Omnichannel Retailer Adapts to Drive ROI
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By Joshua Bayne, Director, Analytic Partners
The retail industry is an ever-changing, dynamic space. From department stores, fast-fashion retailers, cosmetics and specialty goods, to consumer electronics, grocers, and e-retailers, each sector has its own unique set of challenges and obstacles.
Retailers need to stay ahead of the next big trend. They need to stay top-of-mind with their core consumer. Retailers need to battle the growth of conglomerates such as Amazon while also keeping an eye on independent startups. The challenge to stay ahead of the curve is more difficult than ever.
As a fan of the TV series Project Runway, I feel as though retailers’ current situation is similar to how Heidi Klum describes the fashion industry at the start of every show: “One day you're in. And the next day, you're out.” For big retailers, it may not be as instantaneous as that, but it is beginning to feel that way.
Marketing measurement programs help retailers:
Marketers then can measure, implement and validate business strategies.
But given the fast pace of the industry, how do you balance an in-depth measurement program with quick and actionable insights?
For most retailers, capitalizing on a key season or maximizing key apertures is pivotal to meeting or exceeding financial projections. Consumers now have many avenues to purchase retail goods, and the majority of retailers fight to win them during same key periods: Back to School, Summer, Black Friday, Holidays, start of the year. That is why having your finger on the pulse of campaign performance and influence can mean the difference between matching last year’s comps or exceeding them. But what depth of insight is needed when, and at what frequency?
Just as Unified MMM and MTA measurement provides one version of the truth by marrying high-level strategic insights of marketing mix modeling (MMM) and the tactical, granular insight of multi-touch attribution (MTA), a Unified Real-Time and Comprehensive Deep Dive Program solves this current need within retail.
This approach provides:
coupled with a
The most successful programs execute their real-time updates weekly during their key seasons and execute a comprehensive deep dive 2-4x a year.
Overlaying the real-time updates with a comprehensive quarter or bi-annual view is key to both understanding quick insight and deep diving into tactical performance at a granular level.
Executing this unified program allows for quick, real time quantification and breakdown of the “whys”. The ability to understand what is driving the business up or down with the ability to course-correct the next month or next quarter. Without the real-time component, marketing measurement programs are left looking retroactively, many times making educated guesses based on comp sales alone, without the timeliness to quickly change strategy. Key, actionable, real-time insight that has been uncovered and course-corrected based on this Unified Real-Time Comprehensive Program include:
Retail marketers should not have to choose between valuable insights and the speed needed to respond to the market. A Unified Real-Time and Deep Dive Program as a part of a successful measurement and analytics practice can create the balance needed to succeed. And of course, as with most successful programs, the process starts with establishing a roadmap and building a foundation to drive scale and efficiency. Contact Analytic Partners to learn more.