Let’s talk about strategy vs tactics for a bit
KPIs and metrics are quantifiable or measurable values you can use to track progress and evaluate performance.
Competition, demand, and target audience
- Track total market dynamics
- Understand product costs vs your competition
- Popular categories
- Loyalty vs promo influence
- Impact of marketing activations
- Look at specific time and dates with high activation volumes and identify audience shopping trends
Availability matters
Proactively manage out-of-stock
- Compare average prices across all your retailers
- Evolution of sales value vs nsales units
- Average prices from categories down to SKU level
- Of your brand and competitors at the same category
- Of the total sector vs specific category
- Of competitors products bundled with yours
The perfect product page exists
And it consists of good quality content, consistently, across all your retailers.
Give detailed product information, utilise enhanced content, and if possible, promote your brands authority with ratings and reviews.
We recommend that you streamline content distribution across retailers which will also benefit significantly the management flow internally within your organisation.
Brand Share of Voice (BSoV)
Taking all the above into consideration, marketing activations are critical for your brand in terms of awareness and market share. As we already discussed, if your products are not available, your investments will go into the next available product and if your content is not consistent, shoppers will find products that influence more trust.Track the impact of every promotional activity like newsletters, on-site banners, and social media. With consistent availability, messaging, and branding across your products, you create awareness that should ultimately affect your market share.
Keep a close eye on your BSoV and ensure that your engagement is high. Modern consumers seek validation online even when they’re shopping offline making your digital presence more important than ever.
