BayesiaLab hosted its global conference of bayesian experts and practioners in Nashville, TN on September 29, 2016
Marketing has always sought those moments, or touch points, 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 touch points 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 touch points to purchase intent and the interaction between each of its brand drivers. Using 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?