01 Apr CPGs Embrace Digital, Measurable Shopper Insights Critical To Success
A majority (75%) of Consumer Packaged Goods (CPG) companies “expect digital transformation to improve collaboration with retailers, which will improve availability and make the best use of shelf space,” to grow sales and market performance, according to the recent study CPG Sales Leaders Go Multichannel conducted by Forrester on behalf of Accenture.
The study shows that CPG brands are “committed to digital collaboration with retailers to:
- Accelerate new product introductions,
- Improve store execution & availability, &
- Pool actionable insights to increase consumer loyalty, wallet share, and lifetime value.”
However, a discouraging 60% of the same respondents found it too difficult to deliver relevant and personalized content to engage consumers effectively through digital channels; and just 16% currently use the online channel to maintain the relationship with the consumer both in-store and elsewhere (to drive repeat purchases in the store).
There is a clear disconnect here. While CPG companies are very optimistic about the potential of driving immediate and long-term sales execution s via relevant and engaging digital content and channels, they are finding it challenging to realize this great opportunity. In fact, 70% agree that a main reason for this disparity is a lack of consistent, shared consumer data to improve decision making.
So, how can CPG brands begin to bridge this digital gap?
First, CPG companies must find technology that offers them the ability to build customer relationships, provide shoppers with utility and accurately measure their marketing investments. Through such an approach they will drive the shopper insights they need to make better decisions to drive in-store product sales. Any brand manufacturer looking for measurement more meaningful than traditional ad metrics, like CTR (click-through rate), should investigate an integrated marketing platform that can dynamically address product launch and share-shift in real time, AND tie it all back to actual in-store sales.
There is a huge opportunity here for CPG brands to leverage the consumer smartphone boom, state-of-the-art location precision, real-time data and programmatic ad buying. And with unique in-store SKU-level visibility through Retailigence, CPGs can create and measure dynamic ads that have maximum local relevance and convert shopper interest into measurable path-to-purchase action.
The Retailigence platform’s SKU-level data insights power unique ways to target consumers with the highest propensity to buy locally, enabling brands to guide shoppers along the path-to-purchase toward any specific product or brand found in 200,000 brick-and-mortar stores.
For instance, today CPGs can measure the post-view success of mobile video ads with the integration of Retailigence product location data. With hyperlocal mobile ads, CPGs can measure the entire purchase path – from awareness to product exploration to store-level/SKU-level sales data – to make sure their ads work. Post-view engagement metrics have traditionally been a mystery to most CPG brands. But the combination of HD video and post-view interaction with Retailigence product location data allows brands to analyze metrics further down the funnel – all within a single ad unit.
The successful CPG brands of tomorrow will fully embrace this digital collaboration and leverage strategic metrics to optimize marketing investments in real time with the ultimate goal of “increasing consumer loyalty, wallet share and lifetime value” (Forrester).
To learn more about how the Retailigence platform improves marketing ROI and attribution insights for any product or brand, visit Retailigence at http://www.retailigence.com/ad-solutions/.