Mastering the shifting marketing mix in response to measurement and targeting challenges | Sponsored Content

In today’s advertising world, marketers are faced with new challenges when it comes to customer acquisition and retention. One factor influencing these challenges is the changing landscape of privacy laws and the use of data. According to a 2022 CommerceNext report, a supermajority of consumers report concern over how retailers are using their personal information and data. This has led to a shift in the marketing mix as brands look for new ways to reach and engage their target audience and measure performance.

In a recent Forbes article, Andrea Wasserman unpacked the recent shifts in the advertising landscape, including how social platforms have launched countless new customer acquisition products, how SEO and paid search tactics have changed and how marketers need to think differently about both targeting and measurement. Overall, Wasserman stressed how decision-makers looking to master the marketing shift should understand the balance between the desire to acquire new customers with the necessity of finding out if those customers have a positive long-term value.

Optimizing your marketing mix involves having a deep understanding of your customers, in addition to diversifying the channels used to reach them. There are a variety of marketing channels a brand could focus on, but the key to successfully shifting your marketing mix is ​​understanding which channels to focus on, with what message and at what time. As advertising costs rise, customer acquisition costs have also steadily risen to unprecedented levels over the last few years.

According to CommerceNext’s latest research report, “2023 Digital Trends and Investment Priorities,” 68% of surveyed retailers reported a declining performance on paid social in 2022. Because of this, 66% of respondents said they would pull back marketing spending on Facebook this year. By diversifying marketing channels, brands can reduce this risk and reach their target audience through multiple channels, including email, influencer, and SMS marketing. As long as there is an organizational willingness to experiment, brands have the power to overcome the industry’s concerns about imperfect data.

Given the ever-evolving nature of marketing channels, it’s crucial to prioritize measurement and testing. With a multitude of options available, it can be challenging to discern which channels are truly effective and drive incremental revenues. By evaluating the incrementality of each channel in your marketing mix—and the customer journey across multiple touchpoints—marketers can accurately measure success and pinpoint areas for optimization. Similarly, by analyzing the performance of each marketing channel and evaluating their role in the customer journey, marketers can identify the most effective channels and areas for optimization.

If you’re a marketer looking to optimize your ecommerce advertising efforts, attend “Shifting Marketing Mix in Response to Measurement and Targeting Challenges” and CommerceNext’s 2023 “Ecommerce Growth Show.” A panel of ecommerce experts—including Ryan Gibson, vice president, strategy at Adlucent; Angela Hsu, CMO of Overstock.com; Doug Jensen, senior vice president of go-to-market analytics and activation for the Learning Center of Excellence at the Esteé Lauder Companies; Michelle Peterson, CMO of Kendra Scott; and Andrea Wasserman, a retail and technology consultant and Forbes contributor—will discuss best practices to drive new customer acquisition and customer lifetime value.