Triple Whale Uncovered: The Essential 2024 Guide
Triple Whale Uncovered:
The Essential 2024 Guide
How many tabs do you have open when you’re analyzing data on your eCommerce store? One for Shopify Analytics, another for Google Analytics, perhaps Meta Ads Manager, Google Ads, and inventory management – the list goes on.
In the competitive field of eCommerce, where targeted advertising makes the difference between thriving and surviving – or failing, having lots of tools at your disposal just isn’t enough if you aren’t maximizing their potential.
If you’re pouring $100,000 monthly into digital advertising, you might be wondering if you’re really getting your money’s worth. And if your marketing team is buried manually compiling data or tracking inventory, it’s a clear sign: your analytics approach needs an upgrade.
Enter Triple Whale, an advanced analytics platform specifically designed for eCommerce. It offers a comprehensive suite of tools to track, analyze, and optimize digital advertising and sales performance. More importantly, it integrates seamlessly with advertising platforms like Meta and Google Ads and eCommerce platforms like Shopify. That means you can collect, analyze, and act on data from all of your campaigns–all in one place.
When every click, impression, and conversion makes a difference, and with advertising costs soaring and consumer behaviors rapidly evolving, Triple Whale offers insights into consumer behavior that can fuel intelligent, educated marketing decisions.
Let’s dig into the key features of Triple Whale. We’ll also give you some tips for integrating it into your overall marketing strategy and why, in 2024, it is more crucial than ever for your high-performing eCommerce brand to use the advanced data analytics offered by Triple Whale.
What is Triple Whale?
Triple Whale is a comprehensive platform designed to empower eCommerce businesses with actionable insights and data-driven decision-making.
Triple Whale provides customer journey data that digs deeper than surface sales numbers so you can create more targeted, personalized, and effective advertising campaigns.
Triple Whale offers a panoramic view of your eCommerce brand’s vitality and the efficiency of your advertising campaigns. And all from one user-friendly dashboard.
A Guide To Triple Whale’s Core Features
Triple Whale’s Blended Statistics
Triple Whale compiles and analyzes data across all of your integrated software to develop a comprehensive view of the vital statistics for your eCommerce store. Below are just a few of these stats:
- Net Profit: How are you doing? Net profit is the beating heart of your eCommerce store. Without a high enough net profit, your store is going to be in trouble soon.
- Blended ROAS (Return on Ad Spend): Measures the overall effectiveness of advertising campaigns across all platforms.
- MER (Marketing Efficiency Ratio): The efficiency of your marketing expenses, calculated by dividing total revenue by total marketing expenses.
- Total Impact ROAS: A revolutionary Attribution Model that uses advanced algorithms to blend first-party data (customer behavior on your website, purchase history, etc.) with zero-party data (post-purchase surveys, direct customer inquiries, etc.) to present a more accurate picture of your returns on ad spending.
- NCPA (New Customer Cost per Acquisition): The total cost to your brand of bringing in new customers, helpful in budgeting and streamlining your acquisition process.
You may already have access to some of these metrics through your accounting software, analytics tools, and Ad Managers; Triple Whale consolidates this disparate data, presenting you with consolidated information, all in one place.
Metrics Directly From Your eCommerce Store
Collaborating with your existing software, especially your eCommerce platform, is what makes Triple Whale stand out among their competitors. Whether you use Shopify, WooCommerce, or something else, you can see eCommerce store data alongside other useful metrics right on the Triple Whale dashboard.
Metrics From Integrated Programs & Apps
Triple Whale does more than integrate with your eCommerce store to collect data. It performs cross-platform analysis to understand how each of your channels contributes to the holistic success of your marketing goals.
Imagine accessing data from all of your campaigns: Meta, Google, Snapchat, TikTok ads, and even Gorgias and Klaviyo, all in one place. Gauge the effectiveness of your campaigns by comparing key metrics, such as:
|Conversion Path Tracking
|Social Network Engagement
|Organic Website Traffic
|Click and Engagement Tracker
|Paid Website Traffic
After all, why waste time and money on a campaign that’s underperforming compared to your other efforts? Not every advertising platform is right for every eCommerce company. Know what works for you.
Triple Whale’s Lifetime Value (LTV) Metrics
Triple Whale’s Lifetime Value (LTV) metrics present the total expected revenue from a customer throughout their whole relationship with your business.
Track how frequently your customers make purchases. See how the lifetime value of your customers compares to the cost of acquiring them. Get insights into your repeat customer percentage and how many unique customers you have.
LTV Metrics help you plot the course ahead, planning for the long-term value of each of your customers and determining where you need to put more effort into keeping vs. attracting customers.
