We all like results. Whether it is completing a five mile run, finishing a crossword puzzle, or checking for conversions on your website, we love to look at the end result. While the end result and the metrics immediately around it are important, looking further up the funnel and determining metrics that can be indicators for success is extremely important.
(Yes, I am going to be speaking in generalities here. Higher funnel metrics differ from the type of campaign you are doing be it paid search, social, email, etc. If you don’t have your funnel figured out and all the measurable touch points, you need to take the time to do that first.)
By understanding these higher funnel metrics it will allow you to test more sources of referrals and determine if your money is being spent efficiently. Here is a process that I would recommend:
- Analyze: With any type of goal it is important to look at everything that goes into the accomplishment of that goal. When you begin to analyze everything up the funnel you can begin to see patterns on some of the higher funnel metrics and the success or failure of different campaigns. Take the time to isolate those patterns of success and failure.
- Understand: Make sure when you analyze these patterns you consider the differences of the referring source. The predictors of an email campaign versus a Google Adwords campaign versus a StumbleUpon campaign are all vastly different. Try to look for commonalities within certain campaign groupings.
- Test: Once you have analyzed and determined patterns begin to test out your hypothesis and truly see if they are indicators for success. Redo older campaigns and see if the changes lead to better performance.
If you see these defining indicators proven out, create new campaigns and use these early indicators as benchmarks to success. If you see a campaign failing based off of these higher funnel indicators, pull them and save yourself some money.