Have you ever heard of the term “Path to Purchase?” If not, it’s time to learn how his term impacts retailers and agencies alike. In online parlance, a consumer’s path to purchase follows them from their first visit to a website to the final purchase of a product or service. With the addition of more marketing channels – and as companies move advertising out of the “Walled Gardens” – the consumer journey has become more complex. Understanding and navigating the complexity between first and last touch represents the holy grail for agencies and retailers alike.
And yet, for many, it is not easy. From navigating different advertising channels to running campaigns, developing ads, writing creative and so much more – it can leave many with a data migraine. That’s why it is critical to understand the following:
Let’s examine each of these in more detail.
Also called the customer journey, the path to purchase represents the journey a customer takes across all channels and campaigns to convert from a simple prospect to an actual customer. From the moment they first lay eyes or thought on a product to the moment they buy it represents the fullness of that journey.
Typically, there are three stages in the customer journey. The first is awareness. This is when they first notice a product or service. Retail companies and agencies use advertising and marketing to put themselves in front of a customer, to make them aware of their product or service’s existence. The second is consideration. Now they are thinking about whether to buy the product or service or not. The final stage is the decision. This is where the rubber hits the road. Do they buy or do they not? How agencies and retailers manage the journey answers that question.
Tracking a path to purchase is critical to succeeding in high-performance marketing or retail sales efforts. Tracking and analyzing data will help you better accumulate quality leads and drive overall sales. By using proper data analysis and tracking, agencies can better understand the role each channel and campaign plays in the entirety of their target customer’s path to purchase.
Understanding the customer journey provides a level of insight that allows interested parties to coordinate campaigns across the funnel. From the top to the bottom of the funnel, understanding an ideal customer’s path to purchase helps them be better tracked, converted, and then the revenue attributed to the marketing channel or campaign that influenced their purchase. From retargeting to tracking links and more – how a customer’s path to purchase is influenced and/or analyzed may be the key to a successful campaign.
At SourceKnowledge, we provide both the tools and the data that allow agencies and retailers to successfully plot out and follow their ideal customer’s path to purchase. Learn more about how we help agencies and retailers meet their sales goals every day.