Everything is connected. Brands have the opportunity to reach consumers in many different ways. To demonstrate the full ROI from marketing, analytics need to measure the system and not the silos.
Our focus at Business Science is to provide data driven insight to understand all possible factors impacting on a consumers decision to purchase or respond. These can include media and marketing efforts, price and promotions, seasonality, the weather, the economy and a number of other factors. Each of these will interact with each other. Some will drive short term response and some will drive more benefit in the longer term. Our Connected Measurement approach uses the relevant tools and techniques to provide a full and realistic return on marketing investment.
But why is systems measurement important? To answer this, we need to understand what has changed.
The consumer path to purchase used to be simpler...
..and there were fewer media channels that marketers could use. For example in 1982, the only TV channels available were BBC, ITV and Channel 4/S4C and we watched around 84 minutes of commercials a day. By 2015, the number of channels has exploded and we watch over 26,000 minutes of commercials a day!
And there were fewer opportunities for consumers to purchase goods; visit a retailer, order over the phone or through the post. The digital age now means there are hundreds of places to buy the same product from and price comparisons and reviews from other consumers are easy to access.
As the digital world becomes more embedded in our everyday lives, the consumer journey to purchase is no longer linear. It can take many different paths and turns can be sharp and unexpected. Everything is connected.
Price comparison websites now make it easy and immediate for consumers to find the best price for products and can lead to sudden changes in purchase location. While brand names continue to be important for products, the vast range of online retailers can be hard on their high street counterparts. According to ONS 77% and 75% of men and women respectively now purchasing online.
The stratospheric rise in smartphone and tablet ownership have resulted in an always connected consumer, spending up to 3 hours a day online. Dual screening allows the consumer to respond immediately to an ad and means there is now an immediate and measurable impact from advertising. With the ever increasing use of social networks, brands are always open to consumer led discussions and opinions.
As the consumer system has become more complicated, our analytics have developed to understand a greater number of elements within the system and utilise the wealth of data now available. However the questions from our clients have remained broadly the same over time;
What is the ROI of my communications?
Does offline media drive online purchase?
How does my comms investment drive the strength of my brand?