Preparing for a sale in Rockerbox
When preparing for a sale, you can leverage Rockerbox to optimize your sale budget and strategy so to maximize sales and conversions through high-volume traffic periods.
Questions to answer:
- How to identify top performing channels?
- How to analyze each channel’s effectiveness in different parts of the conversion funnel
- How to identify overlap and standalone channel performance?
- How to identify and understand the most common conversion paths?
Identifying top performing channels
- From the Cross Channel Attribution Report, review the ROAS and/or CPA of all of your channels, tactics and campaigns for the past 30 days.
- Repeat this for the past month, quarter, the same time in previous years and during previous sales periods
Analyze channel effectiveness in different parts of the conversion funnel
- From the Funnel Position Report, filter for new customers only and sort by % First Touch to identify the best prospecting channels.
- Then filter for repeated customers only and sort by % First Touch to identify the best remarketing channels.
- Then filter for all customers and sort by % First Touch to identify the best converting channels.
Identify overlap and standalone channel performance
- From the Channel Overlap Report, select through each of your channels to identify where each channel has a high percentage overlap with another channel to identify channel overlap
- Then repeat the same review to identify channels that have low percentage overlap with any other channels to identify your best standalone channels
You can repeat this process for all, new and repeated customers to identify channel overlap and standalone channels for different customer types.
4. Identify and understand the most common conversion paths
- From the Marketing Paths Report, select the channels and combinations of channels that you want to analyze and review the Summary Stats to see the Time to Convert, Average Order Value, and Average Number of Touchpoints to inform your sales budget and strategy
- Then scroll down to review the Paths Breakdown for each channel and combination of channels that have been identified above review the most common paths to conversions of your customers
Other considerations
- Align with strategy - To align with our strategy, we need to focus on channels that match our goals. If our objective is to acquire new customers, we should concentrate on channels that are effective at reaching and converting new audiences. Conversely, if our aim is to maximize efficiency, we should prioritize channels with the highest ROAS and lowest CPA. By tailoring our approach to these specific goals, we can ensure that our marketing efforts are both targeted and cost-effective.
- Choose when to increase spend in each channel - To optimize our marketing efforts, we should strategically choose when to increase spending in each channel. By performing a time-to-convert analysis using Marketing Paths for each channel, tactic, and part of the funnel, we can align our spending increases with the expected time to convert. This ensures that our investments are timed for maximum effectiveness, enhancing our overall return on investment.
- Be patient with results - It’s important to be patient with results, especially when increasing spend. Initially, we might see a temporary dip in performance due to diminishing returns, where the efficiency of each additional dollar spent decreases. Additionally, there is often a time lag between when we increase spend and when conversions start to materialize. Understanding these factors helps set realistic expectations and encourages persistence through the initial performance dip.
With these strategies in place, you’ll be well prepared to maximize sales and conversions through high-volume traffic periods.