Promoting your products is a great way to build your brand while earning referrals. There are many outlets you can use to share your products with your potential customers — from social media to shopping websites to personal blogs. There are also many different products you can share, but which ones work best? Today, we’ll go over how to analyze your referral reports so you can focus on your best performing marketing methods and increase your referrals.
You can find all of your referral earnings information and reports on the left-hand side of your earnings page. There are three reports available to you in your account, including Referral Totals, Referral by Product, and Referral History.
Referral Totals Report
You can review the Referral Totals Report to see an overview of your cleared, pending and total referrals. This report provides a nice summary of your overall performance, but offers no insight into which of your strategies are working and which aren’t. Let’s take a look at Referral Product Report and the Referral History Report that offer more in depth review of your referrals.
Referral Product Report
The Referral Product report is useful for identifying which product types are selling the most during a certain time period. In this example, we will review the report for the current year.
We can see that so far this year, invitations are the products that have brought in the most referrals. The takeaway is that while you should test promoting other products, you should always be promoting invitations and top-selling designs.
Referral History Report
The Referral History Report is a comprehensive report of sales, earnings, products, and tracking codes. It’s helpful to identify the products and platforms that work best for your brand.
To download your Referral History Report, select the time period you wish to see the report for, and then scroll to the bottom of the page to download the CSV document. In this example, we will look at January 2017 for the time period.
Next, open the CSV file, which will be titled ‘referralHistory.csv’ in Excel. If you don’t have Excel, Google has an application similar to Excel for Google Drive which you can download here for free.
Once you open the file and review the spreadsheet, you can start looking at several important bits of information. You can take note of which products received the highest referral and lowest referral amount. You can use the “sort” function to order your referrals from lowest to highest or highest to lowest. Learn more about the sort function here.
You can use the filter function to see if most of the referrals you earn are from your own designs or other people’s designs. To use the filter function click on the “data” tab and then hit the “filter” icon. You will see arrows appear on the right side of each column.
Use the arrows to filter out your products or not your products or if the products are customized in the “my product” tab.
And if you use tracking codes in your referral links, you can review your tracking code information from those links in column “L.” Tracking codes are alphanumeric codes you can create and append to your referral links so when a sale occurs from a referral link, you know which link the referral came from. They are the key to figuring out which social media, blog, and websites posts get the most sales.
If you like to use long tracking codes which include several link identifiers (e.g. Facebook, date, post number, etc.,) we recommend you separate identifiers with the underscore symbol “_” so you can parse out each identifier by using the “text to column” function in Excel.
To use the “text to column” function, click on the “data” tab and select the “text to column” icon.
Next, deselect the “tab” box, select the “Other” box, and put “-” symbol into the blank box next to it.
After you click “next” and “finish”, your tracking code will be divided into its separate identifiers, each in its own column.
After you separate your tracking codes, you can use the “filter” function to review what platforms performed best, what dates performed best and what posts performed best. Did Facebook get more sales than Pinterest? Why? Was it a certain day of the week? Was there a large sale on a certain day? What about tracking codes that did not show up? Is it time to stop promoting on those platforms that aren’t driving sales and focus more on the ones that are? These are all important questions to ask in order to identify which strategies you should continue with and which ones you need to let go of to be successful.
Interested in learning about analyzing your Royalty Reports? Check out our royalty blog post which goes over your royalty earnings and how to compare them year over year and month over month to see how your business is growing over time.