Consumer Packaged Goods (CPG) marketers smartly utilize coupon campaigns to drive engagement, product trials, and sales. But with a cost on redemption, it’s vital that your campaigns drive ROI, too — and that you can measure the impact of each investment.
RevTrax often receives and answers requests for proposals (RFP) from consumer package goods companies looking for a digital coupon provider. The irony? We dedicate an extraordinary amount of manpower to each RFP, but they are too often evaluated based on the limitations and experiences of working with legacy digital coupon platforms, and do not consider the advances in both customer engagement and digital incentive technology. Certainly, historical experience is the foundation for formulating future action, yet it often neglects evaluation of alternative, more effective solutions in the marketplace. Quite simply, overreliance on the past often inhibits forward-thinking decision-making, which results in perpetuating the status quo instead of innovation.
Last week RevTrax invited our key CPG and Retail clients, partners and industry colleagues to participate in a panel discussion to exchange best practices on leveraging customer data analytics and customer intelligence. Our panelists included representatives from Kimberly-Clark Corporation, Pfizer Consumer Healthcare, Bowlmor-AMF and Chobani.
There's a mobile revolution underway, and mobile promotions are no exception. Since it has been top of mind for our team and many of our clients, we pulled some data to see how mobile was trending.
Brands and retailers are always working to improve the customer experience. From reaching a customer with the right offer in the right place at the right time, to ensuring consumers are served with relevant content, customer service is a constantly evolving challenge for brands.
According to new research out from customer experience management firm SDL, there is a 55/45 percent split between consumers that prefer to shop in-store and those that prefer to shop online. Consumer preference was based on the experience in-store, and the exclusive discounts. Taking advantage of door-busters, one-day deals and in-store exclusive offers gives consumers a positive experience. These in-store discounts, sales and coupons make consumers feel as though they are getting a a better price and saving money simply by shopping in-store rather than online.
In-store discounts will be a centerpiece of any holiday promotion strategy this year, given that consumers are on tight budgets and it's a short shopping season. We know discounts can drive revenue and help retailers increase basket size, but new research goes a step further, suggesting that discounts can actually drive consumers back to a brick and mortar store where they have already made a recent purchase. Research from Synqera indicated nearly 85% of respondents would return to a brick and mortar store when alerted to upcoming sales of recently purchased items.
Kids are back in school, so it must be time to start planning for the holidays! Even though it seems like summer just ended, it is time to start thinking about this year's historically short shopping season. Brands and retailers will have 25 days between Thanksgiving and Christmas to garner as much of the estimated $640 billion that will be spent this holiday season as they can.