Final Lap. Or is it? — CXL Institute review.
Not everyone is born with a silver spoon. Some are born with a bronze spoon, another an iron spoon, some plastic spoon, and others aren’t born with any spoon at all.
That’s life. We don’t get to choose who our parent will be, where we will be born, or which skin colour we will have. Life is a race. But unfortunately, not all of us start from the same starting point. A lot of people have an edge in the race because of their nationality, background, family history, skin colour, etc. While most people had to struggle with the hand life dealt them. Growing up in a developing country — which to me I think it’s a fancy name for “underdeveloped” — has taught me a whole lot about resilience and grit.
It has taught me that I might not have been born with a silver spoon but I can still make a difference. It will take extra work, push and motivation to continue even when life knocks me down, but I should still move on. I will love to have enrolled in the best school to get the best training, but life has handed me another hand. It wasn’t what I wanted but I sure will do my best to be outstanding in that school and to learn diligently so I can compete in my field. You might not have control over where you were born or the financial state of your family but you can have a say over how your life will be.
You are permitted to Start small but never permitted to end small. You didn’t get a silver spoon but you can sure as hell make sure your children are born with it.
That’s why I was excited to get this scholarship from CXL Institute. Its been 3 months and its been an amazing journey. I have learnt a lot.
I have always been fascinated by the world of digital analysis. And I am glad I took the Digital Analytic mini degree program. Courses covered were; Google Analytics(beginner and intermediate), Google Analytics Audit, Conversion opportunity with Google Analytics, Google data studio, Big Query, Facebook Analytics, Google Tag Manager(beginner, intermediate and advance), Attribution.
During these three months, I have learned how to analyze, detect, and interpret data. And most especially how to bring out business opportunities from my data.
It is vital to know the full picture of your customer journey both offline and online. This will help you to better understand your current and potential customers.
Let’s talk about a concept that will help you better understand your customer's journey.
Attribution
What is marketing attribution?
It is understanding the context behind the data gotten. Understanding the journey of a user moving from a prospect to a buyer of your product or services. Attribution can also help you to know the lifetime value of your customers.
Customer journey is the process a customer or prospect goes through to achieve a goal with your company. The goal can be an eCommerce purchased, blog view, lead generation etc.
Let’s say you carried out CPC campaign for your organization. A user then clicks on the campaign to your website but did not convert, then a week later, see your social media post linking, to your website interacted with it then leaves but later come to your website through a direct link.
Since Google Analytics uses last nondirect click by default, it tells you that a user came to your website through social media and purchased from you. What it doesn’t show you are the activities that happened earlier on that caused the user to actually buy from you. Getting half information can make you carry out the wrong strategy like diving all into social media marketing and forgetting about PPC and email marketing.
There are on the average 4 touchpoints that are shown in the attribution model.
An attribution model is a rule or set of rules, that determines how credit for sales and conversions is assigned to touchpoints in conversion paths. For example, the Last Interaction model in Analytics assigns 100% credit to the final touchpoints (i.e., clicks) that immediately precede sales or conversion.
Types of attribution model
In the Last Interaction attribution model, the last touchpoint—in this case, the Direct channel—would receive 100% of the credit for the sale.
In the Last Non-Direct Click attribution model, all direct traffic is ignored, and 100% of the credit for the sale goes to the last channel that the customer clicked through from before converting—in this case, the Email channel.
In the Last Google Ads Click attribution model, the last Google Ads click—in this case, the first and only click to the Paid Search channel —would receive 100% of the credit for the sale.
In the First Interaction attribution model, the first touchpoint—in this case, the Paid Search channel—would receive 100% of the credit for the sale.
In the Linear attribution model, each touchpoint in the conversion path—in this case, the Paid Search, Social Network, Email, and Direct channels—would share equal credit (25% each) for the sale.
In the Time Decay attribution model, the touchpoints closest in time to the sale or conversion get most of the credit. In this particular sale, the Direct and Email channels would receive the most credit because the customer interacted with them within a few hours of conversion. The Social Network channel would receive less credit than either the Direct or Email channels. Since the Paid Search interaction occurred one week earlier, this channel would receive significantly less credit.
In the Position Based attribution model, 40% credit is assigned to each the first and last interaction, and the remaining 20% credit is distributed evenly to the middle interactions. In this example, the Paid Search and Direct channels would each receive 40% credit, while the Social Network and Email channels would each receive 10% credit.
Different types of conversion
Micro conversion: A micro conversion is a single action taken by a visitor toward completion of a primary conversion goal (referred to as a macro conversion). Micro conversions are typically things like newsletter signups, adding products to a cart, or downloading lead magnets.
Macro conversion: Macro conversion is the primary conversion on a website, for example, a completed sale on an eCommerce site or a completed lead generation form. A micro conversion relates to smaller engagements such as a newsletter sign up or a user watching a product video. Micro conversions can often precede the macro conversion.
Last Words
The CXL Institute is like no other. If indeed you want to be among the 1% of the 1% top marketers then you need to take their mini degree program. Their lessons are top notch with good video quality which is a bonus for me doing digital analytics course. It has been an amazing experience and I am grateful every day for being a part of the alumni community.
Their weekly blog post update has really taught me to be consistent and i hope to remain consistent in writing even after this program. Thank you very much CXL Institute for this learning privilege.
