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Are you satisfied with the return on your investment for each of your chosen marketing channels – or do you have a sinking feeling it could be better? If you work in marketing, you know that the pressure is always on to stretch those marketing budget dollars beyond belief – and it seems like it’s never quite enough. From a macro perspective, we know that channel mix optimization considers both cost and return on investment per channel, which ultimately helps to guide a “balanced” (read: profitable) allocation of marketing budget across the individual channels.
Therefore, we need to take a step back and evaluate each channel we are utilizing. Smart optimization focuses on one channel at a time!
Note: In order to understand the true ROI per channel, it’s important to have a grasp on how the company views sales attribution (ex. single-touch/multi-touch) in order to get a true read on which individual channels are delivering and prioritize those investments.
You Bought What?
As we move towards buying everything we want or need online, (Really? A Himalayan Salt Lamp and Bacon Flavored Floss?) then having it delivered preferably same day, and demanding the process be as painless, quick, and easy as possible, brands must be extra diligent with their e-commerce sites, as this marketing channel is critical “to get it right”. If it’s too cumbersome or time-consuming to find you, or if customers find it difficult to get the information they need to make the purchase, they will just move on. Typically, you get one chance for a successful conversion.
According to the Census Bureau, e-commerce sales have grown nearly 15% in the US from 2017 to 2018, with more than 60% of the population purchasing online - and the trend is expected to climb. Customers prefer the convenience and experience of shopping online, especially now with sites offering so many extra benefits, such as extended payment terms, extra discounts for spend thresholds, free shipping, surprise (and delight) gifts with purchase. For brands, there are no denying e-commerce’s benefits of expanded geographical reach and customer accessibility, along with the potential for collecting valuable demographic information. It’s important to invest the time to develop a frictionless digital user experience, which provides access to key information to enable a purchase decision. Mobile optimization should be considered table-stakes, with more than half of the online shoppers today utilizing smartphones or tablets; if there is a miss here—it’s game over.