Part five · Chapter 21

JUDGE THE COHORT, NOT THE CAMPAIGN

An offer isn’t finished when the first order lands. Judge it again at 90 and 180 days, on new customers only, with your own data.

The campaign report closes when the attribution window does. The customers the offer brought are just starting. Every offer in this book has been judged by what its customers did afterwards, because that’s where the first offer’s real price shows up.

Three readings of every offer

WhenWhat you readWhat it can tell you
Week 2New customers, first-order contribution, acquisition costWhether to keep running it while you wait
Day 90Second-order rate, return rate, contribution after acquisition costWhether it brings customers or buyers
Day 180Revenue and contribution per customer, one-and-done rateWhether it earned its place as the core offer

The first order tells you the offer converted. The 180th day tells you what it bought.

Four ways offers get misjudged

  1. Blended numbersRevenue from existing customers who used a new-customer code makes a discount look like a winner. Judge on new customers only, and separately count how many existing customers used the code. That count is cannibalization.
  2. Stale targetsA bigger first offer with a bigger basket needs a bigger acquisition target. Judging it against last quarter’s target kills good offers. Recompute targets when the offer changes (chapter 9).
  3. Platform-only verdictsAd platform revenue and your store’s revenue disagree often enough that neither should judge alone. Every verdict gets checked against orders in your store and new-customer counts in your own data.
  4. Seasonal comparisonsAn offer launched in November and one launched in March bring different customers for reasons that have nothing to do with the offer. Compare offers in the same window, or against a holdout.

The table to keep

One row per first offer, updated monthly: start date, new customers, first-order contribution, acquisition cost, 90-day second-order rate, 180-day contribution per customer after acquisition cost, and existing customers who used it. After two quarters, this table is the most valuable document your growth team owns. It’s how you know which study in chapter 4 your brand lives in.

Do this

This is one chapter of The First Offer, which is free and readable in full on a single page with no form in front of it.