As a company that makes products with hemp and CBD, Ned has a different growth marketing strategy and faces different marketing challenges than most CPG brands. For example, the company contends with additional restrictions on channels like Facebook and Google. As a result of these restrictions, as well as the ad-and-targeting challenges that was the iOS 14 update, Ned has refocused their marketing budget on other channels and tactics, such as podcasts and an influencer program.
Doing so presented other challenges though: tracking and analyzing these types of data were enough to disrupt anyone’s state of calm. However, integrating “other” channel data with other marketing data is simple with Daasity.
With Daasity, the Ned team can upload their spend on podcast advertising and influencer marketing into the marketing performance dashboard, giving the company a single view of all its marketing efforts.
Although this data supplementation requires some manual data uploads, thanks to Daasity’s other automations and automated reporting, the team has gained back 10 hours/week that used to be spent on manual data cleaning.
In addition, Daasity’s automated reporting on metrics like Repurchase Rate by Channel helped the team identify which micro-influencers were most effective at keeping consumers engaged with the Ned brand. Running LTV:CAC analysis on their influencer program also enabled the team to make more informed decisions about costs and profitability, and have more confidence in which influencers they should invest more into.
Contribution margin (CM) helps companies know how much return they get from their products and to know if they’re profitable. Setting contribution margin goals is a good way to set customer acquisition cost (CAC) limits–making CM a much more useful metric than ROAS for determining marketing budgets.
Daasity enabled the Ned team to add COGS (cost of goods sold) data into its real-time reporting so they could analyze marketing and growth performance on LTV:CAC and new customer CAC payback period (first 90 days LTV) based on contribution margin, as opposed to ROAS.
Ned has a large membership (subscription) group and recently migrated to Recharge Subscriptions from another platform. With Daasity, the team was able to import its historical subscription data. Now the company can track and see the performance of its membership group across the old and new subscription platforms–helping to piece together a more complete story of customer behavior.
Bringing that information into a cohort analysis helped the team identify events, such as new product launches, offers, and major promotions to help them understand what may have led some cohorts to be stronger than others.
Without Daasity, most of that subscription data would have been lost, as Recharge analytics do not function retroactively. This historical data was critical in helping the business make decisions about future strategy.