Improving in 2014
How was your marketing ROI in 2013? Are you expecting it to improve?
If you were divided about how to spend your 2014 marketing budget, we might have some insight to help you. From reallocating funds to improving your retail promotional collateral to integrating your supply chain, there is plenty you can do to maximize your marketing ROI.
Yes, budgets are increasing, but sadly, for some companies a good portion will be wasted. It could be because marketing managers like you are running around like chickens with their heads cut off. Harried and busy, there’s no time, energy or inclination to find better marketing solutions.
No money to do your own primary research (eye tracking studies)? Then you can at least take a good look at published research and draw corollaries to your unique retail situation.
In previous posts, we talked about how to improve promotional performance covering everything from designing better displays to shopper marketing to integrated, multichannel marketing. We urge you to have a good look at these previous posts regardless of your expertise. Really, we’re talking about the spirit of improvement and how you need that inspiration to kick start a better year ahead.
RockTenn Corp,is a large US paperboard manufacturer in Norcross, Georgia. It has sponsored research into retail consumer behaviour with a research firm. RockTenn promotes its own ShopperGauge suite of in-store measurement tools to help brands and retailers maximize sales at POP.
Their latest industry report discusses the top 7 ways to optimize your retail promotion spend. The report is a little cluttered and hard to comprehend, so we thought it would be best to summarize it for you.
The report breaks it down like this:
- Measurement matters
- Creative use of technology
- Collaboration for compliance
- Short run manufacturing power
- Modularity’s magic
- Streamlining the supply chain
- Sustainable savings.
1. Measurement Matters. RockTenn suggests classic POP metrics such as sales lift, product shipments, and display reorders are not sufficient any longer. Today, we’ve got eye-tracking systems and data insights collected by chain stores. Of course, major retailers and brands may not want to share that with you.
RockTenn says conversion is about how shoppers dwell on your product location and how many sales are closed there. Their Shopper Gauge system (using in-store cameras and eye tracking) is the best solution they know of to capture this dwell-to-purchase conversion data.
Their study indicated improved brand awareness and sales boost from using selected POP techniques. The point is that if you want to test the power of your POP collateral, you need to focus on the shelf or display area, rather than just relying on sales data.
Come back next week to read Part 2 on how to do more with your retail marketing budget.