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Brands transitioning their marketing strategies to account for broad awareness-raising channels – which yield little to no insight into attribution or customer data – have to navigate an awkward growing-up phase that requires a reallocation of resources, navigating partnerships, new methods for tracking results and back-end preparation to meet a new level of customer response.
When five-year-old startup Eight Sleep released a new product in February, a $1,995 smart mattress that offers dynamic temperature adjustment, the company used the launch to kick off a "pretty intense testing phase" of new marketing channels, according to senior vice president of growth Ori Klein.
As direct-to-consumer brands grow up and spend more money on traditional marketing channels, figuring out how effective each of these marketing channels are becomes a much more challenging process. When brands start spending on channels like direct mail or television, they can no longer just count on the number of clicks to determine what's working. And that's where multi-touch attribution comes in.
Billion-dollar growth requires a relentless marketing strategy, and CMO Sheila Shekar Pollak said that Athleta’s seen the most success in investing in both traditional marketing methods, particularly catalogs, as well as paid social media marketing, where the company has considerably increased its spending this year.
Seventy-three percent of shoppers now use multiple channels to research and shop before making a purchase. And 90 percent expect consistent interactions across all of those channels.
Party City’s annual October Halloween pop ups have been scaled back by about 90% this year. It also plans to hired 20% fewer seasonal workers. The party supply chain's decision, which counts on the holiday's sales for 20% of its annual revenue, could signal a similar fate for other seasonal pop-ups this year.
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