WebEngage will now help you understand the monetary impact of your campaigns! Map events which are tracking purchases on your WebEngage, marketing automation, dashboard to see the contribution of WebEngage campaigns to your revenue.
To be able to track revenue, the only thing you need to do is to map the events which get fired on purchases happening on your apps. There can be multiple such events, and WebEngage allows you to map all of them. To do this, click on your name on the top right corner of the dashboard, and select Data Management. In Revenue Mapping tab, add all the events which get fired when purchases are recorded in your apps.
For each event you map, you will also need to select the corresponding attribute which indicates the purchase amount as shown in the screenshot above. Also, you need to select the currency in which you are tracking the revenue amount in the events mapped above.
Note that you must send the revenue amount in the same currency for all purchase events. If the purchases are being recorded in multiple currencies on your apps, you will need to convert them to a single currency before firing the purchase events.
In case you are not tracking purchase events and you want access to WebEngage Revenue Analytics, you will need to start tracking them first and then map them on your WebEngage dashboard as described above.
Revenue impact of campaigns
Once you have mapped all your events which are tracking purchases, you can then analyze the revenue impact of your WebEngage campaigns. To start attributing revenue to your campaigns, you need to select one of the mapped revenue events as the conversion event while you’re creating your campaign or Journey.
Revenue contribution will appear in campaign reports for individual campaigns, Journeys, all user engagement channels, and for your whole business.
You might have realized by now that Campaign / Journey conversion and revenue attribution are related with each other. This is because, in real life as well, you will want to attribute revenue to a particular campaign only if the purchase happened because of that campaign. Revenue attribution to a particular WebEngage campaign happens only when the conversion responsible for that revenue has been attributed to the same campaign for a particular user.
To summarize, you have to follow the below steps to auto-generate revenue reports for your campaigns:
- In the Data Management section on your WebEngage dashboard, under the Revenue Mapping tab, add all the events which get fired on purchases. If you are not tracking purchase events, you will need to fire an event on each purchase with one of the event attributes indicating the transaction amount.
- Select the currency in which you are tracking purchases. Note that you can only select a single currency for all your revenue events. WebEngage does not do currency conversion. If there is any currency conversion required, you will need to do it before firing the event, and then send all the purchase amounts in a single currency.
- After you have added revenue events, you will see the revenue contribution of campaigns which have one of these revenue events attached as a conversion event.
- For new campaigns, you will see the revenue contribution only when you select their conversion event as one of the revenue events.
- You can add or remove revenue events any time in future. This will not modify any purchases which have already been tracked by WebEngage before such a change, or any revenue attributions to campaigns done before such a change.
With this release, WebEngage shows you revenue for your campaigns, Journeys, channels and overall comparison for all channels. In future, you will have user attributes automatically derived from this revenue data, using which you will be able to segment your audiences based on their purchase behaviour. You will also have a revenue insights dashboard which will help you analyze the sources of your overall revenue and WebEngage attributed revenue in more detail.