Triple Whale’s Total Impact Attribution Model
Triple Whale’s Total Impact Attribution Model is especially useful in 2024, as data privacy standards continue to evolve and more limitations are put in place by frameworks like Apple’s App Tracking Transparency.
This model integrates first-party data (data from customer interactions with your brand) and zero-party data (data voluntarily provided by customers) to offer an in-depth view of your customer’s journey.
Their proprietary algorithm provides a holistic view of multiple data points, including impressions, website visits, and email interactions. By leveraging Triple Whale’s Total Impact Attribution Model, you can better understand the full impact of how different marketing channels contribute to your overall business success.
Real-Time Expense Monitoring and Forecasting
Triple Whale’s Expense reports let you monitor fluctuations and trends in your expenses like:
- Fees associated with payments
- Cost of goods sold
- Shipping and handling expenses
- And much more…
You can even add custom expenses to track non-standard costs of doing business, like sponsoring an event or paying for a photo shoot for your products.
And with Triple Whale’s AI-powered forecasting tools, you get insights into revenue by channel and customer cohort, marketing efficiency, and ad spending. They can also predict product-level sales and inventory needs. Their holistic approach extends your view into the future, driving increased revenues and marketing ROI.
Inventory Management in Advertising
Track quantities and the costs associated with holding and managing inventory with Triple Whale’s inventory tracking features. Triple Whale can either replace or work in tandem with your current inventory management systems; it’s up to you.
Integrating Triple Whale Into Your eCommerce Store – The DIY Method
“You can have data without information, but you cannot have information without data.”
- Daniel Keys Moran
Partnering with Triple Whale gives you access to extensive data and insights. But what do you do with all of this information?
Having access to data isn’t enough. You need to formulate plans and act on data in real time to make the most of your marketing campaigns.
Integrating Triple Whale into your business operations can transform the way you manage your digital advertising:
Integrate with Social Media and PPC Platforms
Streamline your ad management by combining Triple Whale insights with platforms like Meta, Google Ads, and Instagram so you can view, compare, and analyze data across these platforms on one screen and make informed campaign adjustments and decisions about ad spending.
Custom Metrics and Reporting
Tailor your metrics within Triple Whale for your unique business needs. Suppose you want to create a customer engagement metric that blends website visit frequency, email open rates, social media interactions, and purchase history. Create a formula that combines all these variables to calculate a custom “Customer Engagement Score” to identify your most engaged customers and tweak your marketing strategy to recreate your successes.
Benchmarking and Comparative Analysis
Assess your performance against historical data or even against industry standards so you can address negative trends early, before they’ve drained your budget, and easily identify what is working. Save time and money by skipping dead-end campaigns and leaning into the good ones.
Your customer’s journey, from learning about your product to buying it, can be long and complicated. By understanding customer behavior, purchasing habits, and preferences, you can plan and execute more specific marketing strategies that follow your typical customer’s journey, leading to higher conversion rates and ROI.
Anomaly Detection and Alerting
Triple Whale’s built-in anomaly detection and alerting will help you sleep at night. These new features dropped in May of 2023 and proactively monitor and notify you of unusual activity, like sudden drops in website traffic or spikes in ad spending. Staying on top of all of your website and ad behavior is challenging, but with Triple Whale, you’re not in it alone.
Leveraging Cohort Analysis for Targeting
Triple Whale’s Cohort Analysis feature was fully revamped in 2023. This intelligent tool groups customers based on shared characteristics. For example, customers who discovered and purchased a certain product on Meta would be one group of cohorts, while customers who bought the same product through an organic Google search would be another group.
Examining these groups and their behaviors enables you to tailor marketing campaigns to specific customer behaviors and their likely next steps. When it comes to marketing, the more targeted, the better. Bespoke marketing like this makes it much more likely that you’ll be able to facilitate a journey for customers that leads to sales.
Post-Purchase Surveys for Customer Feedback
Triple Whale streamlines and automates this typically labor-intensive process, giving you detailed customer feedback without you having to solicit it yourself. Survey results provide varied and valuable feedback on your products and your customers’ overall experience.
Triple Whale Brings It All Together
By integrating with Triple Whale, you can bring together disparate data sources into a cohesive, comprehensive view of your e-commerce business, enabling you to make data-driven decisions, optimize your marketing strategies, and ultimately drive more sales and growth for your business.
A DIY Case Study
In December 2022, Dan McCormkick co-founded Create to reposition creatine supplements in the market. Through his experience working at major DTC companies, he recognized the need for a data-driven approach for his startup.
He chose Triple Whale for its balance of advanced features and user-friendliness. His implementation strategy leaned particularly heavily on the following Triple Whale features:
- Daily Monitoring on the Summary Dashboard: Constantly track vital metrics like blended net revenue from Shopify and Amazon and account for discounts and returns.
