Scenario Planning Pinpoints Opportunities and Threats For Your Brand
A customer-centric approach focuses on how marketing investments produce a chain reaction of thoughts and emotions about your brands that lead your customers to buy. When it works, Scenario Planning Pinpoints Opportunities and Threats For Your Brand faster and more cost effectively than other approach.
Historically, marketers referred to this as a purchase funnel as well as the zero, first and second “moments of truth”. More modern interpretations (thanks to McKinsey) have suggested the “customer decision journey” which incorporates a feedback loop. In the feedback loop, we want to account for how marketing investment reinforces loyal customers as well as helps to produce brand advocates.
Influencing the top of the funnel needs to be a simultaneous priority with influencing the bottom of the funnel. The overwhelming majority of advertising is really all about stimulating the top of the funnel and producing awareness as well as building consideration for potential new customers. At the same time, promotions are meant to close the deal at the bottom of the funnel for those new customers while other incentives are meant to drive repeat business with existing customers. Overall, modern marketing is all about this constant balancing act at the top and bottom.
Unfortunately, most predictive analytics are only focused on how marketing investment impacts sales and therefore can only explain implications for your brand at the bottom of the funnel. All the underlying factors aligned with the complete customer journey that are totally decisive to any SWOT analysis evaporate if this is your only vantage point of the marketing landscape. Marketing analytics need to quickly pivot between the drivers and outcome of your marketing investment both at the top and the bottom of the funnel.
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth”
by Sir Arthur Conan Doyle who invented Sherlock Holmes
The customer decision journey is a perfect tool for capturing and defining all the conversions of existing and potential customers that lead to sales. For example, is the change in potential customers aware of my brand that now consider the brand a better explanation of the current sales increase than the change in transaction rate among customers? Addressing the changes in these conversions as well as all the other stages in the decision journey allows you to clearly diagnose the areas of strength and weakness in the path to purchase.
MAP can help you avoid the risk of putting all your eggs in the bottom of the funnel basket. Instead of focusing on just sales, we built the GNAVIGO platform to demonstrate the impact of marketing across every conversion in the customer decision journey. In a “back to the future” like approach, we bring predictive analytics to one of the most powerful concepts that marketers originally had … path analysis. We allow you to pinpoint the conversions on the path and target your marketing investment on the exact elements of the journey that present an opportunity or threat.
WATCH THIS SHORT DEMO VIDEO TO SEE FOR YOURSELF HOW SCENARIO PLANNING PINPOINTS OPPORTUNITIES
GNAVIGO is based on breaking sales into conversion rates along the various customer decision journeys, so the insights delivered can take you to the exact place you need to concentrate your efforts. You can therefore align your marketing investments to optimize the response at the point that produces the greatest opportunity or limits the largest threat. More importantly, these modern analytics let you see the trade-offs across customer response metrics associated with taking any given action. Scenario Planning Pinpoints Opportunities and Threats For Your Brand!
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