The Wicked Reports onboarding & consultation process has a goal of ROI on your Wicked Reports investment within 90 days. This goal needs modest effort and focus from both our customer and our team. Our framework has 4 Wicked Success Phases.
- Revenue Insights
- Attribution Health
- Attribution Insights
The speed in which the phases are reached depends on your situation. Factors that affect phase progress include:
- MarTech complexity
- Integrations – are they native to Wicked Reports or require API?
- Daily sales transaction volume
- Customer Conversion Funnel considerations
- Speed & availability of your team
Here is what you can expect from each Wicked Success Phase.
Phase 1: Integration
The integration phase can last from 1 hour to 1 month…seriously. If you have native integrations with Wicked Reports, can deploy your tracking script to your entire MarTech stack easily (such as with Google Tag Manager), and can add tracking to your Google, Facebook, and Email channels quickly, this phase can be completed on the 1st day of signup.
Longer integration phases occur when you need to use the API for your custom system, or the tracking code has to be manually pasted in a variety of MarTech solutions, or your funnel requires custom event setup (uncommon). We have experience with over 100 longer integration phase projects, it is not a concern and works out fine, as long as you understand and can accept this.
The most important thing during phase 1 is to deploy and verify the tracking script as fast as possible. Even if one of your integrations takes time to complete using our API, Wicked can be collecting tracking data for future attribution once integrations are completed.
Phase 2: Revenue Insights
Wicked Reports provides a variety of revenue & order insights that do not require tracking and attribution. Once your CRM and Order data has been authorized and integrated, Wicked runs various algorithms connecting the CRM and Order data. These algorithms inform you of such as things as:
- What day of the week are your customers most likely to buy?
- When are your customers most likely to buy in a given day?
- How long does it take a lead to become a customer on average?
- What is the lifetime value of your customers acquired in a given month?
- How long does it take to realize increased value from 1st time buyers?
- Do customers who purchase a certain product become more valuable over time?
- When I do a free/discounted trial product, does it lead to higher value?
These revenue insights can be found using the following reports: Predictive Behaviors, Cohort, and Value over Time.
These reports use historical CRM and order data, so you can get many answers before Wicked Reports has even tracked one click!
Phase 3: Attribution Health
The goal in this phase is to track as many orders as possible. Each attribution model, by both design and depending on your marketing strategies, will have varying degrees of success attributing your orders. We determine your Attribution Health using a metric called Attribution Coverage. Attribution Coverage is the % of orders we are able to track for a given attribution model.
Some online customers, such as those using Shopify exclusively as their Order system, are able to track a high % of orders very quickly. Others, with offline sales processes that require manual CSV import or other delayed revenue processes, will proceed a more slowly in this phase.
Phase 4: Attribution Insights
When tracking is setup, you can get attribution insights from our cross channel last click attribution model. The other attribution models accumulate data over time. It is best to reserve attribution judgment on campaigns until a full buying cycle has been completed.
At that time, you can get answers to questions such as:
- What first clicks leads to buyers?
- What lead gen campaigns lead to buyers?
- What paid campaigns targeting my email list to re-engage lead to buyers?
- Which campaigns are making or losing money?
At this point in your attribution journey with Wicked Reports, you should be able to recoup your annual investment in Wicked Reports through costs savings and/or revenue increases.