The Customer Journey to Online Purchase is Google’s new benchmarking tool. Marketers from all over the world can now see how buyers come up with their decision to purchase a product online.
On April 2013, Google introduced a new benchmarking tool for marketers: The Customer Journey to Online Purchase, a tool that has been built based on data from 36,000 advertisers and 11 industries from seven countries.
According to the report of Smart Insights, tens of thousands of Google’s largest advertisers are gaining valuable insights from Multi-Channel Funnels every month. These insights have been collected and evaluated using aggregate statistics to develop a benchmarking tool.
With this tool, Google can illustrate how buyers move towards their purchasing decisions and how long it takes them to do so from the benchmark data drawn from this activity. Google encourages the use of this tool to compare data with relevant industry benchmark data and see what their industry’s average path to purchase looks like.
Different marketing channels influence the customer on their path to purchase, some of which are banner advertising, paid search ads, email marketing and direct visits to websites. A customer may interact with these and it can play an immense role on how he or she makes a decision. By understanding the complex process of the customer’s journey, companies can improve their marketing campaigns.
The map can represent the interactions of the customers and demonstrate the order and type of touch points that characterize his interactions with the service. It can be construed to show the steps customers take before they buy something.
The type of purchase affects the duration of the customer’s journey and its number of days and interactions. Some decisions take a long time to be made, while others are made instantly. More complex purchases lead to longer paths and larger purchase values.
The new tool helps you understand how your customer makes such decisions and puts you in your customers’ shoes by traveling with them as they interact with your company. From your customer’s perspective, you will see what their needs are and measure how well you will meet them.
Of course the customer’s chosen path is not always so simple. They visit a site, do a search, and maybe read some reviews until they finally decide to buy. With the acquired knowledge, companies can evaluate the success or failure of online campaigns and the role each one plays in the conversion. The information can also help design campaigns that deliver the right message at the right moment in a customer’s journey to purchase.
Another element of this tool is that it enables you to view the entire duration of your journey, the days and steps you take, by industry and by country. Some other key insights from the benchmark data include the correlation between the time it takes to make a purchase and the value of the purchase.
You can also view your own data in the Multi-Channel Funnels or the Attribution Modelling Tool.
The benchmarks will provide insights about the journey and help you put your business into context and help you understand where different channels affect your conversions, which can consequently help you adjust your finances and marketing programs.
Check out the original story here: http://www.smartinsights.com/digital-marketing-strategy/whats-new-in-marketing-may-2013/