“Data-Driven Thinking” is written by members of the media community and contains fresh ideas on the digital revolution in media.
Today’s column is written by Gila Wilensky, president of Xaxis US.
Two years of sweeping disruptions – supply-chain shortages, staffing challenges, fluctuating COVID regulations and looming inflation – were tough on consumer packaged goods (CPG) marketers and retailers.But consumers are eager to shop in stores again. They want real shopping experiences. And brand marketers also want to have a physical connection with consumers again.
As brands continue to navigate the shifting consumer habits and preferences, marketers must be flexible. Whether in the digital realm or in physical stores, they must capitalize on the opportunities that present themselves, even as those opportunities are in a constant state of flux.
As data across touch points converge, marketers have the power to elevate customer experience and increase conversions.
Developing a data-driven strategy
During recent supply-chain disruptions, marketers have leaned on data to gauge what channels, creative and messages work best and adjust their strategies accordingly. Slicing and dicing data has empowered them to deep dive into not just sales lift but components such as reach and incremental sales to boost return-on-investment on specific types of ad spend.
For example, if a store isn’t stocking a product, brands can now proactively offer further options, like buying online and having items shipped to home or the store (ROPIS and BOPIS). They can also use ad creative to offer alternate SKUs that may suit the consumer’s interest or continually update landing pages that tell consumers where to buy the products in their region.
Capitalizing on relevant data and personalizing messaging and creative across environments has become essential. The increase in D2C relationships now means brands have more first-party data on who their consumers are, helping marketers convert shoppers into consumers faster than ever before.
Equipped with the right insights and data strategies, marketers can quickly launch hyper-personalized campaigns with offers and messaging that precisely aligns with consumers’ immediate interests and needs.
Physical data can fuel strategy further
As consumers emerge and get back into stores to try on jeans or choose their own produce at the grocery store, marketers have the opportunity to gather even more data.
The point of purchase can stoke customer loyalty and acquire new customers through personalized messages. The increased popularity of self-checkout gives brand marketers and retailers more chances to guide customers, reinforce brand messages and upsell products. But measuring the success of these tactics is vital.
The most adept marketers are using what’s become a gold standard: closed-loop sales. As part of this strategy, sales teams report to marketers to effectively tie every lead, customer and dollar back to specific campaigns. This produces data points that prove the direct impact that media investments are having on particular products and determine which factors increase sales performance.
Our new retail reality means marketers must capitalize on data to do more of what works. They must optimize toward success in stores and online. That way, they can shift their approach in real time across channels to match consumers as their habits evolve.
The world of converged data will herald an era of more efficiency, better reach and more customer success.
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