Today's multichannel customer is getting information from an increasing number of sources. Further, customers can cross-check the information they get from one particular channel through another medium, allowing them to be more confident in their purchasing decisions before parting with their money.This increasingly multichannel world is making it more difficult for marketers to determine where they're going to spend their advertising dollars, especially since they want to be agile and invest in the medium that is likely to have the greatest impact on their business. Many are leveraging the huge amounts of data available today to help them determine the best ways to reach both existing customers and prospects. "The core idea is that if you invest in what works and move away from what doesn't, you can increase conversion, customer value, and profit," said Jeff Zwelling, CEO of Convertro, during a recent conversation.
But according to Zwelling, there's still a lot of debate about how to effectively measure the impact of marketing and which channels have the greatest impact. For example, while television advertising is still popular and will cost businesses big bucks, many are still grappling with how to effectively measure its impact. This is mainly because although television ads and product placements introduce viewers to products or act as a reminder, many times customers make their purchase through another medium. "Television causes people to search for products or share over social media, so there's definitely an impact," said Zwelling.
While it's at times difficult to determine the exact impact of a television advertisement, Zwelling warned organizations not to ignore marketing behavior that's not the last known source before a transaction took place. He said often customers would have come across information that triggered a more in-depth search which led to a purchase. "Even marketing that doesn't convert might have had an impact," he said, adding that companies need to go deeper into the data to determine the effect of upper funnel activity which could have triggered--sometimes even subconsciously--the buying journey.