A common challenge for marketers is their ability to be in the right place, at the right time. And that challenge has been amplified with the inception of multiple channels, devices and ad formats that consumers now utilize to guide their purchase decision journey. Marketers must carefully consider when, where, and how to promote their marketing messages to efficiently and effectively reach their target audience, across channels.
The fourth component of h(Paid) seeks to help marketers streamline ad optimization and effectively engage their target audience throughout the consumer decision journey. Specifically, optimization, improves consumers’ ability to navigate their purchase decision journey in a manner that promotes positive interaction with a brand at every cheapest car servicing point of influence. Using automated tools, such as goal-based algorithmic bidding engines and performance-based media buying, marketing professionals can streamline their paid media campaigns to coincide with each stage of the consumer decision journey and efficiently reach their target audience across multiple channels.
Perhaps most importantly, optimizing paid media marketing campaigns requires marketers to utilize a cross-channel tool/technology that properly measures key performance indicators (KPIs) and attributes conversions accurately. Now that the consumer decision journey is far more complex and significantly less linear (see map below) than years previous, specialty tools and technology do not provide a proper understanding of cross-channel marketing performance. Specialty tools simply report on performance and metrics for specific channels, which generally leads to duplicate conversion tracking and skewed attribution.
Consumers now use a plethora of channels and devices to guide their purchase decision—including television ads, peers, online search, print media in newspapers and magazines, and brick-and-mortar stores—but few marketers have the ability or technology to track consumer behavior across channels. In effect, it is very easy for conversions to be attributed to multiple channels, when in reality only one channel should receive the conversion credit or each should receive a fractional conversion. Counting duplicate conversions skews budget, resource, and knowledge attribution, and complicates marketers’ ability reach their marketing goals. In essence, things become confusing, intertwined and ultimately, very messy.
Thankfully, there are tools that help marketers measure their performance across channels and analyze beyond the last click. These tools enable marketers to nurture consumers through their complex decision process, understand how consumers engage with the brand, and discover how consumers use media channels to reach conversion decisions. A holistic approach to paid media marketing, guided by cross-channel tools and technology, solve attribution errors and align budget allocation/resources more effectively.
Next time we will wrap up our h(Paid) blog series by detailing the fifth component of h(Paid): Analytics