The path to purchase in today’s omnichannel world is difficult to navigate and can be a nightmare for companies wanting to understand how their consumers interact with their products or services. What touchpoints did the consumer encounter before a purchase and which of these had the greatest impact? The answers to these questions are essential for optimising your marketing spend, ensuring that both you and the consumer benefit from every touchpoint.

Have you ever wondered why you ended up buying from one company instead of another? It may be small things like a slogan, or the layout of a store. Or maybe it was the interactions you had with the staff in a digital or physical environment. It is hard to remember every step of the way, so trying to understand the impact from the outside is not an easy feat. With the path to purchase model, this has at least been made easier, and the benefits are truly amazing.

1. Understand the touchpoints that drive sales

This is at the heart of the path to purchase model, as you really want to understand what steps customers made in their journey before deciding to commit to your brand. By looking at several thousand different customer journeys, patterns start to emerge. This allows you to understand what touchpoints make consumers continue to pursue your brand or simply slip away.

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2. Measure both online and offline touchpoints

Only focusing on one channel, whether it be online or offline, means you are probably missing one or several crucial parts of the customer journey. This is why our path to purchase solution focuses on the whole picture. This is done through device-tracking, diaries, triggered surveys and spontaneous feedback. Giving you one unified view, so that you can analyse and compare your true omnichannel conversion effectiveness.

3. Gain insights into consumer motivation

Through the many sources of information that the path to purchase model uses, you see precisely what motivates different customer groups. This then allows you to better optimise your touchpoints for various consumer segments, ultimately increasing conversion.

READ ALSO: What is brand tracking and why is it important?

4. Find the sweet spot using synergies

A consumer is never converted through only one touchpoint, but through a combination. Therefore, understanding what synergies various touchpoints have, and combining them for optimal performance is one of the key benefits of our Path To Purchase Analytics Solution.

We will provide deep and profound insights into how your customers actually became customers. With this information at hand, our sensemakers will help you to adjust your various touchpoints to orchestrate a conversion concerto, attracting more consumers to your brand.

Want to know more about path to purchase? Contact our P2P-experts and we’ll tell you all about it!

What do you get when you combine continuous brand measurements and advanced modelling with true brand experts? The short answer is, a state of the art marketing mix model from a company that wants to see you succeed.

Whether you already know about our proven track record or found us from a Google Search, you can now relax and let us help you with your Marketing Mix Modelling (MMM). From our extensive experience and deep brand insights, we know how to suss out what makes specifically your brand tick, and what does not. Our experience gives our customers that needed edge on their competitive markets to win, both in the short and long run. This is what makes us different.

Brand perspective in MMMs is a game-changer

When we say “Brand perspective in MMMs” we back it up with success stories from our customers. Based on 15 years experience of analysing continuous brand tracking for both local and global brands, we typically use this type of data to incorporate the long-term effects of marketing in our models. Missing this perspective means a risk to make significantly wrong priorities. This is just a simple fact that has been proven over and over again, as marketing effects can take a long time to reach maximum impact.

Capturing both direct sales and brand effect from marketing

Read also: What is brand tracking and why is it important?

Nepa’s Modelling Process – The road to victory

The secret sauce of any successful modelling process is to have quality data. To ensure this, we manually curate all data before modelling. “We” in this case are our highly trained and experienced data scientists that work with data mining, statistical analysis, and build high quality prediction systems. You know, those people you want on your team when you play Trivial Pursuit.

Example of sales explained by each contributing factor (real estate industry)

After our data scientists ensure the quality of your data is up to par, they model your Ad Stock and its impact on advertising decay. The decay rate of each media is then automatically optimized and manually curated, both for its direct and its brand effects. Yes, we know that this sounds complicated and it is. But, we are not done here. To create a successful model, we also have to estimate season and trend components of sales by using time series analysis in combination with industry data. As a final touch, we use a Shapley value estimation on top of a multiplicative regression model to determine the impact of your media investments on sales and your brand over time. Both the direct sales effects and the longer term effects are quantified in a monetary ROI.

Read also: Brand research: What is it & why is it important?

The process is complicated, which is why you need experts such as our data scientists to do the math and make the complicated simple to use in your day-to-day marketing activities.

Marketing Mix deliverables that make sense

Key questions asked repeatedly: “How does communication affect sales compared to brand?”, “How efficient are different media in driving short term vs. long term sales?” and “What is the optimal investment level and Marketing Mix?”

Example of media mix simulation and optimisation

Our Marketing Mix Modelling answers all of these questions in easy to read tools and reports, and links it to monetary effects. Every stakeholder in your company can take part of the data, both for short term actions and long term planning, as well as balancing between the two.

Our goal is for you to wake up Monday morning and know exactly how and where to talk to your customers, and maximize sales.

Contact one of our brand experts today to implement Nepa’s Marketing Mix Modelling.

Social media platforms are used by one-in-three people in the world and more than two thirds of all internet users. Social media is becoming more and more important in our everyday lives, creating new potential for brand and sales opportunities. But how can you, as an advertiser, unlock that potential?

We want to look more closely at current performance of social media advertising and how to further scale the effect of social media by optimizing its execution. One way of doing so is using media and creative best practices for social media. Insights can be used for (retail) advertisers to optimize their social media execution for driving long and short-term sales. Our findings are based on Nepa’s Marketing Mix Modelling (MMM) for retail clients in Sweden across different industries in the past, covering 1660 social media campaigns, determining short and long-term effects (brand effects) of media. We further break down short-term sales effects into store sales and online sales. This study defines social media
campaigns as campaigns from Facebook, Instagram, Facebook Audience Network3 and Messenger that have been extracted based on the Facebook data extract provided by Facebook as part of the MMM partnership.

All results shown in this whitepaper are based on averages and displayed in index format to show differences in performance.