Q Thoughts

ownerIQ's staff (aka – "The Q") shares our insights and opinions on how marketers can more effectively impact today's shopper along the digital path to purchase. "The Q and A" provides honest and practical answers to the questions and challenges facing digital advertisers in the areas of second-party data, programmatic buying, shopper marketing, co-operative marketing, attribution, and emerging media.

Newsflash: Shoppers don’t go shopping. Shoppers DO shopping.

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It’s only natural that changing times bring forth changing behavior. The new digital customer journey is contributing to the already jumbled shopping process; presenting consumers with infinitely more options – enough to make just about anyone’s head spin with questions. What to buy? Where to buy? And not necessarily in that order. Shoppers are also smarter than ever – equipped with unprecedented access to information at their fingertips, and they’re doing their research; reading product reviews and comparing prices before committing to a purchase decision.

All in all, shoppers are no longer shopping the way they used to; in fact, they don’t really go shopping anymore – they DO shopping. To help illustrate the new face of the changing and fragmented retail environment, take a look at some recent figures for thought:

  • On average, consumers visited 3 online stores before making a purchase
  • 13% of consumers will make weekly purchases
  • 83% of consumers still prefer to purchase at retail vs. a brand website

Help a Retailer Out with Some New Data

The progression towards DOING shopping only underscores the challenges retailers face when trying to convert a shopper into a buyer while they are on their digital path to purchase. The traditional marketing landscape is long since disrupted, and the majority of retailers are left struggling to compete in a landscape jam-packed with information. It’s also important to keep in mind that the new digital shopping path is itself a process that’s difficult to define – made up of highly complex and individual consumers like you and I, with widely different preferences made available at various locations and ecommerce channels. And chances are, a consumer’s mind is already made up when they hit the tail end of their path to purchase.

At the same time, the vast majority of shoppers will cross specific milestones along the way to a purchase, and if you’re not present at each of key milestones, you can be sure that your competitor will be. Strictly speaking, you’re always at risk of losing a sale at the end of the customer journey.

That’s why, now more than ever, it’s critical to reach your consumers first in order to win over your competitive set. And with digital a key influencer at every single touch point in the path to purchase, online tactics are absolutely imperative. But one thing’s for sure – you can’t win by relying on the same old strategies. Hint: You could use some new data.

Retailers often rely on broad third-party data audiences such as demographics or proxies for an ideal customer for reaching some random consumer, one that’s more than likely from your ideal consumer, in-market for…it’s really anyone’s guess. Consider a brand that sells upscale purses and only targets “affluent shoppers” – this brand is without a doubt missing out on a large percentage of in-market shoppers. How was this data collected? How do you know that your advertising is reaching a consumer with a higher income?

All important questions. Moreover, your competitors have access to the same exact opaque data. And in today’s day in age, it’s really all about the specifics – those unique attributes that set one’s shopping behavior apart from another’s. Simply put, if you’re not using the right sources data, you’re not leveraging the world of digital to its fullest potential.

So what if you had access to something different; your key brand’s first-party audience data? Easily accessible through a mutually beneficial partnership, this type of a relationship grants you transparent access to second-party data, or to your trusted and relevant brand’s first-party data – massively increasing your scale.

Remember, 80% of your consumers interact with brands or products online before arriving at a physical store. This is the audience you want to be in front of – and leveraging a second-party data partnership is that key first step to immediately capture in–market consumers.

Check the ownerIQ difference in this latest eGuide and learn to broker relationships that matter.

Categories:Posts from 2016


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