One of the biggest new stories concerning retail this holiday season is the latest update to Google Adwords, which includes an all new metric for tracking in store conversions influenced by online ads.
Understandably, this is pretty major. It’s always been a given that measuring the full impact of each stand in the multi channel marketing mix is nigh on impossible. Customers can do business with you in a variety of ways, through online and offline channels.
So, how do we truly assess the performance of one online ad, when some might directly click through and convert, but others might visit the site directly hours after seeing the ad and even more might call a helpline or pop into their nearest physical store?
eMarketer reports that 95% of all retail sales are still being made in-store, offline. But interestingly, Google believes that online channels are still influencing part of this majority. In fact, Google data shows 32% of consumers who made physical purchases were influenced by a location based search ad.
Now Google is aiming to do more to highlight the link between online ad spend and in-store revenue.
The all-new Google Adwords metric will allow webmasters to see which of their online campaigns drove more visits to physical stores. This in turn will allow businesses to make more informed decisions about how they use their online ad spend, according to what will provide the greatest return on investment.
In order to be eligible to use the feature, you’ll need a Google My Business account, which is linked to your Adwords account. You also need your physical stores to be in the US, because this functionality is not yet available in the UK.
If you’re among the lucky ones who are eligible, your store conversions will be added to conversion reports and a new conversion action called ‘Store Visits’ will be visible in the report too.
If you have a business in the financial sector and would like to up your marketing game or receive some expert information about digital marketing for financial services, then get in touch with a member of our team!
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