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How can you measure the impact of your podcast on customer retention using time decay attribution?

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If you have a podcast, you probably want to know how it affects your customer retention. After all, retaining customers is cheaper and more profitable than acquiring new ones. But how can you measure the impact of your podcast on customer retention using time decay attribution? In this article, you will learn what time decay attribution is, how it works, and how to apply it to your podcast.

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1 What is time decay attribution?

Time decay attribution is a method of assigning credit to different marketing channels based on how close they are to the conversion event. For example, if a customer listens to your podcast, then visits your website, then signs up for your newsletter, then buys your product, time decay attribution will give more credit to the newsletter and the website than to the podcast. This is because the newsletter and the website are closer to the purchase decision than the podcast.

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Sarra Messili

CEO at Podcast Inc | LinkedIn Video Program Member | Helping You Use Podcasts to Boost Sales, Marketing, & Monetization | Web3 Marketing Expert
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Begin by analyzing the correlation between podcast release dates and customer retention rates. Assign more weight to recent episodes and gradually decrease the weight for older ones, acknowledging that the influence of content tends to diminish over time. Monitor changes in customer behavior, such as increased repeat purchases or extended subscription periods, after the release of podcast episodes. Use analytics tools to track customer interactions, conversion rates, and any specific actions taken by podcast listeners. By observing these patterns over time, you can gain insights into the long-term impact of your podcast on customer retention and adjust your content strategy accordingly.

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Santos Garrido

?? Digital Marketing & Branded Specialist | ??CMO externo para proyectos que necesitan ESTRATEGIA. ?? Especialista en el sector de la construcción.
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Probablemente el podcast sea el formato del que tenemos más problemas a la hora de medir el retorno o conversión de éxito. Sin embargo es una métrica necesaria para no perder el tiempo ni invertir esfuerzos en un canal que no nos sea rentable. No es el podcast un formato para conseguir conversión pero si para fidelizarla. El podcast suele ser uno de los primeros touchpoints con nuestro cliente, nos proporciona autoridad y reputación y aunque no sea un canal de marketing anterior a la compra si puede ser considerado parte importante en una estrategia de marketing. Utilizar CTA′s y enlaces directos a páginas de conversión en las notas del programa puede ayudar a mejorar la atribución de decaimiento temporal en tu estrategia de podcasting

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2 How does time decay attribution work?

Time decay attribution works by applying a decay factor to each marketing channel based on the time elapsed between the channel interaction and the conversion. The decay factor is usually a percentage that decreases exponentially as the time increases. For example, if the decay factor is 50%, then the credit for a channel will be halved for every day that passes between the channel interaction and the conversion. This means that a channel that is one day away from the conversion will get 50% of the credit, a channel that is two days away will get 25%, a channel that is three days away will get 12.5%, and so on.

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3 How to apply time decay attribution to your podcast?

To apply time decay attribution to your podcast, you need to track when customers listen to the episode, visit a website or landing page, sign up for a newsletter or lead magnet, and make a purchase or conversion. Additionally, you must select a decay factor that fits your business model and customer journey - for example, a higher factor if your podcast is about daily news than if it's about evergreen topics. To calculate the credit for your podcast, use the formula Credit = (1 - Decay factor) ^ (Days between podcast and conversion). As an example, if the decay factor is 50% and a customer listens on Monday, visits on Tuesday, signs up on Wednesday, and buys on Thursday, the credit for your podcast will be 0.125 (12.5%).

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4 Why use time decay attribution for your podcast?

Time decay attribution is a useful way to measure the impact of your podcast on customer retention because it reflects the reality of how customers make decisions. Customers rarely buy from you right after listening to your podcast. They usually need more touchpoints and interactions before they are ready to commit. Time decay attribution recognizes that your podcast is part of a larger marketing mix and gives it credit accordingly.

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Santos Garrido

?? Digital Marketing & Branded Specialist | ??CMO externo para proyectos que necesitan ESTRATEGIA. ?? Especialista en el sector de la construcción.
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La analítica es la base del marketing moderno. Hoy toso es medible y cada esfuerzo, proceso o paso dado debe ser medido. La atribución de decaimiento temporal introduce, de una vez por todas, al podcast en la ecuación de conversión de nuestras principales acciones de marketing. Si llevaos acabo varios procesos de adquisición de clientes y probamos con una prueba A/B en la que usemos el podcast podremos validar que realmente es un canal/formato interesante para el journey de nuestro lead en nuestra estrategia de venta.

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5 What are the limitations of time decay attribution for your podcast?

Time decay attribution may not be the perfect method for measuring the impact of your podcast on customer retention. It assumes that the last touchpoint is the most important one, which may not be true for some customers. Additionally, it does not account for the quality, relevance, or frequency of your podcast episodes, nor does it capture the long-term effects, such as brand awareness or loyalty. These factors may not result in immediate conversions but could increase customer lifetime value. It is important to be aware of these limitations when utilizing time decay attribution.

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Santos Garrido

?? Digital Marketing & Branded Specialist | ??CMO externo para proyectos que necesitan ESTRATEGIA. ?? Especialista en el sector de la construcción.
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La limitación principal radica en la imposibilidad de conocer qué parte de importancia ha tenido el podcast en nuestro modelo de conversión. Porque no tiene en cuenta la cantidad de capítulos escuchados, la frecuencia o el tiempo medio de escucha de estos. Podemos, por ejemplo utilizar enlaces de seguimiento en las notas del programa, con páginas de éxito específicas para este canal. Porque con la simple escucha de un capítulo no tenemos posibilidad de saber quién escucha nuestros episodios. Lás métricas de IAB son numéricas, los datos de los oyentes no nos son proporcionados. Por eso es cada vez más importante primar a que la escucha de nuestro podcast sea desde los reproductores incrustados en nuestro propio sitio web.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Santos Garrido

?? Digital Marketing & Branded Specialist | ??CMO externo para proyectos que necesitan ESTRATEGIA. ?? Especialista en el sector de la construcción.
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En mi experiencia, la analítica de podcast es muy impersonal. Acostumbrados a los datos que conseguimos de formularios, email marketing y otros procesos de marketing Digital se nos hace pobre. Sin embargo considero que el podcast es un canal necesario por la deriva del inbound marketing, la omnicanalidad que se persigue y por lo cercano y atractivo del formato

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How can you measure the impact of your podcast on customer retention using time decay attribution?

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1 What is time decay attribution?

2 How does time decay attribution work?

3 How to apply time decay attribution to your podcast?

4 Why use time decay attribution for your podcast?

5 What are the limitations of time decay attribution for your podcast?

6 Here’s what else to consider

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