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Video By: James Reynolds
According to a recent survey conducted by R.O.EYE, the results among well-known online retailers showed that: 91% want to implement a measurement system to comprehend the customer journey, 57% currently record sales on a last-click basis. However, research shows marketing budgets could generate far better results if spent across the customer lifetime.
“Shoppers usually interact with between one and eight channels prior to making a purchase, so recognizing the value each one provides will improve sales,” said Mark Kuhillow, founder of R.O.EYE. “Almost all retailers surveyed felt it was very important or important to understand where sales originate from, yet our research shows that few are properly tracking the wider journey and using the data.”
On the other hand, even among those retailers who pay attention to which channels corroborate a sale, only a fifth attribute sales to the correct source.
About a fifth (21%) have positioned between 30% and 40% of their marketing budget away from last-click sales to alternate channels in the buying consideration cycle. A further 21% of retailers have redirected up to 10%. 7% stated moving more than 50% of their budget directly after analysis of data.
Read more here: 3 Ways to Increase Customer Lifetime Value