Littlest Pet Shop. Transformers. NERF. Monopoly. Playskool. Beyblade. Furby. We could continue to list the brands that evoke magical childhood memories since we like to think of ourselves as Hasbro brand aficionados. Or in advertising terminology, Hasbro’s US Search Agency of Record and Global Digital Analytics Agency of Record. We manage paid and organic search (SEM and SEO), are responsible for all creative online advertising (OLA) development and global analytics reporting and analysis across all digital platforms (media, search, site and social) for over 25 Hasbro brands.
Wow, that’s a lot of things to do. We agree, and we love it. We love it so much that we wanted to do another very important thing to help Hasbro determine ‘what’s working’? in their marketing investment and optimize it. Hasbro’s marketing mix has evolved into a complex ecosystem of content distributed across paid, owned and earned. Our challenge was to sift through the multifaceted marketing mix and analyze the data in order to achieve the following:
- Better understand the impact of key online touch points that influence Hasbro online shoppers, prior, during and after engaging with the brand.
- Identify and quantify the impact of site engagements that correlate with conversion events.
- Quantify the impact digital channels have on conversion events and point of sale, and how investments in those channels impact each other’s performance.
Sounds pretty straightforward, right? Our statisticians thought so.
THE SOLUTION: PERFORMANCE ANALYTICS MEETS MARKETING SCIENCES
AMP designed a three-part analysis that leveraged panel-based research, behavioral analysis, and predictive analytics to simplify a complex consumer journey into actionable insights for Hasbro.
PART 1: PATH TO PURCHASE ANALYSIS
By leveraging third party data, we were able to analyze actual browsing behaviors of customers prior to their interaction with a Hasbro brand. The output? An understanding of what factors influence a customer before discovering and engaging with a Hasbro brand. By understanding audience behavior throughout the beginning of the purchase journey, Hasbro was able to invest media dollars into the right channels to capture the intended audience and drive to a Hasbro brand experience.
PART 2: HIGH VALUE BEHAVIOR ANALYSIS
Once customers are on a Hasbro brand site, what content are they engaging with? What’s converting? What’s hampering conversion? Leveraging Hasbro’s site data, we answered these questions. Using advanced predictive modeling techniques, we analyzed customer behavior across a variety of Hasbro sites to understand what content influences product engagement and a decision to buy. Through this analysis, we gained an understanding of what content on Hasbro site, or combination of content, positively or negatively influences a customer’s decision to engage with product content and convert. The findings helped inform content strategy, UX and web design and product marketing tactics to ensure Hasbro is investing in the most impactful content on site.
PART 3: ATTRIBUTION ANALYSIS
The biggest question for every marketer: what’s my return on investment (ROI)? We answered that question for Hasbro. Leveraging data from a variety of sources, including media timing, media investment, external variables, and revenue data, we used econometric modeling techniques to analyze media investment, resulting in detailed insights into the ROI of individual channels and the halo effect that occurs when you invest across multiple channels and brands. The results yielded a greater understanding of how the various channels perform in combination with each other and enabled Hasbro to optimize media investments across channels to maximize ROI.
THE RESULTS: GREATER UNDERSTANDING = SMARTER SPEND & STRATEGY
Through the analysis, our client’s marketing team better understood the key touch points their online customers engage with during their shopping journey, allowing their media teams to create more efficient and effective media plans. Understanding the impact and value of specific engagements on their brand sites allowed the teams to define new success measures that could be leveraged to optimize online media efforts and site content, increasing conversions and revenue. A deeper appreciation for how the various media channels impact on-site conversion, and ultimately sales, either on their own or in combination, allowed marketing teams to optimize the media mix, maximizing return on investment.