Demystifying the Consumer Decision Journey
Presented at the 4th Annual BayesiaLab Conference in Nashville on September 29, 2016.
Abstract
Marketing has always sought those moments, or touchpoints when consumers are open to influence. One of the central concepts of marketing and sales is the funnel — through which consumers are supposed to systematically move from awareness through consideration to purchase. Today, the funnel concept fails to capture all the touchpoints and key buying factors due to the explosion of product choices and digital channels, coupled with the emergence of an increasingly discerning, well-informed consumer. A more sophisticated approach is required to help marketers navigate this environment, which is less linear and more complicated than what the funnel suggests.
Our client – a leading automotive aftermarket retailer had a general idea that their brand purchase funnel was not linear. However, they had never quantified the contribution of various touchpoints to purchase intent and the interaction between each of its brand drivers. Using the Bayesian network modeling technique, we helped the client answer the following essential questions regarding the consumer decision journey:
- What are the key brand performance drivers of purchase intent?
- Are there are any interactions within the brand funnel purchase process?
- What is the effect of the relationship between key brand drivers like brand consideration and purchase intent on sales?
- What is the optimal media mix to maximize brand performance and sales objectives?
Presentation Video
About the Presenter
Neeraj Kulkarni President/Founder, CIEK, Charlottesville, Virginia www.cieksolutions.com (opens in a new tab)
As president and founder of CIEK, Neeraj leads the data and analytics vision of the company that helps clients optimize marketing investments with confidence and predict business results with certainty.
Prior to CIEK, he co-founded Cooler Heads Intelligence, another startup analytics company, and is also currently engaged in several data and technology initiatives in Charlottesville, VA. He has worked in powerhouse advertising agencies like Martin Agency and Havas in leading analytics roles. Neeraj has over 18 years of experience in data sciences and predictive modeling and has led major analytic engagements with numerous Fortune 500 companies. He has spoken at various analytic conferences, writes articles, and sits on the advisory board of the DMA Analytics council, SAS users group, and other analytic associations.