Achieve Brand Efficiency Through Promotions and Media
As value-seeking consumers try to soften the blow of rising prices, promotions have taken on an increasingly important role in marketing. Fortunately for brands, there are best practices for deploying this tactic while maximizing efficiency.
Last month’s session at the Path to Purchase Institute’s Shopper Insights and Measurement Forum featured Quotient’s Megan Inmon, Regional VP of Strategic Accounts, and Mick Holleran, Director of Strategy and Insights, who explained how brands can reach today’s consumers with relevant savings messages and optimize campaigns for better results. Watch the video below or keep reading to learn the top takeaways from the session.
Use Promotions to Reach Value-Seeking Consumers
In response to ongoing inflationary pressures, shoppers continue to look for ways to save money at the grocery store. Quick trips with small basket sizes are up 6.7% compared to last year, while big pantry-stocking trips are down 0.6%—indicating that consumers are “cherry picking” and trying to find deals. Inmon said that, as consumers seek value, more are turning to digital coupons.
Leading the shift to digital promotions are thrifty, younger generations—almost 50% of Gen Z and millennial consumers now use digital tools to track coupons. With so many of today’s consumers actively hunting for savings, it has become critical for brands to invest in promotions and communicate their value.
To efficiently achieve these goals, amplifying promotions through media has emerged as an essential strategy for marketers. By pairing media with a savings call to action, brands can deliver value-based messaging that prompts consumers to take advantage of a promotion—ultimately driving sales. Illustrating this tactic’s effectiveness, Quotient’s internal reporting shows that consumers’ exposure to media when layered onto promotion activation increases the probability of the consumer buying the product in-store by 2.3 times on average.
Optimize Campaigns Through Omnichannel Measurement
Along with combining promotions with media, it’s important not to forget accurate measurement of the nonlinear shopping journey as a necessary step to ensure brand efficiency. Quantifying the real-time impact of touchpoints like digital promotions, sponsored search and digital out-of-home (DOOH)—even for in-flight campaigns—is now possible through omnichannel measurement.
Quotient’s omnichannel measurement solution attributes campaign results to multiple channels, including promotions and media, helping advertisers visualize how these channels work together. Gaining these channel-by-channel insights allows brands to evaluate their campaigns holistically, optimize future marketing efforts and continually improve their return on spend.
Want to learn more about Quotient’s omnichannel capabilities? Contact us today at [email protected].