Whether your brand is operating on a limited budget or has deep pockets, it’s important to optimize marketing strategies in order to maintain a flourishing business. As marketers, we are always trying to be one step ahead of customers, clients and competitors.
Through my company’s ever-evolving strategies and based on our experience assisting more than 700 consumer brands, we’ve compiled three takeaways every marketer should consider when reevaluating plans and tactics.
Gather data and turn numbers into action.
Many sales and marketing agencies, including our own, utilize key research and insight platforms, such as SPINS, Mintel and Nielsen, to gather data on consumer trends, feedback and purchasing habits. Those data points can help a brand determine how to direct marketing efforts to promote sales.
For instance, an increasing number of consumers are turning to plant-based proteins and meat alternatives over animal-based proteins. Based on a survey of 1,876 adult internet users who eat plant-based proteins, conducted by Mintel, this dietary change is likely due to the fact that 46% of Americans believe plant-based proteins are better for you. Food companies can use this data to produce or refine products to meet consumer expectations, and marketers can further reach that percentage by highlighting “plant-based” ingredients on the packaging.
Research platforms are another beneficial tool for keeping a pulse on competing brands and successful practices. SimilarWeb, for example, is one such tool offering a comprehensive analysis of brand content and search engine optimization (SEO) that allows you to tap into a competitor’s market and learn where the majority of their traffic is coming from.
Don’t limit feedback to numbers.
Beyond Mintel and SPINS, it’s effective for brands to explore additional consumer feedback mechanisms, including segmentation studies and surveys, to propel efforts.
In my opinion, Coca-Cola has mastered transforming products to reflect consumer feedback and build brand loyalty through market research, targeting demographics, behaviors and geography. By using the intel generated from such studies, the megabrand is able to fine-tune its market segments to figure out what products consumers want, the best places to sell those products and what price customers are comfortable with.
In the age of social media, it’s become increasingly easy to gather this type of consumer feedback. Several social media platforms now have polls integrated into their channels, making it seamless for any brand to distribute a survey directly to consumers. Social media polls (subscription required) are a great way for brands to obtain direct consumer feedback on products or the general customer experience.
These types of studies and surveys allow you to use customer behavior statistics to create hyper-specific initiatives that directly create value.
Refine omnichannel marketing.
There’s been an abrupt shift in consumer purchasing habits with the growth of the omnichannel marketplace. A recent study by Nielsen and the Food Marketing Institute, as reported by CNBC, predicted that over 70% of shoppers will be buying their groceries online within the next five to seven years. This shift goes beyond retail and stretches into brand marketing. Brands are racing to establish a presence across multiple channels, which can lead to many marketing challenges, especially when it comes to maintaining brand consistency.
Brands that sell across multiple markets often risk displaying outdated product packaging or unpredictable customer service. Today, customers expect that no matter where they interact with a brand, they will get the same personality, personalization and customer experience.
From what I have seen, inconsistency can damage brand equity, which can prevent repurchases, cause customer service issues and hinder marketing efforts. A smart yet straightforward marketing tactic is to invest in an automated system or team to monitor product placements across multiple retailers and channels.
The best marketing tactics aim to establish a retail brand identity that will drive loyalty and customer retention. By gathering data to refine products and services, analyzing consumer feedback to target the right markets and maintaining a consistent presence, brands can establish a meaningful connection with customers to increase their bottom line.