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Why does channel ROAS never add up to actual revenue?
Because every platform marks its own homework. Meta and Google will each claim the same order under their own attribution model, so summing channel ROAS produces a figure that cannot be reconciled with the bank account. MER — total revenue over total ad spend — has no attribution in it at all, which is exactly why it is the number to defend a budget with.
What is the difference between attribution and incrementality?
Attribution assigns credit for conversions that happened; incrementality asks which of them were caused. A retargeting campaign shown to people already intending to buy can post excellent attributed ROAS while being close to entirely non-incremental. Only a holdout — geographic, audience or time-based — answers the second question, which is uncomfortable because it means deliberately not advertising to someone.
Why does our conversion rate look flat when things changed?
Blended metrics average populations that behave nothing alike. Retention frequently looks flat while each new cohort retains better and the mix shifts toward a cheaper channel that retains worse — two large opposing movements producing a straight line. Acting on the flat number means fixing a product that is improving and scaling a channel that is not.
Which metric should we not put on the dashboard?
Gross-revenue LTV and standalone AOV, both of which mislead more often than they help. Gross LTV ignores goods, fulfilment, processing and returns, so it justifies acquisition costs that lose money per customer. AOV rises when you discount to clear a free-shipping threshold while margin per order falls — read it beside contribution margin or not at all.