In a recent article, I discussed how to better understand what your data is telling you, which leads in to the important topic of market selection.
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Last week, we touched on the importance of your packaging (hint: it’s the single-most critical and cost effective marketing tool you have) and the first sign (is it more than 3 years old?). If you missed the article, you can find it here [link]. This week, we’ll cover signs 2 – 8 that you should consider a refresh.
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Dollar for dollar, your packaging is arguably the most important and cost effective marketing money you’ll ever spend. Consider that it’s your only branding vehicle seen by 100% of your consumers. What’s more, those consumers are influenced by it at the exact moment of decision. (Significantly, 90% of shoppers make impulse purchases. And statistics vary, but they all indicate that between 50% and 67% of ALL grocery store purchases are purely impulsive. Even with shoppers who use lists, the opportunity is always there to sway them to your brand at the last moment.)
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How often have you been under fire at a meeting with questions like these: “What’s going to be the ROI from this marketing program?” “How can you expect me to invest in those markets without a definitive ROI?” Or statements like: “There’s no ROI from TV, radio, and outdoor.” Mostly from well-meaning executives who want to make sure that marketing dollars are being stewarded and invested in the most effective way.
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Every day there are countless pieces of content seeking our attention in social newsfeeds, on digital radio stations, podcasts, YouTube channels – you name it. We pay attention to the content that interests us, adds value to our lives or taps into a current emotional state.Read more…
Wading through CPG Data can be daunting, so find what’s important.
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For years now, the holy grail of marketing has been to forge a love bond with your consumers. As marketers, we’ve been taught that creating a deep and lasting personal “relationship” with this core audience is the key to brand success. According to the Pareto Principle, 80% of our profits will come from just 20% of our customers. It’s the basis for targeting our “loyal” followers with the bulk of our marketing efforts and budgets.
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Not so much.
In the CPG world, we all know the constant pressure that is placed on brands to deliver trade programs that retailers will like and in many cases – what retailers are dictating.
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