Overview
Participation Rate is the measure of the portion of your active customer base that is advocating in a given period. A high Participation Rate means that more people are aware of and motivated by your programs. It is an indicator of the effectiveness of your advocate program.
Transactors are unique people who have transacted—in this case, both referral and non-referral—in a given week. This is a proxy for the total potential reach of your advocacy efforts. In your program, the desired transaction may be a download, a booking, a purchase, or a registration. We only count each person once, so if you have two transaction events, like registration and purchase, this will not affect your Participation Rate.
Note: You can specify the denominator of your Participation Rate in the "Advanced" section of this report by setting the "Action Step." This is useful if you don't want to use transacted and instead want to explicitly calculate the Participation Rate based on, for example, purchases (as opposed to registrations and purchases) or account fundings (as opposed to account openings and account fundings).
You can read more about Participation Rate here, and more about how to increase Participation Rate here.
Understanding the Formula
Participation Rate = (advocates/transactors) * 100
Simply put, if you have 100 folks buying or joining in a period, and 10 of them are advocating in that period, then you have a 10% Participation Rate. Another way you can think about this is that for every 100 people who have transacted, both referral and non-referral, you can expect that 10 will become advocates.
Report Output
The data in this report is counted by week. The height of each bar in the visualization represents the Participation Rate for that week. To the right of the graph, you'll see the Participation Rate of the current week and an average of your Participation Rate.
Downloading the raw data from within My Extole, you'll see the following columns:
Period start time: This is the start time of the data in a given week.
Period end time: This is the end time of the data in a given week.
Period: This is how the data in your report is grouped. In this case, by week.
Advocates: This is how many unique people advocated in a given week.
Transactors: This is the total number of unique people who have "transacted" in a given week. Again, "transacted" is dependent on your program flow. Common "transacted" events include conversions and registrations. This metric counts all people who have transacted, whether from referral or non-referral.
Participation Rate: This is the Participation Rate of a given week.
Looking to schedule this report so that it runs automatically? You can read more about scheduling reports here.