The GetintheLoop for Business Stats tab provides a dashboard to help curate the partner’s data and track success. The data is in three areas: reach, response, and actions. Each area includes a demographic breakdown.
It is important to know how to effectively communicate what each metric means as well as the value the metric provides.
Reach | Response | Actions
Every partner is provided with real-time metrics for their overall offer performance per venue. Partners are provided with Reach - Response - Action analytics which can be viewed by ‘All Time’, ‘Last 90 Days’, ‘Last 60 Days’, ‘Last 30 Days’, and ‘Last 7 Days’.
Reach: The number of times a partner’s offers or business information has been displayed in GetintheLoop apps, emails, or notifications;
When an offer or venue is passively shown to a member:
An offer or venue is sent to a member directly via notification
An offer or venue is included in an email sent to a member
An offer or venue is shown in a list that contains other content
A offer title or venue name is shown on a map
Cost Per Mille (Cost Per 1000): CPM is short for "cost per mille" and is used in advertising as one way to measure the reach of an offer because it shows how much it costs for an ad to be viewed by 1,000 people.
CPM is important to marketers, it shows the value of their spend. To calculate a partner’s CPM use this formula:
CPM(Cost Per 1000) = (Total Month(s) Spend / Total Reach) x 1000
Response: The number of times GetintheLoop members respond by liking, sharing, or viewing a partner’s offer or business details.
When a member actively engages with an offer or venue:
Member views offer details or venue details
Member likes offer
Member shares offer
Member engages with a further action like swiping a multi-card view to see more offers, etc.
This metric is especially important as it shows how many members actively engaged with an offer or business to learn more.
We can learn a lot from the response as we know if they responded to the offers then our images & titles compelled them. We can start to analyze the finer details of an offer that received the response and how that can lead to the action we want.
More responses likely leads to more conversions; it gives you more chances to convert members.
Response can be compared to Cost Per Click. Having this value for a partner can be great, especially if they are well-versed in marketing. CPC is a representation of success with a dollar value. Compared to the average industry cost per click, GetintheLoop is below average. To calculate a partner’s CPC use this formula:
Cost Per Click = Cost per Month(s) / Total Response
Click Through Rate is a measure of the effectiveness of an offer is based on how many people have clicked through using the reach. To calculate a partner’s CTR use this formula:
Click Through Rate = Total Response / Total Reach
Actions: The number of actions taken by members to redeem an offer, visit the website, call the business, or visit in person. This includes using the selected redemption feature (online, by phone, in person).
When a member takes explicit action to use or get more details about the business or offer:
Member presses the `Use Offer` button and is able to use the offer (validation checks like location are passed)
Member calls the venue
Member visits the venue website
This can be the most valuable stat provided by GetintheLoop. This is how many GetintheLoop members have taken the next step by becoming a customer of the partner.
An action means a GetintheLoop member has left the GetintheLoop platform by either redeeming the offer, calling or visiting the business.
One objection you may face with an ‘Action’ is that partners think it means a direct purchase or in-store visit. This is not always the case and it is important to walk through the value of what an a GetintheLoop action means. Once the member is in the location, the conversion is up to the partner.
Explaining actions will help set expectations early and stress the value of GetintheLoop stats.
When creating offers and campaigns, one of the greatest insights available is understanding who is engaging with and taking actions with a partner’s offers. Identifying the audience that is responding and taking action can drastically increase your partner’s success by learning the habits of this audience.
Your partner’s offers may be specifically designed with a particular demographic in mind, or you may learn from trial and error that it holds special appeal for a clearly defined age or gender group. Whether intentional or accidental, gathering detailed information about who is engaging and taking action will help attract similar customers in the future; customers who will likely take action on offers.
Knowing the GetintheLoop demographics provides insight on how to create successful offers. Say your partner wants to target 25 to 34-year-old females. You notice that the ‘Response’ demographic is 25 to 34, but the demographic taking ‘Action’ is in the 55+-year-old female range. This informs who is taking the extra step to action an offer. You can create new offers by trial and error and learn from the habits of different target audiences.
Using the stats provided by GetintheLoop will give your partner clear insights on how to be successful. Using the information provided, partners can craft offers to target audiences, and learn from their performance.