Trade promotion – and the quest to make it more efficient – is a big topic in our industry and something that Quotient is addressing through its Retailer iQ platform. In fact, while manufacturers and retailers spend an estimated $200 billion on trade promotions annually, the tactics they use have changed little in the past three decades. One reason: the marketers have suffered from a lack of data.
Now, with Quotient in the mix, that’s no longer the case. And the possibilities for improvements are many, including such intriguing ideas as pricing discounts differently for different people depending on their spending habits and other factors. Personalized pricing is just one topic that Quotient’s Chris Frericks, a client director, and Tyler Beck, a shopper marketing manager at Procter & Gamble, discussed during a webinar earlier this month. The webinar, called “How Technology Can Win Trips & Grow Baskets,” was put on by the Path to Purchase Institute.
You can view it below: