For merchandising and channel operations, a transaction is the end goal - either the purchase or delivery of products, or the sale of products.
For marketing, the transaction is where their work begins.The above quote came from a recent research report among retailer marketing executives conducted by RSR and highlights why marketing is a different breed of animal. Marketers are paid to change history, or at least improving the odds of a consumer choosing the products they're charged with growing.
As such, marketers are in the business of influence. And to do that they must understand how consumers come to buy a product or service in the first place. Today's shopping experience consists of a myriad of ways and places that might lead a consumer along a path-to-purchase. And those paths are probably very different across the major marketing campaign objectives.
- Acquire: how do people become aware and put us in the consideration set?
- Retain: what convinces them to stay with a brand?
- Migrate: why are they willing to give us a larger share of wallet?
- Convert: at what point do they consider themselves loyal? how do they show their loyalty?
- Win Back: given they have a history with a brand, what entices them to return?
To provide structure to this fragmented landscape, it is helpful to think about four specific things a marketer can leverage.
- Touch Points - where along the path-to-purchase is the decision made?
- Content - is it brand stories or promotional offers that trigger the decision?
- History - how does previous experience with the brand change the way decisions are made?
- Social - what role does influence and self-expression have on the decision?
Because, if we understand we can influence.