Click through rates. Bounce rates. Downloads. Cost per click. Make no mistake; ROI-focused CMOs rarely care about these metrics of the new age marketing ecosystem. While a lot may have changed in the business landscape, what has not changed is that the end objective of marketing is still to drive business goals, i.e. consideration and purchase revenue from existing and new customers. Now more than ever, with $628.63 billion media ad spend worldwide, CMOs need campaign metrics that justify the significant cost that marketing incurs across brands and businesses of all sizes. It is no surprise then that campaign metrics need to start quantifying how successfully marketing touchpoints have been able to attract and retain customers, bring in revenue, and ultimately, contribute to brand value. And this means that the industry awaits a complete overhaul of marketing attribution as we have known it all these years.
CPC might work for e-commerce, but is old news for physical retail
One of the most common campaign metrics in the age of digital marketing has been Cost Per Click (CPC). For agencies, this metric seems to work because it indicates that the message and creative was compelling enough to get a desirable action from the customer. However, does that click really mean anything? Not by a long shot. It might indicate interest in the brand or its products, but does it indicate purchase intent? Not always, and definitely not if marketers don’t measure what happens after the click.
With $628.63 billion media ad spend worldwide, CMOs need campaign metrics that justify the significant cost that marketing incurs across brands and businesses of all sizes
This is why over at Lifesight, we have further refined CPC and transformed it to CPV– Cost Per Visit. In the real world of consumers, outside of their screens and social media clicks and shares, a significant portion of actual purchase is still happening in stores. Cost Per Visit takes into account this reality and uses location-based marketing attribution to measure in-store footfalls as a result of both online and offline marketing touchpoints.
Location-based marketing attribution framework will redefine campaign metrics as we know them
Over the last year, Lifesight has had enriching conversations with CMOs around the Asia Pacific region to understand their key measurement pain points. These conversations and all statistics point in a single direction. Marketing touchpoints are extremely fragmented now through online and offline touchpoints. At the same time, buying journeys are also far from linear and often very subjective to each consumer. This makes it harder to foresee how much each touchpoint contributes to a desirable action that has higher chances to conversion. One such desirable action is a store visit and marketing touchpoints – online and offline – that are successful in driving a visit make the most impact on business.
Until recently, there was really no way to bring all these touchpoints under a single measurement umbrella to understand which ones were driving these store visits. CPC and views were digital marketers’ favourites – but to no valuable end. Opportunity To Contact defined the number of people who were most likely see a billboard – but it did not tell marketers whether these individuals had the spending capability to purchase the product or not. Most metrics available to marketers did not make sense to business and therefore, made little sense to CXOs including CMOs. However, with location intelligence, there has been a dramatic shift in marketing measurement and metrics.
Location-based attribution platforms are not only defining new metrics that make sense to new age CMOs, they are also overhauling marketing measurement in its entirety. For the first time, marketers can bring in every marketing touchpoint under one umbrella – online and offline, social and digital, OOH and TV – and study the positive influences throughout every consumer’s path to purchase. This location-based fractional attribution forms the lifeblood of Lifesight Attribution.
Location-based attribution platforms are not only defining new metrics that make sense to new age CMOs, they are also overhauling marketing measurement in its entirety
CMOs around Asia finally have a way to quantify marketing spend with ROI metrics that make sense to business. Are you ready to join the transformation? Request a demo and let Lifesight Attribution speak for itself.