What’s special about Wednesday? Not much. It means half the working week is over, and it’s never a holiday. Whether you call it Beersday, Burger Day, or Hump Day, Distil's Daily Insight will help focus your attention on marketing attribution.
This Daily Insight card presents our Funnel Analytics feature in an easy-to digest single view. We cover the basic concepts here, however if you want to dive into the detail then head over to our article on Funnel Analytics.
This Daily Insight gives you the inside track on a key sales segment: new customers, those who’ve entered your marketing funnel for the first time this month. The card gives a snapshot of key metrics such as Lifetime Value (LTV) and average order value for each of your marketing channels.
We then go on to visualise your marketing funnel, including key metrics such as conversion rates, revenue and of course marketing attribution. This gives you and your team the long view on the effect each new Customer has on LTV and other key metrics.
You will need to have installed Tracking in order to gain the most useful insights from this card.
If you're looking at this insight card via Distil (and not via Shopify), then you will see some additional information at the top of the page. For a guide to this information, read our article on Daily Insights. Remember that the information at the top of the page is current now (as you view the page), while the information in the card is current as of the date of the card.
Shopify Tracking
If you've come to us via the Shopify App, then in your first Wednesday card you'll be prompted to install Tracking in Shopify. You will need to install Tracking before you can gain insights from this card.
This is a fairly straightforward process that doesn't require much technical knowledge or ability. If this is you, then head over to our article on installing Distil Tracking within Shopify.
Marketing Attribution & LTV
The Marketing Wednesday card is based on a simple concept: the cohort. It’s a snapshot of Customers who first registered with you for the first time this calendar month. Remember that the insights on this card are for new Customers only.
The card is updated every Wednesday as the month progresses. If Wednesday is the 22nd, then the card shows the cohort at 21 days old.
First up the card shows your revenue, orders and number of Customers in this new Customers cohort, along with what percentage can be reliably attributed to your marketing efforts. Below this is a super-useful chart with marketing channel performance and Lifetime Value (LTV), giving you an at-a-glance view of which channels are having the biggest impact on your LTV.
For more detail on this section, read our article on Funnel Analytics.
Marketing Funnel
The marking funnel shows marketing attribution and key metrics for each stage in the marketing funnel, including your all-important conversion rate and time to convert.
For a more detailed description of the marketing funnel, read our article on Funnel Analytics.
Metrics in this card
Remember that all of the information on this card relates only to this month's new Customers. These Customers make up our new Customer cohort.
Where a delta is shown (e.g. 12% increase), then this value is calculated against the previous month's new Customers cohort, for the same week of the month.
|
Metric |
Description |
|
Revenue |
The total value of sales made in the current calendar month by the new Customers cohort. 1st Purchase stage: total value of only the first orders made by Customers who are in the 1st Purchase funnel stage. 2nd Purchase stage: total value of only the second orders made by Customers who are in the 2nd Purchase funnel stage. 3rd+ Purchase stage: total value of all orders made by Customers who are in the 3rd+ Purchase funnel stage. |
|
Orders |
The count of Orders placed in the current calendar month by the new Customer cohort. An Order here is a “checkout”. I.e. it can contain multiple items. Metrics by line item are available via the Distil Analytics portal. |
|
Average Order Value |
Total value of orders, divided by the number of orders. |
| Projected LTV |
The total value of orders expected over the lifetime of all new Customers in a given marketing channel. LTV is calculated using Customers who placed their first order between 15 and 3 months ago (to give a period of 12 months). The total value of orders placed by these Customers is divided by the number of Customer to give an LTV value per Customer. Projected LTV per channel is this LTV value multiplied by the number of Customers in that channel. |
|
Funnel Stages |
See our article on Funnel Analytics. |
|
New Customers |
This is a count of the number of times that we can identify a Customer for the first time, within the current calendar month. They may have visited your store but not given any details or made a purchase last month, but we only count them as a new Customer when they give identifying details such as name or email address. |
|
Attribution |
The marketing channel that led to the activity (e.g. revenue, Customer). Where the channel can't be identified, then the Attribution value is Direct/Unknown. You will need to have installed Tracking to gain full value from this metric. Marketing channels in Distil (possible values):
For more detail on how we identify the marketing channel, see our dedicated article on Marketing Attribution. |
|
Unique Visitors |
The count of unique visitors whose first detectable session is in the current cohort calendar month. This attribute is only shown for the First Visit funnel stage. |
|
Customers |
The number of customers in a specific funnel stage who meet the funnel stage criteria. The number of Customers for each funnel stage is always smaller or equal to the number of Customers for the previous funnel stage. |
|
Conversion |
The number of Customers in the current funnel stage, divided by the number of Customers in the previous funnel stage, as a percentage. |
|
Avg. Conversion Time |
The average length of time that Customers spent in the earlier funnel stage. This is calculated for each Customer, and then averaged. |
|
% of Registered |
The number of Customers in the current funnel stage, divided by the number of Customers in the Registered funnel stage, as a percentage. |
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