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The Client

Econea is an e-commerce brand from the Czech Republic focused on selling ecological goods - sustainable, environment-friendly products for daily use. Econea is not only catering to the growing number of environmentally conscious consumers bringing the eco-transformation to the mass market, but is also leading the way in digital transformation.

With these efforts the visionary e-shop of young founders has already became a beloved brand and a leader in its category.

 

The Challenge

The company has grown rapidly in the last few years - from a start-up to established and fast growing e-tailer. Climbing it's way up through marketing maturity, the time has come to start systematically driving its growth and making decisions based on advanced data. Econea chose ROIVENUETM as their partner to help them with data integration and attribution, including integration of internal systems data which allowed their marketing department to optimize marketing based on pure profit.

 

The Solution

After initial attribution analysis within ROIVENUETM, we found that Facebook Business - the strongest channel in terms of investment had a negative Return on Marketing Investment (ROMI) in the Markov First order attribution model.

Previously, with only knowledge based on last click attribution, Econea marketers could not be sure of the precise contribution of the channel and were hoping that along with last click conversions, Facebook ads were helping other conversion paths to make its high spend worth-while.

It became apparent that this channel was over-invested.

1-4986

The comparison of ROMI in Markov and last-touch attribution model.

 

Budget cuts in Facebook Business channel were thus recommended and executed. The result was growth in ROMI during weeks 26-29. Revenue stayed on the same level while ROMI reached, finally, into the positive numbers (around 1). The overall effectiveness of the Facebook channel was improved and savings were calculated for 15% of the overall digital marketing budget.

2-1

(1)

3-1

(2)

4

(3)

While marketing investment went significantly down (1), revenue generated from Facebook stayed almost the same (2), ultimately increasing the ROMI (3).

 

Other optimizations

Econea connecting it's internal order system with ROIVENUETM also enables for optimization based on Profit and channel position in Path.

The following analysis was preformed on Criteo, where we identified negative profitability. The margin return on marketing investment of -0,4 showed us that Econea was losing EUR 0,4 in profit for every 1 EUR invested.

5-2

The comparison of mROMI in Markov and last-touch attribution model.

 

This fact was not acceptable. Criteo, as the remarketing platform standing at the end of conversion path (as confirmed by ROIVENUETM path analysis) should not have negative profitability.

 

6-1

Path and analysis of marketing channels.

 

Econea was able to act on these findings and decrease bidding on the platform. This change resulted in more savings as well as an overall increase in the effectiveness of Criteo. Criteo entered positive ROI and has shown increased marketing profit for the last 3 weeks as of the writing of this case study.

7-1

Marketing profit from Criteo is positive.

 

Summary

Thanks to ROIVENUETM data integration and attribution products Econea made the leap to data-driven company. 

 

Martin Econea“ I think that cooperation with ROIVENUETM it is a huge step forward and we can see that hard work in weekly evaluation of marketing activities and data-driven decisions based on data we can trust are paying-off. However, there is still quite a lot ahead of us.”

Martin Lanta, Econea's CMO

 

All and all, the margin return on marketing investment (mROMI) in the last month increased from an average of 1,6 up to 2,3 mROMI - meaning that Econea increased its profitability by 40%. Thanks to the optimizations initiated by Martin Lanta, Econea was able to save money and it is planning to reinvest them in an upcoming brand campaign that will support the future growth of this beloved brand.

8-1

Overall business mROMI is growing.

 

 

 

 

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