© Copyright Convert Group 2024
© Copyright Convert Group 2024
L’Oréal, a pioneer in the beauty and personal care industry, houses some of the world’s most renowned brands.
While some competitors experienced a decline in market share, L’Oréal aimed to maintain its leadership position and drive growth across relevant categories in the Greek market. Their mission was to:
• Identifying Investment Opportunities: The need to identify high-return investment opportunities and marketing potential was crucial for L’Oréal to capture a larger customer base and increase sales.
• Optimizing Marketing Strategies: L’Oréal sought to optimize its marketing strategies to outperform competitors and maintain strong brand visibility and customer engagement.
• Enhancing Collaboration: Collaborating effectively with strategic retail partners, was vital to drive market share growth and maximize revenue generation
L’Oréal utilized three key platforms: eRetail Audit Panel, eRetail Content, and eRetail Audit Marketplace.
These platforms provided comprehensive insights into market performance, brand visibility, and key account data helping the company to study the market closely and uncover revenue-generating opportunities.
L’Oréal used the concept of “fair share” to identify quick wins and assess its marketing investment in key retailer partners. Understanding its total market share in key categories and products, its market share in strategic retailer partners and its share of search and navigation, L’Oréal can make informed data-led decisions and invest in categories, products and retailers that have a high-return potential.
During a meeting with their global HQ, L’Oréal GR demonstrated the significant value derived from these platforms for measuring and optimizing their strategies. The following solutions were highlighted:
• Comprehensive Market Insights: By utilizing the eRetail Audit Panel, L’Oréal gained comprehensive insights into market movements, competitor performance, and overall market share trends. This data-driven approach allowed them to understand market share shifts in real-time market dynamics.
• Collaboration with Retail Partners: By leveraging eRetail Audit Marketplace insights, L’Oréal showcased how they were able to strengthen joint business plans, improve marketing effectiveness, and drive market share growth by aligning with the objectives of their strategic retailer.
• Optimizing Product Content and Enhancing Brand Visibility: With a focus on exceeding market averages, L’Oréal used eRetail Content to ensure that its online presence and product information stood out in the competitive landscape, driving customer engagement and brand visibility.
By leveraging these platforms, L’Oréal effectively captured more market share in key retailers to boost growth, gain more visibility from its customers and improve collaboration with its partners.
The use of “fair share” to identify quick wins and evaluate its performance also shows the importance of data-driven decision-making and the significant impact it can have on a company’s performance in a competitive market.
✔ Market Share Growth: A top L’Oréal brand achieved a notable increase in market share, with a 0.6 percentage point (pp) rise in the total eRetail Audit Panel, surpassing the majority of its competitors.
✔ Key Retailer Growth: L’Oréal’s top brand experienced prominent market share growth of 3.2pp, and 1,4pp product penetration growth in a strategic retail partner, outperforming four out of five competitors.
✔ Share of Search: The brand also displayed great performance in the Share of Search in the same key retailer with a 7,4pp increase during the first 2 months of the year compared with the previous period and a surprising +11,1pp in the Top 3 spots appearing in search results!
✔ Share of Navigation: L’Oréal significantly increased its Share of Navigation for its top brand in the top three search results by 6pp during the same period, indicating improved brand visibility and customer engagement.
Market Share for L'Oréal's Brand in Key Retailer
Brand Share of Search in Key Retailer
Share of Navigation in a Key Retailer Partner
The way Retailers and Brands collaborate through data
© Copyright Convert Group 2024
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