In today’s global marketplace, the consumer journey is far from linear – and it’s not exclusive to a single platform either. So, how can we home in on our cross-channel eCommerce and media network investment and work out its day-by-day results?
As an eCommerce agency, one thing we’ve learned from the pandemic is that shopping behavior constantly evolves. Consumers switch between offline and online purchasing before eventually deciding on a retailer. eCommerce media measurement needs to be a multi-touch, online and offline approach.
So how do we carry out this approach for our clients?
Nine ways to measure success across eCommerce platforms
We’ve created a standardized approach to help measure success. Through these nine key methods, we can isolate, identify and measure the incremental results of our eCommerce platforms.
Incremental Share Modeling
We use Incremental Share Modeling to assess eCommerce marketing activity before, during and after a campaign. Did we see any increase in total brand sales behavior? If so, how do these correlate to our investment timeline? From here, we can work out what worked and what didn’t.
Full Flow Modeling (FFM)
Next up comes our proprietary modeling technology – Full Flow Marketing (FFM). This measures the impact of all our marketing activity – allowing us to evaluate performance across multiple points on the consumer journey and measure KPIs throughout.
So how does it work? We use a series of models to explore the relationship between media activity and purchasing – unlocking the potential of a full consumer experience. From FFM, we can recommend the best product and sales channels for our clients.
Aisle Share Health & Velocity
Here, we can analyze eCommerce trends to gain a deep understanding of which websites – often called aisles in eCommerce – are punching above their weight in the market and for how long. We take a deep dive across multiple timelines, measuring the latest year-to-date, three-month and one-month data. From here, we can work out which aisles are growing – and work out what needs help.
Our clients communicate their business priorities and innovations to help make better budgeting decisions. We seek to answer questions such as what the overall goal of the business unit is, what is the hierarchy of priorities within the total business and brand portfolio and are there any third-party customers with a vested interest that require additional focus.
Analyzing past performance is the key to measuring future success. When it comes to advertising, we look at conversions, clicks, impressions and total spend. From here, we can measure the best response rates and allocate future eCommerce marketing and media spend accordingly.
Total Opportunity Size
Opportunity sizing helps us understand how far an investment can go – and sometimes, there’s a limit. We look at the total available opportunity for each brand on each retailer and identify an optimum budget. This ensures we don’t spend at a diminished rate of return.
Retailer Closed-Loop Data
This is the quickest data metric available to assess ad spend, ad-exposed sales, and in-store new buyer analysis, as well as ad spend by tactic. We can use certain elements of this technique individually to make real-time changes to live campaigns.
3P Verification Partners
With 3P Verification, we can tag and track every media investment for our clients and make sure that every paid impression goes to the right place. This could involve verification being sent to a human (rather than a bot or AI device), in the right location with the right age, demographic, and interests for your brand. To do this, we measure the quality of impressions with verification partners like MOAT, IAS or Double Verify.