Consumers use a multitude of touchpoints when discovering, exploring, buying, and engaging with brands, but some sources are more effective than others. In the explore phase, consumers use a variety of information sources and touchpoints to research the products and services they’ve discovered. But which ones are most effective in driving consumers to the buy phase and have a stronger influence on the price that consumers ultimately pay for their purchase? To help companies answer these questions, we developed the Touchpoint-Impact Framework, which identifies the channels or interaction points that have the biggest impact on consumers’ spend as a percentage above the average price for a given category — the so-called price premium.
The graphic below illustrates the Touchpoint-Impact Framework and how it places the channels that consumers use to explore brands, products, or services into four quadrants:
Strong premium impact and low market penetration.
Strong premium impact and high market penetration.