Campaign evaluation is a crucial step in the marketing process to determine the effectiveness of your campaigns. At GrowthLoop, we understand the importance of gaining insights from your marketing endeavors. That's why we offer a powerful Automated Campaign Evaluation Service, allowing you to not only assess your ongoing campaigns but also retrospectively measure their performance. In this guide, we will explore into what this service entails, its benefits, and provide you with a detailed, step-by-step tutorial on enabling Campaign Evaluation to elevate your marketing strategies.
What is Campaign Evaluation?
Campaign evaluation involves assessing the performance and impact of your marketing campaigns. It helps you answer questions like:
- Did my campaign lead to increased sales or conversions?
- How much revenue did my campaign generate?
- Would customers have made purchases without the campaign?
GrowthLoop's automated campaign evaluation service allows you to perform statistical A/B testing, helping you compare the behavior of a treatment group (those exposed to your campaign) with a control group (those not exposed to the campaign) to measure the true impact of your marketing efforts.
Why Use Campaign Evaluation?
GrowthLoop's campaign evaluation service offers several advantages:
- Automation: The service is fully automated, eliminating the need for manual intervention.
- Data Warehouse Compatibility: The service is compatible with various data warehouses, making it adaptable to your specific infrastructure.
- Cost-Effective: It offers cost savings as it only evaluates audiences when explicitly activated and for a specified time period.
Understanding Metric Types
Before diving into campaign evaluation, it's important to understand two types of metrics:
- Count Metrics: These metrics count specific actions taken by customers, such as the number of customers who attended an event or made a purchase. It focuses on conversions.
- Sum Metrics: These metrics measure the total value of specific actions, such as the total revenue generated from purchases. They detect uplift rather than conversion.
Enabling Campaign Evaluation
Here's a step-by-step guide on how to setup Campaign Evaluation using GrowthLoop:
Note: Contact your Solutions Architect Manager to enable Campaign Evaluation in your account!
Step 1: Make sure you have an exported audience with a treatment/control split.
To start the Campaign Evaluation process, it's essential to have an audience that has been exported and divided into treatment and control groups with some customers in each group. You can easily verify if you have such audiences by going to Audience Builder and checking your saved audiences on the home page. Look for audiences with a 'Status' of 'Exported' and a 'Treatment / Control' split that isn't 100%/0%, which indicates that there are customers in both groups.
Note: Learn how to setup a treatment/control split for an audience here.
Choose the dataset type Transactions or Events.
Choose the dataset and table that houses the metric you wish to evaluate. In this example, we will be connecting to the "total_spend" table, which holds the data pertaining to the total revenue generated from customer purchases.
Important — Next, label your data set by specifying columns such as:
- date of the transaction
- revenue
- unique identifier (e.g., transaction ID).
Finally, join the transaction table to your user table by specifying the join key and click Create.
Step 3: View the performance of your audience and understand if your campaign is working (or not!)
Navigate to the audience you want to analyze its Campaign Evaluation.
Select the Performance tab and specify the Evaluation End Date.
After the evaluation runs, select the metric in the Metric drop-down box and you will see the audience performance data.
The Performance graph serves as your portal into the GrowthLoop Campaign Evaluation. This graph provides a swift overview of the cumulative count of customers entering your audience over time. Additionally, it showcases the performance trend of the chosen Metric and Value Type over time.
Conclusion
GrowthLoop's automated campaign evaluation service streamlines the process of assessing the impact of your marketing campaigns. By enabling statistical A/B testing, you can measure the true uplift your campaigns generate. Whether you have treatment and control groups or not, GrowthLoop's service provides valuable insights into your marketing efforts, helping you make data-driven decisions and optimize your campaigns for success.
Have further questions regarding how the above graphs are generated or how GrowthLoop Campaign Evaluation works? Check out the Campaign & Audience Evaluation section in our Help Center or reach out to solutions@GrowthLoop.com to learn more!
