We already know how to handle incoming data directly from web sources. The spectrum of information you can gather and evaluate within Roivenue is even broader. In this section we will go over the logging of costs which could not be loaded directly, such as management costs with the “Marketing Investments” feature as well as the pinning of events which have impacted your business. By mastering these two simple functions, you will enrich your Roivenue account with even more data.
See more with the Marketing Investments
Costs related to ads in marketing platforms were loaded and categorized during channel mapping, so that is all taken care of now. However, to say that these are the only costs related to your marketing would be false. Just think about all the design and management work, which comes into play as well. To get the full picture about your marketing costs, enter the “Marketing Investments” section.
Take for example that you are running radio campaigns. These indirectly impact your sales and it could be useful to track them with your other marketing costs. This is made possible by “Marketing Investments”, which allow you to input these costs into the system and tie them to a channel - in this case, just create the Radio channel and link these costs to it. Other cases of usual use are the management of platforms, SEO optimization, preparation of graphics for display ads or website updates. Roivenue gives you full freedom in what costs you input. On the other hand, it is good to stick to marketing costs, as costs from “Marketing Investments” impact the values of marketing ratios such as MIR or mRomi.
“Marketing Investments” allows you to manually input marketing costs and relate them to a platform, channel or to a business unit as a whole. An important division between these costs is whether they are variable or fixed. The easiest way to find out if a cost is to be set as variable or fixed is to ask yourself if the cost relates directly to posting in a marketing platform. If it does, it should be set as variable. To put this into perspective, all costs loaded from marketing platforms are held as a variable cost by default. If the cost relates to posting in platforms indirectly, it should be held as fixed.
The importance of this division comes into play in the “Performance Monitor”, which allows for filtering costs by classification - variable, fixed and both. This filter appears after the “Marketing Investments” feature has been enabled in your account and it can be found near the “Investment” section.
How do you input these additional costs? A step by step guide follows.
The first step is to navigate to the “Track Investments” option from the left side menu, which can be found in the “Finance” section. Next, follow these steps:
1) Select a business unit, to which a cost is to be related from the main business unit filter on the top of the screen.
2) Click on the button “+ Track new cost“ in the top right corner.
3) In the “Add Marketing Investment” screen, the following needs to be defined:
- “Title” - what does the cost relate to? This title will be displayed in the costs overview screen, so you can later identify it among other inputs.
- “Affects dates” - 2 options:
- “One-time investment” - no recurrence, specify the time period to which the cost relates.
- “Recurring monthly” - define the month and year, from which the monthly recurrence is to start.
- “Marketing investment” - cost value + cost currency
- “Fixed” - costs which have no direct link to performance, such as agency fixed fees or management costs
- “Variable” - direct link to performance - i.e. agency fees based on performance
- “Global” - the cost is distributed on all channels and platforms in the business unit.
- “Platforms” - the cost is distributed on the platform level, related platforms defined in the next step.
- “Channels” - the cost is distributed on the channel level, related channels defined in the next step.
- After selecting platforms or the scope of channels, a dropdown box appears. In this box, you can select how to distribute the cost across the selected level. It can either be linked to some metric (such as conversions or revenue), or it can be distributed manually. If you link it to a metric, just check in the platforms or channels to which the cost relates in the next step. If you select manual distribution, use the moving setup bubbles next to the checked in platforms to set up how the cost will be distributed among them:
- Save the cost - after saving, wait a few moments for the data loading to finish before going to the "Performance monitor" to see these costs. From then on they will also be included in the data exports.
As time goes by, more costs will occur and will thus need to be inserted into the system. This ongoing maintenance can be done in two ways:
A one time investment is done for a single maintenance expenditure and only asks for the start and the end date.
If the cost does not change between months, you can use the open monthly recurrence option. This means that from a starting month, this cost repeats itself each month with the same value. To set up open recurrence, select “Recurring monthly” and leave the "till" checkbox unchecked.
This setup is useful if you know that you pay your agency a fixed fee each month. In case the value of the costs changes between the months, a new cost input will need to be defined for each month. This means that each month’s cost will be visible as one row on the “Marketing Investments” page.
The Events feature enables you to log additional information into Roivenue, which will be displayed underneath the “Performance Monitor”. Events are tied to a timeframe and are very similar to annotations in Google Analytics. These can for example include changes of agencies, website redesigns or changes in the price of delivery. The choice is yours, you have complete freedom.
There are two options for event creation in Roivenue.
Either you can use the “Events” section, accessible from the left side menu bar, or input events directly via “Performance monitor”. Practice has shown that users tend to take advantage of the input using the “Performance monitor” screen.
A full overview of all events in your account is provided in the “Events”.
After opening a new Event, you will have several fields to define.
These fields include:
- Event name - what situation the event relates to
- Event scope - it usually only affects the current account
- Date range or single date selection, with icons on the left hand side
- Event type - what category this event belongs in. This serves your own orientation, as this type is not later displayed in the “Performance monitor”
- Brief event description - optional
- On the next page, you can specify which combination of site, source, medium, and platform is impacted by the event
- On the last page you can specify the estimated impact on the previously defined subset of traffic
After saving the new event, it is displayed underneath the Performance monitor, for the time period for which it was defined. To edit existing events, use the Events section accessible from the left menu.
Step-by-step instructional video:
The "Marketing Investment" section can be found in the "Finance section" navigating to the “Track Investments”.
Open monthly recurrence