In-store retail isn’t going anywhere
While your online promotions may be easily accessible to all, you’re missing out on a huge portion of the seasonal market if the same isn’t true for offline.
Taking statistics from 2020 into account, it’s still predicted that by 2024, 78% of all money spent will come from in-store channels. Even during a global pandemic, it’s clear that many consumers still prefer to do their shopping in person (even if it’s just for a reason to leave the house). Despite an expected decrease in total footfall, shopper patterns have remained the same, with retailers seeing an increase in activity during periods of celebration.
For both online and offline, your biggest concern is making sure that your promotion is visible to consumers. This is simple online, as your promotion is just a click away – you can search and check KPIs from the comfort of your own home. Offline is trickier, but it’s not impossible, and this is where promotion monitoring comes in.
Q: Where do you plan to do most of your Christmas shopping this year?
Maximising your seasonal sales numbers
Relevant for any campaign, but especially important during times of increased spending, the KPIs tracked through promotion monitoring can mean the difference between a big profit and a huge loss.
In particular, there’s two big standouts when it comes to seasonal KPIs:
Promotional Compliance
You could create the greatest holiday promotion in the world, but if consumers can’t see it, then what’s the point?
With promotion monitoring, data on the price, presence and display compliance of your promotion is at your fingertips. While the value of these can vary depending on the specifics of your promotion, they’re all still vital to your overall success.
If the price isn’t right, the promo isn’t clear and the display isn’t what you envisioned, then your final profits will be nowhere near where they should be. Your team puts a lot of effort into planning your promo, so you want to see that reflected in your ROI.
Luckily, promotion monitoring gives you eyes on the action as it’s happening, allowing you to fix an issue before it’s too late.
Share of Promotion
Running a promotion during the holidays is a great idea, but you’re probably not the only one who thinks that.
If you want to get an idea of how many displays you have, where they’re placed, and how these measure up to both competitors and non-competitors, then promotion monitoring is the one for you. Not only can you improve the results of your promotion before they roll in, but you can also see how other brands are navigating the same space.
There’s nothing quite like seeing your promotion is nearly sold out (and promptly stocking it up) while your competitors have an excess of stock.
Do consumers really care?
Predicting consumer behaviour is one thing, but here’s a look into the impact your holiday promotions really have:
Q: Will promotions influence your purchasing decisions this Christmas?
In this Christmas 2020 survey from BeMyEye, consumers made it clear to us that promotions mattered for both their present and grocery spends.
This is great news on the surface, but imagine if they couldn’t find your promotion. What if your competitor had a bigger presence or your display was set out all wrong? Normally, you wouldn’t know about this until you got some disappointing sales figures, and even then you’d be wondering what happened.
Promotion monitoring lets you put a stop to these issues. By finding and fixing the problem as early as possible, you’re making sure that the 77% and 72% of consumers who are looking for promotions can see you front and centre.
Q: What is the most crucial factor when purchasing an Easter egg?
You may recognise some of these factors from something you read a little bit earlier in this blog. In our 2018 Easter survey, consumers almost told us verbatim that the KPIs that promotion monitoring tracks are exactly what they look for when purchasing.
Between price, promotion, packaging and other variables, keeping up with these points as your campaign progresses is a surefire way to make sure you’re resonating with 100% of your audience 100% of the time.
The gift that keeps on giving
Promotion monitoring is the secret weapon you didn’t know you needed – but now you do.
An evergreen tool that you can use year round, the holidays are the perfect time to bring it into your go-to market process and impress everyone with those end of campaign sales figures. Not only will you be able to increase your ROI, but you’ll know exactly how and why you did it. That kind of retail intelligence is invaluable and it doesn’t stop just there.
So, if you want to make the holiday season special this year, it’s time to move promotion monitoring to the top of your list.
If you’d like to learn more about Promotion Monitoring, you can find everything you need to know and more in our latest whitepaper “Promotion Monitoring: what you’ve always been missing”.
