The McKinsey’s Consumer Decision Journey represents the recognition that shopping decisions involve multiple touchpoints, and the consideration phase of the shopper journey is occurring online. That means that CPG brands had better be present –and relevant –when consumers are seeking the information they need to make a purchase decision.
With this in mind, CPG marketers need to rethink their marketing mix models. Per Accenture, “Consumers who use multiple channels to satisfy their needs expect companies to deliver a high-quality and consistent multichannel approach.” Today, that may include myriad media channels, from social and mobile to TV and out-of-home. How can marketers make informed decisions about their media mix with so many fragmented channels?
- Attribution models: If marketers know what’s moving the needle along the purchase path, it’s easier to determine where to invest. Many CPG marketers have found that mobile is effective at driving awareness, so investments are ratcheting up accordingly. Others may find that coupons or rewards are effective closer to checkout. They key is to have clear, accurate analytics that tell you which interactions moved the needle – not just at the last click, but throughout the shopper’s journey.
- Transparent customer insights: Shopping behavior is evolving with technology, and different demographics behave differently. Diageo discovered that consumers were researching food purchases on store websites, and began suggesting “pairings” on these sites to effectively promote beverage sales. What can you learn about customer shopping habits that can impact your media buying decisions and inform messaging?
- A marketing technology platform: The right technology can fold in third party data over your CRM (first party)) data/system to deliver real insights into what’s working today, and what could be working better. A solid platform makes that process of connecting the dots between data and action infinitely easier.
With these three tools, marketers should be able to create a roadmap to influencing consumer purchase consideration –and the vehicle to successfully follow it.
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