Closing the Loop on Measuring Your Retail Outcomes
You’re always in the middle of something, we get it – and so we thank you (truly) for taking the time to check out this blog. And because we’re always pressed for something, be it time or information, let us start off by asking you two very simple questions that will require zero strenuous effort:
- Are you (or someone you’re working with) selling something online?
- Are you (or someone you’re working with) selling something in-store?
Assuming you answered “yes” to at least one of the two questions, you’ll want to stick around for just a few more paragraphs as we talk online and offline attribution.
What’s in a word? When it comes to attribution, it turns out that the word alone is packed with loads of refreshingly useful and increasingly necessary information pertaining to your advertising and marketing strategies. Marketing attribution, the goal of which is to understand the influence advertising impressions have on a consumer’s purchase decision, is determined by more than just cost per action (CPA); several other letter “C” metrics would argue that they matter too! Moreover, because not all conversions are created equal, attribution comes in handy when you’re looking for comprehensive intelligence (aka data) on the where, the what, the how, and dare we suggest, even the why of data.
ownerIQ handles a lot of data. So much, in fact, that our powerful digital marketing solutions observe over 200 million shoppers; aggregating over 1 billion online shopping behaviors each month from retailers, brands, and e-commerce websites. To the point, “the Q” understands the importance of quality data and identifies with need for delivering first-rate data to our partners. But just like with conversions, our partners are unique, and their needs are not created equal.
Which is why the Q’s closing the loop on attribution; measuring all retail outcomes, both online (e-commerce) and offline (in-store), depending on the campaign objectives and needs of our partners. Just how do we do this and what are the real and quantifiable benefits?
Here’s a quick breakdown:
If you’re a retailer or a brand with an e-commerce presence, this section’s for you. Your CRM confirms in-market consumers are visiting your site – success! Your marketing efforts are working and there’s genuine interest out – that’s plenty more than many can say. But don’t take it easy just yet. Your data can always use more thorough insight. What kind of insight are we talking about here? Well, you tell us…
ownerIQ’s Digital Checkout Tag (DCT) measures your key online attribution metrics. Depending on the information you choose to pass back within the tag, the Q is able to not only better optimize your advertising and marketing campaigns, but to also provide you with powerful insights on just the information you’re looking to better understand. In other words, enabling the DCT functionality can provide you with valuable intelligence of your online transactions, as well as the ability to analyze your customer’s online shopping behavior, and product and brand preferences to drive business decisions. Some of the key metrics available include: ROI, sales lift, share of voice, your customer type (new vs. existing), product sales, and average order size. In short, these valuable e-commerce insights arm you with more knowledge on who’s buying your product and why.
On the other end of the shopping marketplace, buyers continue to purchase in-store – so if you’re selling products offline (and advertising online), you’ll want to keep reading…
Partnering with diverse offline attribution partners including, RSI’s Ansa, Placed, DataLogix, Ninth Decimal’s LCI, and MasterCard, the Q is also measuring the in-store impact of your online campaigns. Cross-referencing online behavior and interest, we’re analyzing your customers’ in-store actions, and gauging true interest and actual purchasing intent as compared with your advertising spend. Whether you’re looking to measure foot traffic, sales lift, average spend, cost per store visit, etc. – ownerIQ’s offline attribution solution will help you assess only the goals and outcomes that matter most.
Understanding your buyer has never been an easy feat. In fact, the lack of understanding is one of the main reasons we (marketers and advertisers) will never become obsolete. There’s too much of the personal out there – with shopping patterns unique to each and every potential buyer. But it doesn’t hurt to learn more about your prospects. It doesn’t hurt to dig a little deeper into the why.
Want to talk about it some more? We’re here to chat all things attribution.