Cycle Length

The Time it Takes to Close Deals

A shorter sales cycle indicates efficiency in moving leads through the process. A longer sales cycle doesn't necessarily mean you're doing poorly but may suggest that you're engaging with prospects who aren't the right fit for your business. Effective lead qualification can help streamline this.

1. Lead Response Time 🔥

How Fast You Respond to Leads

Responding promptly to leads is crucial. According to statistics, quick responses lead to better results. Responding within an hour makes you 7 times more likely to have a meaningful conversation with a decision-maker. Keep in mind, that emails are valuable, but don't forget the power of a phone call!

Here are some fun stats about lead response time to show just how effective being speedy is:

• 82% of consumers expect responses within 10 minutes.

• The optimal time to respond to a lead is within 5 minutes.

• Salespeople who respond to leads within an hour are 7x more likely to have a meaningful conversation with a decision-maker.

1. Customer Acquisition Cost (CAC)

Calculating the Cost of Acquiring New Customers

Keeping your customer acquisition cost low is essential, as you want your customers to provide a healthy return on investment. Don't spend excessive time and effort converting low-paying clients if the results aren't worth it. This should influence your lead prioritization strategy.

1. Customer Lifetime Value (CLV)

Measuring the Total Value of a Customer's Lifespan

High CLVs in your sales pipeline indicate that you're successfully identifying and closing high-value customers. Conversely, a pipeline filled with low CLVs may require reevaluating your sales process and target market.

Choosing the Right Lead Generation KPIs

When it comes to selecting the best lead generation KPIs for your sales team and business, there is no one-size-fits-all solution. Your choices should align with your product, target audience, and sales strategy. Here are some factors to consider:

• If your product is high-priced, you can be more flexible with your customer acquisition cost, as the return on investment is likely to be substantial.

• If your product is a one-time purchase, the customer's lifetime value may not be as significant in your sales plan.

• If your ideal customer profile includes smaller companies with limited budgets, the average deal size may be less critical to your strategy.

Remember, quality leads always trump quantity. Ensuring your leads are a good fit for your business is paramount. Keep up the great work, and success will follow! 💼🚀

How to Build Immersive Experiences With Interactive Video Marketing 🎥🚀

Video advertising is rising, and advertisers are constantly looking for new ways to make their ads more engaging. According to a study by Omdia, online video advertising is expected to generate a whopping $362 billion in global revenue by 2027. So, how can you make your video ads stand out? Well, the answer might lie in interactive video ads. 🌟

Enhance Your Video Ads with Interactivity 📺💬

Interactive Video Ads are a special type of video advertisement that lets viewers actively engage with brands while they watch content on their devices. This means viewers can interact with the ad by using their remote control, talking to a smart home device, or scanning a QR code with their smartphone. Many people watch videos on connected TV (CTV) devices, like gaming consoles or smart TVs, which presents a golden opportunity for advertisers to add interactive elements to their videos. Amazon Ads provides various creative options for creating these interactive video ads. 📱🕹️

Why Choose Interactive Video Ads? 🌟🛒

Interactive video ads can significantly boost your brand's awareness, favorability, consideration, and purchase intent. Philips One Toothbrush, for example, added an interactive element to their video ads, allowing viewers to shop, add products to their cart, and even buy featured products using their voice or remote control. Smartwater used a call to action (CTA) in their interactive video ad on the Freevee app to let viewers add products 

to their cart or make a purchase. 🛍️🔥

The Benefits of Interactive Video Ads 📈🤩

Here are some of the benefits you can enjoy by using interactive video ads:

1. Positive Brand Lift: Interactive Video Ads have been shown to provide a +1.3x boost in positive brand lift compared to traditional video campaigns without interactivity. 👍🚀

2. Improved Brand Awareness and Recall: Interactive ads help people remember your brand and products better. 🧠📣

3. Enhanced Consideration: These ads can lead to stronger consideration from potential customers and might even increase shopping actions. 💭💼

4. Higher Interaction Rates: Interactive Video Ads with a "Shop Now" CTA outperformed the detail page view rate of non-interactive video campaigns by +2.2x. 📊🤝

Best Practices for Interactive Video Ads 📋📈

Consider Ad Duration: Longer ads, around 30 seconds, tend to perform better than shorter 15-second ones, delivering an average interactivity rate of +2.4x. As more advertisers experiment with interactive video ads, we'll gather additional insights to refine best practices further. 🕒📈

Interactive video ads offer a unique way to engage your audience and stand out in the competitive world of video advertising. So, consider adding interactivity to your video campaigns and stay ahead of the game. 🌟

Top Reads📚

Meta introduces ad-free subscriptions for social apps in response to European data rules ~ 31 October 2023, Business Of Apps 

Disney+ enhances ad-supported tier with advanced features ~ 31 October 2023, Mobile Marketing Reads

Australia's Treasury Wine tests tricky US market with $900 mln purchase ~ 31 October 2023, Reuters

Alo Yoga Parent Seeks Investment at $10 Billion Valuation ~ 30 October 2023, Reuters

With $2.5B in sales, U.S. Polo Assn. is trying to make the posh sport more approachable  ~ 31 October 2023, Reuters

HTE Job Board- Get Your Dream Job With a Click✨💼

Welcome to the HTE Job Board. We connect talented individuals with exciting career opportunities. Browse through our latest job listings and find the perfect match for your skills and aspirations. 

📢Marketing Manager

📢Marketing Designer, Advertising and Creative Operations – Random House (Open to Remote)

📢Head of Brand Marketing

📢Email Marketing Strategist

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Phew! That was a lot, right? But hey, knowledge is power🌟. We hope this edition gave you some insights and maybe even cleared up a few doubts.

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