What would any digital business or company be without its data? Today, in an era where information is power and we have more access than ever to data about our customers and their habits, practically nothing.
Without data, there is no business. That is why companies are increasingly relying on web and digital business analytics. Because in such an intangible world, the only "real" thing is data. But... what happens when that data does not reflect reality?
Then we have a problem. A problem shared by far more companies than we might imagine. In fact, not having data that is faithful to reality is more common than you think. And it may well be happening to you too.
It is time to address a problem that almost nobody talks about: the difference between measuring your leads and measuring your real conversions. Although it may seem obvious, the vast majority of companies could not claim with 100% certainty that they are able to make this distinction.
Most businesses run digital strategies focused on lead acquisition — that is, obtaining potential customers through different channels. And while in most cases they try to measure real conversion (i.e., purchases), in reality what they are doing is:
The reasons that lead to poor conversion attribution are varied (and in most cases are unintentional). But regardless of the reason, the result is always the same: believing that something has generated conversions when in reality it has only generated leads.
What is the direct consequence of poor attribution? Unprofitable decisions. Many companies consider certain actions a success when in reality they have not met the real objective of generating conversions. And that ends up meaning reinvesting in ineffective channels or strategies.
When leads are confused with conversions, analysing and optimising the conversion funnel no longer makes sense. Without detailed knowledge of the process the customer follows and the conversion itself, it is impossible to make decisions to improve it and generate a real impact on a business's results.
It is clear that confusing leads with conversions is a real problem. A problem that is completely unknown to many companies but is more common than most believe. So much so that your business may well have fallen into it at some point.
But there is no need to panic. This collection and attribution problem has a solution. Like everything related to web analytics, it is a matter of bringing some order to things. Here is the method we follow at Boost:
Design a measurement model based on real conversions – The first step is to stop and think, and to design a completely new model. Correctly define what a conversion is for a business, at what point it can be considered complete and how to measure it precisely, without making any assumptions.
Adopt a server-side tracking strategy – To achieve that precision it is essential that the way we collect data is equally precise. That is why it is important to opt for a strategy that collects data directly from the server — a server that is 100% reliable and precise.
Link all data sources – Each data source has its own limitations. Although many of them can offer information on what is considered "a conversion", they may not actually be able to measure it accurately. That is why it is important to integrate them with each other to ensure they complement one another and measure the entire process from start to finish.
Automate data processing and cleansing – Finally, it is important to ensure that information is updated regularly and automatically. Up-to-date, "clean" data will help ensure that attribution is accurate and consistent.
Having your data reflect the reality of your business is an advantage in itself. Without it, it is practically impossible to ensure your company keeps functioning and you achieve your objectives. But if you want to know exactly what implications good data collection has, here they are:
Say goodbye to wrong decisions – If you confuse leads with conversions, it is impossible to make good decisions. Thanks to good attribution, you will finally be able to base them on real, reliable arguments.
Optimise your budget by investing where it matters – Your money will be directed towards actions with real impact on conversions. You will stop investing in strategies that "apparently" work and will be able to achieve better results.
Stop missing out on opportunities – You will know how to correctly identify where your business's potential lies. If there is any change in conversions and key metrics, you will be able to act.
Master the customer journey from start to finish – Truly know your customers. You will finally be able to tell which changes and optimisations in your conversion funnel are what push them to convert.
Your business deserves to know which decisions genuinely generate greater conversion and positive results. Every euro, minute and effort you dedicate to improving your metrics must have a real impact on the business, and we are here to help you achieve that.
From Boost we help you identify the problems in data collection and attribution and we solve them by designing a new, efficient, integrated and fully reliable system. So you can trust that your data correctly reflects the reality of your business.
Write to us today and we will help you move from leads to real conversions.
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