Did you know all the activities inside your goody bag are tracked and measured for you? That's right. One of the most powerful features about the Virtual Race Bags platform is found in the statistics reports generated behind the scenes for each goody bag.
Since we have a wide range of both technical and non-technical clients, we thought it would be helpful to walk-through reading reports and understanding digitial marketing terminology. Let's dive in.
Number of projected participants you shared when you signed up to create your bag.
Number of participants actually in your event based on data uploaded into your bag.
Number of participants you have registered with a unique email address. Sometimes there are participants who register multiple people under their email address (ie: registering your family members all under one email address). For instance our system will count a family of four (4) who are all registered under the same email address as one (1) unique email.
Visitors are individuals who have come to visit your goody bag. A visitor is only counted the first time they enter or visit the bag.
Each time a visitor enters or visits your goody bag this action is counted as a view. For example, if one visitor returns to visit the bag 10 times then this activity will generate 10 views.
On the main page of your report you see an overview of your offer statistics. This section is divided into two parts: Premium Offers and Standard Offers. Inside each of these sections offers are grouped in sections based on the offer type (ie: advertisements, online discounts, offline discounts, social media, event guides, etc.). In each row the high-level stats are displayed. Here is how to read the report.
The name of the company responsible for the offer (ie: Gatorade, Joe's Cantina Restaurant, etc.).
Visits to offers are counted when a participant clicks the "more info" button in the offer thumbnail to visit the offer detail for the first time. A visitor is only counted the first time they view an offer.
Each time a visitor views an offer an offer view is counted. For example, if one participant views an offer 10 times then this activity will generate 10 offer views.
Each offer has a "Call-to-Action" button (ie: Learn More or Claim Offer). When a participant clicks this button on the offer detail page this action is counted as a conversion. A conversion is only counted once for each participant who clicks the "Call-to-Action" button.
The conversion ratio is the percentage of "Offer Visitors" who click the "Call-to-Action" button – otherwise referred to as "Conversion". The goal is to generate the highest possible conversion ratio percentage. The conversion ratio is directly effected by the type or value of the offer presented to the participant.
Expectations & Goals
A question we hear frequently as we talk to our customers and prospective customers is – 'What are average conversion ratios?', ' What is a good or typical conversion ratio for an offer?'. Remember the type or value of the offer will always dictate performance. The higher perceived value of the offer to participants the higher the conversion ratio.
Here are some average conversion ratios based on offer types:
• Advertisement = 15% – 30% conversion (while advertisement still benefit from brand exposure the conversion is typically low)
• Online Discount = 55% – 80% conversion (the higher or interesting the discount the strong the performance)
• Traditional Discount = 45% – 65% conversion (this offer type is typically a coupon redeemable at a local retail store)
• Social Media = 25% – 90% conversion (this offer type is typically a Facebook "like" campaign or Facebook "contest". The contest typically yields high conversion)
We hope this guide to understanding your stats reports helps as you consider our service or as you are sharing stats reports with your sponsors and other companies who have placed offers in your goody bags. If you have questions please feel free to contact us. We are always here to help.
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