⚠️ This is an advanced, on-demand feature, available on our Media Brand plan.
While it’s great to know how many new subscribers your advocates are bringing to your newsletter, what if you had a way to track how much revenue those referrals are generating?
In SparkLoop, you do!
Using our ROI tracking feature, you can track monetary events such as purchases, upgrades, and paid memberships, and know exactly how much extra money your referral program is generating for your business.
ROI tracking makes it easy for you to:
See, at a glance, the ROI on your referral program.
Know which advocates are generating the highest referral revenue.
Work out how many new customers you’re getting as a direct result of running your referral program.
The numbers you need to know
In your SparkLoop dashboard, you’ll see the Referral Revenue. This is the total amount of money that people who’ve been referred to your program by advocates have spent with you in the time period selected.
If you’d like to see the referral revenue generated by each individual advocate, that’s possible, too.
In order to see subscriber data, go to Subscribers > Advocates, and select the advocate whose data you’d like to see.
Here, you will find two numbers:
Referral revenue: This is the revenue that has been generated by referrals this advocate has brought in.
Spend: How much money this advocate has spent with you.
Use cases for this feature
If you decide to track the ROI of your referral program, you’ll need to know what events you’re using to track this revenue. Will you be tracking total sales, sales of a particular product, upgrades, or something else?
We call these conversion events.
⚠️ Anything that has a monetary value can be used to track the ROI of your referral program.
You’ll send these conversion events to SparkLoop and we’ll combine the sales of your products with your referral data to give you an accurate picture of how well your referral program is performing.
For instance,
You promote a low-cost introductory offer in a welcome sequence to anyone who signs up for your email list, and want to track the ROI based only on this offer and not any others.
You only want to track the ROI from evergreen offers and not special sales or one-time promotions that you run for your regular subscribers.
You’re a consultant interested in booking calls. If you’ve calculated that each booked call is worth a specific dollar value to you, then you can create a conversion event that’s a booked call. As long as it has a dollar value attached to it, SparkLoop will consider it a monetary conversion event and calculate your ROI based on calls booked.
Setting it up
In order to track your ROI, you need to send monetary conversion events to SparkLoop.
You can send events in two ways:
Can I send SparkLoop past data?
If you have past purchases that you want to send to SparkLoop, then you can set up your events to do that. SparkLoop will accept the events you send us, regardless of whether those transactions happened in the past.
Be warned, however, that this can skew your numbers.
Sorting subscribers by referral revenue
It’s easy to see which of your advocates are bringing in the most referral revenue.
To do so, in your SparkLoop dashboard, go to Subscribers > Advocates and click on the Referral Revenue header. Your subscribers will be sorted by referral revenue.
Alternatively, you can export the CSV file of your subscribers, which also contains a Referral Revenue column.
Now that you’ve set up your ROI tracking, you can start to see the real dollar value your referral program is generating, and take any steps you need to maximize it.