The FMCG industry is a whirlwind of competition, rapid sales, shifting market dynamics, and changing consumer preferences. Add the pressures of rising living costs, and you’ve got a challenging landscape for marketers. But there’s a goldmine waiting to be tapped – retail data.
Our latest guide Unpacking Marketing Success with Retail Data dives deep into how brands can leverage this treasure trove of information to craft winning marketing strategies that help boost sales. Here are some of the key takeaways:
1. Follow the shift towards stay-at-home shopping
Australians are increasingly turning to online channels for shopping, a trend that’s showing no signs of slowing down as more people plan to spend time at home. This is further supported by the noticeable shift towards purchasing products that enhance home life – household cleaning items, personal health products, and alcohol. Retailers have a wealth of data gained from reliable sources like loyalty programs and POS systems that FMCGs can leverage to create personalised ads that resonate with current lifestyle changes.
2. Target your perfect shopper
Understanding who customers are, what grabs their attention, and what makes them add extra items to their basket is crucial for FMCGs. This can be difficult for brands that struggle to obtain first-party data (especially purchase data) as customers don’t typically buy products directly from the brand. Retail data is a compelling alternative source of quality data. FMCGs can use it to predict shopper behaviours, like when they’ll need a new supply of your product, as well as make informed decisions on influencing shopping choices across various touchpoints, such as in-store digital signage, POS terminals, and online checkouts.
3. Demonstrate the true impact of campaigns
Accurately measuring the success of marketing efforts is a key challenge for FMCG marketers. Retail data provides deep insights into campaign performance, helping brands monitor metrics like return on ad spend, sales lift, and basket size growth. These insights can be harnessed to identify the best mix of products, tactics, channels, and timings for future campaigns. Retail data can also be used to track upper-funnel goals like increasing brand awareness.
4. Connect ads directly to real-world sales
Connecting media campaigns to real-world sales impact is vital; retail data seamlessly bridges this gap. Moving beyond proxy metrics like click-through rates, FMCG marketers can use retail data to gain a clear picture of how ads impact both in-store and online sales. With this knowledge, campaigns can be optimised mid-flight to increase conversions and ensure more efficient use of resources.
5. Elevate brand awareness via BVOD
Broadcaster Video on Demand (BVOD) presents a massive opportunity for FMCGs to boost brand awareness. On BVOD platforms, viewers are not only highly engaged, but they also see ads on these platforms as more premium and trustworthy. By combining BVOD user data with retail sales data, FMCGs can uncover insights into audience behaviour, linking viewing patterns with buying habits. For the first time, brands can also measure the impact of their BVOD ads on sales lift and optimise ads accordingly.
Discover more insights and actionable strategies in our full retail guidebook Unpacking Marketing Success with Retail Data. Grab your copy now.
* Want to understand more about how retail data can help you elevate your marketing campaigns today? Visit our website.
