MAGNA + IPG Media Lab Presents: Accelerating the Consumer Purchase Journey
New study from MAGNA and IPG Media Lab finds optimizing creative executions based on purchase journey more efficiently guides consumers towards purchase by +14%
A new media trial by MAGNA and IPG Media Lab, “The Accelerated Purchase Journey,” reveals that serving the right creative at the right time based on the purchase journey for a given product can more efficiently guide consumers through to purchase.
After three ad exposures with creative optimized to where individuals are in the purchase journey, 14% of people were closer to purchase, speeding up the process. Meanwhile, without optimization, where the same ads were delivered at random, there was no progression through the purchase journey at all.
“The key to driving purchase is delivering content that feels relevant and provides useful information,” said Kara Manatt, SVP, Intelligence Solutions, MAGNA. “The difficulty is that what is relevant and useful varies from person to person depending on whether they’ve just started considering a purchase or whether they are ready to make a final brand choice. When we deliver ads that are customized to that journey, we are removing obstacles and accelerating the purchase journey.”
The full report can be found here. (Sign-in required)
Key findings of the media trial include:
• A plan beats no plan. When the creative execution is tailored to the individual’s position in the purchase journey, progression to purchase is accelerated. After just three exposures, +14% progressed closer to purchase, while there was no progression without optimization.
• Consumers could feel the difference. Not only did the optimized ad delivery prove more effective for advertisers, but consumers also had better ad experiences. When optimized, the ads felt more enjoyable, relevant, and offered more information. In addition, optimization decreased ad annoyance.
• Location, location, location. Leveraging location-based messaging when at the end of the purchase journey led to greater impact on intent to search for and purchase the brand.
• If you don’t succeed. For those stuck in the middle of the purchase journey after multiple optimized ad exposures, switching to a “feel good” ad (as opposed to product-focused) proved to be a successful tactic.
• Traditional purchase funnel, debunked. While many rely on the traditional purchase funnel, the research found that many were skipping steps in that funnel, indicating the funnel is an outdated explanation and that a matrix is a more appropriate way to look at the purchase journey.
• Search, a purchase journey indicator. For many categories, search terms can serve as proxy for identifying where consumers are in the purchase journey.
IMPLICATION: Consider exploring search re-targeting or other methods such as poll-based machine learning to better align creative with the purchase journey.
