Quantifying The Value Of Brand Marketing Investment
Sales focused businesses quiet often struggle to see the value of branding and its impact on the bottom line. Branding can be considered the “nice and fluffy” side of things where teams have lots of fun pitching new concepts and ideas – like the guys on Mad Men. If only it was so easy!
Quantifying the value of brand marketing investment is an ongoing struggle for brand marketers and CMO’s. With 73% of CEO’s reporting a lack of trust in the ability of marketing departments to generate sales and increase customer conversions, demand and market share (The Fournaise Marketing Group 2011), there’s a lack of credibility for marketing at the boardroom table.
With so many reporting and marketing insights tools at hand, it’s hard to even consider the possibility of not having the data needed to identify marketing’s contribution to the bottom line. Read on to find out more about some key steps marketers can take to ensure they capitalise on every brand interaction and get that well-earned recognition they deserve.
Capitalise On The Power Of Your Brand Website
With 55% of shoppers preferring to shop directly with brands over retailers, according to Astound Commerce Insight’s “Global Brand Shopper Survey”, brands need to look to creative ways to engage and impress audiences to capitalise on the power of their brand website, when purchase intent is high. Clear ‘Buy Now’ call to action buttons can help to quickly lead shoppers down the path to purchase and ultimately convert to sales.
However, in some cases, having a direct to consumer online store may not be a viable option for brands. This is where the power of partnerships comes into play. Linking ‘Buy Now’ call to actions to a preferred retailer or selection of retailers can ensure you never miss an opportunity to sell. Not only will this reduce the chances of losing to competitors the minute a consumer leaves a brand website, it will offer consumers more choice and the freedom to purchase products from their preferred retailer.
Taking this one step further, a channel strategy and a direct to consumer strategy can go hand in hand, and having both in place can be a more powerful strategy, offering consumers that much wanted choice they crave, whilst building trust and loyalty to a brand.
Engage The Shoppable Moments
‘Having a moment’ is a term too often overused and in many cases often under-rated. Our lives are a series of moments big, small and some so mundane you don’t realise you’re in a moment. Moments can last days, hours and can be that split second when you hit the ‘Buy Now’ button on online advertisements, something we all know a little too well.
It’s the role of brand marketers to seize the moment and provide customers with what they want, when they want. Consumers have become more confident that they can make well-informed choices whenever the needs arise, making it crucial for brands to be there in these moments that matter; the moments when consumers are actively looking to learn, discover, find, and ultimately buy products.
So brands need to ask themselves:
- Are all marketing assets shoppable?
- When a consumer views a video or TV advert, how easy is it for them to buy the products there and then?
- Has a cross-channel, path to purchase approach been incorporated into strategy planning?
To engage and convert consumers, the time has come for brands to further embrace technology, to ensure consumers have an easy option to purchase the moment they interact with a brand, across all channels.
Visibility Across Partner Conversions
For marketers there’s an increased need to know the user journey from source to brand interaction and finally through to retailer for purchase event. Tracking insights along the path to purchase is easy but, when third party retailers and affiliated programmes come into the mix I hear you say ‘Is it really?’.
A key challenge for marketers is getting conversion insights from third party partners. To have this data is invaluable and can be the key to identifying any issues that may be affecting sales conversions along the path to purchase. Getting good traffic, clicks and conversions from the brand website are amazing, but what happens when shoppers leave a brand website? Are they converting to sales? What partners are they purchasing from? Are they adding additional products to their basket? Are there upsell opportunities at basket level?
Having quick and easy visibility of this information can be the difference between a great ecommerce strategy and an amazing ecommerce strategy.
Bringing Insight Together
The term big data is one that has been around for quite some time now. In marketing, big data is providing insights into which content is the most effective at each stage of a sales cycle, in addition to strategies for increasing conversion rates, prospect engagement, revenue and customer lifetime value.
But how well are brands actually using it? And, how easy is it to access this data? Too much data can sometimes be overwhelming and having too many tools can become exhausting. Setting yourself up for success requires easy access to real-time information, in one place and accessible anytime, from anywhere to ensure you can quickly present those figures the next time you are at the boardroom table.
For brands quantifying the value of your brand marketing investment is not a hard task, once you have the technology in place. ChannelSight’s Buy Now Technology provides instant access to sales conversion data across third party retailers and affiliate partners, ensuring brands have the insight needed, at the click of a button, to pinpoint what content assets are having the biggest influence on the bottom line.
Interested to see how ChannelSight can help you gain actionable insight to transform your ecommerce strategy. Get in touch today!