Revenue Tracking

The primary goal of all marketing strategies is to drive growth by amplifying revenue generation opportunities. This goal is achieved through a mix of acquisition, conversion and retention campaigns. Wouldn’t it be insightful if you could track the exact revenue contributed by each?

With WebEngage, you can tie back every cent to each campaign, sent through all the channels and Journeys! All you need to do is;

Step 1: Map all the revenue critical events performed by your users as Revenue Events.

• This is a simple one-time setup and can be done through Revenue Mapping, nested under Data Management in your dashboard.

Step 2: Set the Revenue Event as the campaign's or journey's Conversion Event and you're good to go. :)

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Must Read

Please ensure that you have a robust understanding of how Conversion Tracking works in your dashboard before proceeding. It plays an important role in understanding how you can track revenue for all your campaigns and journeys.

How It Works

Once you've set up revenue mapping, you will need to set one of the Revenue Events as your campaign’s or journey’s Conversion Event. This will enable us to track the total revenue contributed by each conversion.

As discussed under conversion tracking, the Conversion Event is tracked for all users only until you specify the Conversion Deadline. Thus, Revenue is calculated only for the conversions that occur within the deadline. And just like Conversions, Revenue too is tracked for all the campaign variations being tested by you.

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Related Read

Please refer to, Campaigns and Its Types, for a detailed understanding of all the different types of campaigns you can create through each channel and journeys.

Setting up Revenue Tracking for a Campaign

The Conversion Event of a campaign and its Conversion Deadline can be defined while creating it. This can be done for all campaigns sent through Push, In-app, SMS, Web Push, and Email. This cannot be configured for On-site campaigns at the moment. It will be made available shortly.

Let's walk you through a short use-case to demonstrate how it works:

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Tracking Revenue for a Subscription Renewal Campaign

Let's take the example of a media platform that offers premium content for its paid subscribers.

One of the biggest challenges faced by them is subscription renewals.

Most existing subscribers fail to keep a track of when the year-long subscription expires, lowering their renewal rates. An easy solution to this persistent lifecycle problem is to send them a gentle reminder a few days before the renewal date.

• All purchases are tracked as a custom event - Subscription-Purchased

• The monetary value of the purchase is tracked as the event's custom attribute - Plan-Value

• All expiring subscriptions are tracked as the event's custom attribute - Subscription-Expiry

Here's how they created the campaign and set up revenue tracking for it:

Step 1: Create a segment that includes users whose subscription is about to expire within the next 2 days.

• Rules of segmentation: Include all users who have performed the event Subscription-Purchased at least once where the event attribute Subscription-Expiry is between Now and next 48 hours
  (Detailed read on Creating Segments.)

Step 2: Define the campaign's Conversion Event as Subscription-Purchased

• Pre-requisite: For tracking revenue contributed by each purchase, you will need to map Subscription-Purchased as a Revenue Event and set its Revenue Attribute as Plan-Value. This will help us track and attribute revenue to the campaign.

Step 3: Set the Conversion Deadline as 2 Days.

This means:

• Revenue will be tracked for all users who renew their subscriptions within 2 days of receiving this campaign.
• Purchases made by users who performed the event - Subscription-Purchased, but did not receive the campaign will not be attributed to it.
• Subscriptions renewed by users after the deadline will not be attributed to the campaign either.

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Detailed Read

Please refer to Campaign and Channel Performance Indicators for a comprehensive list of all the Revenue metrics tracked for each channel and its campaigns.

Please refer here for a quick read on how Revenue is attributed to a campaign.

Setting up Revenue Tracking for a Journey

As discussed under Journey Campaigns, all journey campaigns are tied to a Journey and are sent to your users as per the conditions defined while creating it. Thus, Revenue Tracking can be set up only for the journey and cannot be configured for individual journey campaigns.

• The Conversion Event of a journey and its Conversion Deadline can be defined while creating it or after it's published through the journey's Live View section.

• Revenue (and conversions) are tracked only for Push, In-app, SMS, Web Push, and Email campaigns sent through a journey. These settings do not apply to On-site journey campaigns at the moment. It will be made available shortly.

Let's walk you through a use-case to demonstrate how it works:

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Tracking Revenue for a Wishlist Reminder Journey

Let's take the example of an e-commerce app that nudges users who shortlist products in their wishlist and forget.

• Each time a product is added to a user's wishlist, they track it as a custom event - Wishlist Added.

To motivate these users to make a purchase, marketers of the app designed a journey. The idea was to engage users through Push and Email with gentle reminders, offers - driving their app's conversion rate and revenue.

• All purchases made on the app are tracked as a custom event - Checkout Complete.

• The monetary value of the purchase is tracked as the event's custom attribute - Cart-Value

Here's how they created the journey and set up revenue tracking for it:

Rule 1: Since all purchases are tracked as Checkout Complete, we will define it as the journey's Conversion Event.

• Pre-requisite: For tracking revenue contributed by each purchase, they mapped Checkout Complete, as a Revenue Event and set its Revenue Attribute as Cart-Value. This will help us track and attribute revenue to the journey.

Rule 2: When a user performs the event, Wishlist Added, send them Push Notification 1 after 1 Day.

• Message: A simple reminder, enticing users to own the products they shortlisted.

Rule 3: If Push Notification 1 doesn't facilitate a purchase, then send these users Push Notification 2 after 1 day.

• Message: A time-bound offer - 10% off on any products purchased from the wishlist! It expires in 1 day.

Rule 4: Since the time-bound offer expires within a day, and both the push campaigns have also been spaced out over a day, they set the Conversion Deadline as 1 Day.

This means:

• Revenue will be tracked for all users who perform the event - Checkout Complete within 1 day of receiving Push Notification 1 or Push Notification 2.
• Purchases made by users who did not receive either push campaigns will not be attributed to the journey.
• Purchases made by users (who received either push campaigns) after the deadline will not be attributed to the journey either.

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Detailed Read

Please refer to Campaign and Channel Performance Indicators for a comprehensive list of all the Revenue metrics tracked for each channel and its campaigns.

Please refer here for a quick read on how Revenue is attributed to a journey campaign.

When No Revenue is Tracked

If Conversion Tracking is disabled or the campaign’s Conversion Event is not mapped as a Revenue Event, then no revenue will be tracked for the campaign or journey. In such cases, ‘--’ will be shown under the Revenue card in the campaign’s Overview section and the journey’s Overview section, respectively.

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When a Revenue Event is not set as a campaign's or journey's Conversion Event

There are several cases in which we engage users, motivating them to perform actions that are not directly tied to our revenue.

A few examples include - sign up, watching a video, reading an article, rating your app, reviewing a product on your platform and so on. Thus, the conversion event for all these campaigns would include events like - Signup, Video-Played, Article-Viewed, Review-Submitted, respectively.

All these actions either help users move closer to making a purchase or keep them engaged post-purchase and should not be mapped as Revenue Events. As a result, no revenue will be tracked for these campaigns or journeys.

Now that you have a clear understanding of how revenue tracking works, here's a detailed read on how conversions (and revenue) are attributed to a campaign and journey..

Please feel free to drop in a few lines at support(AT)webengage.com in case you have any further queries or related feedback. We're always just an email away!