- Blended ROAS and Contribution Margin: Comprehensive metrics of the effectiveness of ad spending across all channels.
- Marketing Efficiency Ratio (MER): Vital for balancing growth and profitability.
- Real-Time Attribution and Orders: Insights into marketing channels’ efficiency and customer acquisition costs.
- Customer Cohorts Analysis: Tracking of customer spending patterns and lifetime value, offering long-term insights into customer behavior.
By leveraging these and other Triple Whale features, Create earned $4.5M in its first year. They used the insights gained from Triple Whale to focus on top-line growth, healthy margins, and innovative marketing strategies like high average order value (AOV) and subscription models.
Integrating Triple Whale Into Your eCommerce Store – Get Help From The Pros
adQuadrant is a premier digital marketing agency that helps e-commerce brands create scalable growth with effective online strategies and advanced tools for better ad performance and customer reach.
adQuadrant leveraged Triple Whale’s features to help their clients face unreliable on-platform data following the 2021 iOS 14.5 update. This update infamously made it difficult for eCommerce managers to understand customer origins and, therefore, confidently invest in marketing.
By integrating click-data with post-purchase surveys through Triple Whale, adQuadrant revealed the true story of their clients’ data.
For example, while on-platform data gave no credit to YouTube ads, post-purchase surveys conducted by Triple Whale revealed that customers were significantly influenced by YouTube ads. This revelation led to a 58% increase in ad spending on YouTube. Too bad it only resulted in a 241% return…..
By analyzing TikTok data, adQuadrant improved the efficiency of their ad spending, resulting in a 19.5% increase in TikTok ad spend, a 79% increase in on-platform ROAS, and a 61% decrease in NC-CPA.
Triple Whale is an excellent tool. It’s also complex and in-depth. That’s what makes it so effective. If you’d rather an expert wield it for superb results, reach out to adQuadrant to have a comprehensive marketing strategy designed and executed for you.
Triple Whale’s Key To Success: Innovation
It’s one thing to create a great product; it’s another thing to continuously improve upon a great product. Triple Whale has a proven track record of setting the bar high when it comes to advanced analytics. A few highlights of their recent improvements include the following updates in 2023:
- Improved Activity Feed: A centralized hub for visualizing your business activities, presenting data alongside your key metrics so you can “see” campaign updates, inventory fluctuations, and other activities in a real-time overview.
- Microsoft Ads, ShipBob, ShipStation, and Yotpo SMS & Email Integration: By integrating with these additional partners, Triple Whale brought even more advertising data to their platform.
- Streamlined Inventory Tracking on the Pixel Page: Now, your inventory status is displayed directly alongside your advertising data and notifies you when you are promoting products that are out of stock.
- Willy: Your New AI Ecommerce Assistant: Free Willy! Willy, an AI e-commerce assistant powered by OpenAI, dropped in April 2023. With integrated AI, users can interact with their data as easily as talking to ChatGPT, all within Triple Whale.
2023 proved that Triple Whale maintains its commitment to leading technological improvements. But it’s not where you’ve been that matters. It’s where you’re going. Here are just a couple of updates Triple Whale has planned for 2024:
- Integration Enhancements: Expect more partnerships and integrations with new apps, programs, and platforms. Triple Whale’s extended reach in 2024 will widen the holistic view of your business.
- AI Improvements: Triple Whale’s cutting-edge AI tool, Willy, is the future of data analytics. As the world continues to adapt to AI throughout 2024, expect Triple Whale to continue setting an example in the industry of intelligent and ethical AI integration.
As we look towards 2024 and beyond, the potential of Triple Whale for eCommerce businesses is not just promising, but transformative. The platform’s key to success lies in its ability to simplify and present complex data in an approachable format, turning insights into action items.
Triple Whale’s user-friendly interface empowers businesses to easily navigate diverse data streams. From analyzing advertising data across multiple platforms to presenting customer behavior analytics, Triple Whale’s metrics are essential for businesses that need to make quick, informed decisions without getting bogged down in manual data analytics.
Triple Whale’s integration makes it a central hub for your digital business management. By bringing together data from advertising platforms, eCommerce sites, inventory management systems, and customer feedback tools, it provides a holistic view of your whole business. It’s more than just a data analytics platform; it’s a strategic partner in your business’s journey toward growth and success.
About the Author: Pamela Covert is a Senior Client Partner at adQuadrant with 5+ years of digital marketing and technology experience. She graduated from Louisiana State University in 2018 with a BS in Marketing and a concentration in Professional Sales. From there, she’s partnered with industry leaders like Ford Automotive, Camp Bow Wow, FastSigns, and TELETIES to build and grow their paid advertising strategies. She currently resides in Texas and, outside of work, enjoys trying new restaurants, college football (Geaux Tigers!) and her blue heeler, Levi.