Profitable growth is ever more challenging
Market conditions, increased competition from new channels and providers coupled with changing consumer and shopper expectations and demands makes growth harder than ever to generate.
However, those that are winning are doing so by creating a new understanding of their business and what’s important through combining multiple data sources and aligning their organisation to execute against these “superior” insights across all touchpoints and channels.
The business challenge on the path to purchase
Most consumer focused companies currently understand how their customers are behaving across touch points. However, this understanding often does not link the online world to the offline world. Nor does it join up data sources to identify how consumers, shoppers and customers are interacting and behaving across all channels and touch points, across the entire Path to Purchase.
Many organisations have already established programs/teams/data insights for separate parts of the journey. However, these insights are often created in silos within the business. To truly optimize revenue, we need to understand the end-to-end journey. We also need to understand how this differs for your different target customers, shoppers and consumers.
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The key is to track all of their engagements, across your business, to understand the entire Path to Purchase. For example:
- What drives the purchase, spend or engagement decisions?
- Which are the priority touch points and why – across all channels and including the online and offline worlds?
- Which ones influence awareness, consideration and actual purchase or sign up?
- How does this differ by need and occasion/mission?
- What is the impact on value growth, bottom line and your KPIs?
To clearly evaluate the financial impact to KPIs of each touchpoint, a true “through the line” perspective of key touch points must be a requirement.
Ultimately, the question to be answered is:
Where should you focus your media, marketing and sales investment along the Path to Purchase to optimize growth?
Nepa combines technology and proven methodologies to create an end to end “single source view” of the Path to Purchase. Specifically, we combine attitudinal and behavioral data. Hence, this helps us to understand what customers are doing, thinking, feeling and experiencing at each stage of the journey.
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So, our multiple methodologies can be combined to create the most relevant and tailored solution to your specific business requirements. These methodologies enable us to create an understanding of customers in a broad spectrum. This includes the where, when, why and how customers, consumers and shoppers are engaging for ALL online touch points.
Most importantly, we identify which touch points are the priority ones for driving:
- Re Purchase (Retention and Reactivation) and which ones most impact your bottom line financials.
If you want to find out more about how Nepa can help your business, please get in touch.
Managing Director of Nepa UK