It is pretty accepted now-a-days that you need to monitor the success of your online marketing efforts. Are your website viewers actively engaging with your content and purchasing your products? Are your AdWords resulting in increased sales? What marketing efforts are ineffective and need to be changed/stopped? These are all vital things to know so that you are keeping your customers engaged with the right messaging. This is not an easy task for any business, but when you are a bricks and mortar retailer with an online presence, measuring these efforts becomes even more challenging.
ROBO - Research Online, Buy Offline
This is made more difficult for retailers due to the growing trend of ROBO among consumers –Research Online, Buy Offline. The fact is that, while it is great to know what the click through rate is on online marketing efforts, it is the conversion that matters!
The lack of understanding of the impact of marketing efforts extends passed the online campaigns. In-store events, new window displays, or indeed changing store layout all influence the conversion of browsers into buyers. Yet how can retailers decipher what marketing efforts have the best return on investment in bricks and mortar stores?
Check out the 3-metrics below to track the effectiveness of marketing campaigns in-store:
1. Sales Productivity
Sales Productivity is a measure of how much customers spend. By measuring this, you can identify what marketing efforts are most effective at influencing customers to spend more in store.
2. Basket Size
Similarly, to Sales Productivity, by measuring Basket Size, you can monitor what marketing efforts are most effective at encouraging customers to buy more items in a transaction.
3. * Bonus * Footfall & Sales Effectivity
Footfall counters is a powerful investment for retail stores to monitor if marketing efforts influence more potential customers to enter the store. Once a retailer knows how many people come into the store, they can then also calculate the ‘sales effectivity’ of the store, i.e. how effective the store (which encompasses the products, the promotional displays, and of course, the staff) is at converting those browsers, into buyers. The conversion rate (or Sales Effectivity) is the real powerhouse metric when it comes to measuring marketing campaigns effectiveness.
Want to know more? Pop us an email at email@example.com we will be happy to talk more about how you can harness in store data to optimise your RoI in marketing.