Getting Started with Metrics

Contents

  1. Introduction
    1. Summary
    2. Key Components

Summary

Put simply "Metrics" means units or standards of measurement. Informed decision making requires proper measurement and evaluation. Metrics by Jove enable marketers to measure the right data--directly from the ad publishers--alongside the tools that help them plan, test, iterate, and scale the next ad or marketing campaign.

Jove automatically ingests all conversion events, which have recently recorded data, from a user's linked platform accounts and transforms them into several metrics, including: a base metric, "revenue" metric, "cost per action", "return over ad spend" and "conversion rate."

For example: a Jove user may have linked their Facebook account that includes an event called "Add to Cart". From this event, Jove will create the following metrics (see below for precise definitions):

  • A base metric, called "Add to Cart - Facebook",
  • A "revenue" metric corresponding to the event's conversion value, called "Add to Cart Revenue - Facebook"
  • A  "cost per action" metric, called "CPA - Add to Cart - Facebook"
  • A "return on ad spend" metric, called "ROAS - Add to Cart - Facebook"
  • A "conversion rate" metric, called "CVR - Add to Cart - Facebook"

Users will find these metrics as reportable dimensions in Budgets, Insights, and Reports!

Key Components

  • Metric - A standard of measurement. Metrics may be used as dimensions in Reports, or as important KPIs in Insights and Budgets.
  • Metric Name - The standard name given to a metric upon ingestion. Naming convention is as follows, where words in brackets [] are replaced by the actual value:
    •  For base metric:
      [Base Metric Name] - [Platform]
    • For "revenue" metric:
      [Base Metric Name] Revenue - [Platform]
    • For calculated metrics:
      [CPA/ROAS/CVR] - [Base Metric Name] - [Platform]
  • Display Name - The name of the metric as it will appear in other Modules such as Budgets or Insights. By default, the Display Name is the same as the Metric Name and will appear as "--" within the Metrics library. Users may change any metric's Display Name.
  • Platform - The platform from which a metric was imported or calculated.
    E.g. There may be one metric from Google called "Add to Cart - Google" and one from Facebook called "Add to Cart - Facebook."
  • VisibilityDetermines whether an imported metric will appear in selectable metrics within other metrics such as Budgets, Insights, or Reports. Users may want to "hide" certain metrics that are less frequently useful in order to "de-clutter" other selection screens.
  • Revenue - "Revenue" refers to the conversion value or value assigned to an event from the ad platform. For some metrics, Revenue will be undefined.
  • Cost per Action (CPA) The total amount spent divided by the count of the base metric.
    E.g. "CPA - Purchases - Facebook" = "Amount Spent (Facebook)"/"Purchases - Facebook"
  • Return on Ad Spend (ROAS) - The total "Revenue" divided by the total amount spent.
    E.g. "ROAS - Purchases - Facebook" = "Purchases Revenue - Facebook"/"Amount Spent (Facebook)"
  • Conversion Rate (CVR) - The count of a base metric divided by the number of clicks.
    E.g. "CVR - Purchases - Facebook" = "Purchases - Facebook"/"Clicks"

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