Having a great CPG product and a strong sell-in story put you on the shelf. A well-crafted marketing and promotional strategy will help keep you there. Using current and accurate data to develop your promotions will drive revenue for retail partners and differentiate your product with consumers.
Here are four ways to use consumer and sales data to create compelling marketing and promotions strategies that drive sales and make your products indispensable to retailers’ assortments.
1. Know how competing products are promoted
Analyzing how your competitors’ promotional spend influences their sales volume, velocity, and distribution can help you adjust your promotions for greater impact and sales.
PRO TIP: With syndicated RMS data, you can track the sales of competing products, as well as the corresponding promotional spend. Comparing that spend over time and assessing its impact on sales volume and velocity shows you how effective those promotions were for your competitors.
2. Maximize marketing efforts by adjusting plans
Tracking the effect of previous or existing marketing efforts on current sales provides a meaningful baseline for future plans. Retailer point-of-sale data helps you assess the performance of past promotions and the effectiveness of current ones.
PRO TIP: Topline sales are just one metric for understanding how effective your promotions are. RMS data can show how your efforts have influenced velocity and distribution levels and provide a more nuanced view to help improve your marketing and promotional spend.
3. Collaborate to create winning promotions
Retailers know you are committed to increasing your product’s exposure and sales through trade spend. They want those efforts to be beneficial to both your brand and their stores. Analyzing combined sales data and consumer insights allows you to collaborate effectively with retailers to create win-win plans and promotions.
PRO TIP: “Always-on” analytics provide insights into what’s driving sales performance, including in-store promotions and external marketing. That data helps you understand the effects of price, promotion, distribution, and competitive changes. Adapt your strategy to maximize sales for your products and retail partners.
4. Show how your product meets consumer needs
Articulating your product’s unique value is the key to effective marketing. Understanding the demographics and characteristics of your target audience can help you hone your value proposition to those consumer segments, resulting in more effective communications that drive more sales.
PRO TIP: Consulting consumer panels that provide insight into spending behaviors helps you understand who is buying (or likely to buy) your products, and what motivates them to make a purchase. That intelligence can help tailor your marketing strategy to your audience.
How NielsenIQ can help you create a product blueprint for success using data
NielsenIQ provides data that emerging CPG manufacturers need to improve their marketing and promotion planning. NielsenIQ’s Retail Measurement Services (RMS) data allows you to track the impact of competitors’ promotional spending, as well as your own. Consumer panels provide insight into shopper behavior needed to create effective marketing strategies. With these tools, you can deploy marketing and promotions that boost sales and ensure your products remain a valuable part of your retailers’ assortments.