In an increasingly omnichannel world, brands need to ensure their channel strategies are being implemented consistently and maximised across markets.
Whether growing an existing product or service in a new area, or launching something completely new, understanding which channels offer the greatest growth potential, and how competitors stack up, is thus essential.
This makes channel performance measurement a key activity, especially for organisations that employ different types of channels or more complex multi-channel structures.
It helps to reveal the effectiveness, efficiency, productivity, equity and profitability of the various channels used by an organisation.
Organisations have a lot of data – financial, operational, customer and market, among others. However, synthesising this data from multiple sources and across multiple channels can be an overwhelming task.
Whether an organisation is seeking to organise and make use of the data it already has or gathering new data to act, there are three essential considerations when measuring and managing your channel performance.
These are the size of channel opportunity, the measure of brand delivery in terms of promise and compliance and the activities or interactions that drive sales.
Sizing channels effectively enables your organisation to set clear targets and establish indicators of success along the way.
The measure of brand delivery on the other hand helps organisations recognise success factors and improvement needed to deliver against brand promise and compliance. The key factors to consider here are customer experience and service performance.
A customer’s experience of a brand encompasses all the interactions they have.
While brand messaging matters, if is not consistently carried through, the so-called “promise delivery” gap results in unhappy customers and downturn in sales.