And we couldn’t be happier about it!
Good news for us marketeers, the multi billion dollar internet company has announced its plans to begin using billions of credit card transaction records to show when online ads directly lead to a sale or purchase.
This is something we have been dreaming of for years!
However, this new service provided by Google to marketeers has been hit with some controversy. With the multi-national conglomerate accessing credit card payments online, questions regarding privacy concerns have been raised.
The global business already has access to these details as millions of people purchase items online every day and with the roll out of android pay the data is literally sitting in their hands.
For years Google has been utilising data from its web browser and app. Not to mention all the data it receives from the additional apps/businesses it owns – YouTube, Gmail, Google Maps and Google Play. The only difference with this new service is that those within the marketing world will be able to show a direct link from marketing activity to purchase.
Showing a connection between a direct paid for lead and purchase may sound like no big deal. It is in fact the opposite! We are regularly asked ‘Show me how an in-store sale was generated by a specific online ad’. Something which was previously impossible to achieve.
We have always been able to show that targeted ads create an uplift in sales, nothing new there. But showing a direct connection to the amount of sales which have come into contact with an ad and then followed up by a purchase has never been an exact science. With this new roll out it will be soon.
That will not be the only benefit, it will also have a knock on effect regarding the service marketing agencies will be able to provide to clients. More stats mean improved reporting capabilities and learnings from new trends will inevitably appear. It will also force marketeers to become better at their job as the figures will be completely transparent. Not to mention the financial savings the client will also save from a potential decrease in wastage.
In reality, Google has been sharing data with marketeers for years. This enables us to effectively target specific audiences through Google Adwords; by adding credit card transactions, Google is simply creating a more complete picture of the online marketing world.
We are also hoping there will also be further benefits gained through Google Analytics. By adding transaction information this may enhance visibility across all digital marketing channels, including social, organic and email. This would highlight where leads have come from and how many times a brand has been shown to customer before they make the decision to purchase and which marketing channels are more effective to a certain audience.
Addressing the security concerns head on:
A natural next step would be to improve the statistics available to marketers so we can see the true realities of our work, in turn make us more responsible for our spend and promises made.
We are very excited for this next step in the paid marketing world, one that can’t happen quick enough for us!