Retail attribution is a critical component for success in the highly competitive world of consumer packaged goods (CPG) brands. With retail accounting for around 90% of CPG sales, it's essential for brands to perform well at retail in order to survive.
Currently, many CPG brands rely on outdated marketing channels such as paper coupons, rebate programs, and sampling programs to drive retail traffic.
Brands also leverage digital channels to drive velocity, such as partnering with influencers to announce new product rollouts or running digital media campaigns. However, without proper retail attribution insight, it's difficult for these brands to evaluate which channels are actually driving traffic and sales at retail.
This lack of insight is a major problem for CPG brands, as they are unable to predict the return on investment (ROI) of their marketing efforts. According to PWC, CPG trade spending exceeds $200 billion annually, making it the second largest investment for these brands behind the cost of goods sold (COGS).
Absent the ability to accurately track the effectiveness of digital marketing channels, CPG brands are forced to budget without any clear understanding of their ROI.
One solution to this problem is the use of mobile offer links with Velocity by Vizer, a retail attribution platform that provides full-funnel visibility from awareness to conversion.
Traditional reporting methods have relied on trailing data metrics. However, this approach is no longer sufficient for CPG brands that need easily accessible data in a timely fashion in order to make quick, informed decisions about their marketing efforts.
By using retail attribution platforms, CPG brands can gain valuable insight into the effectiveness of their marketing channels and campaigns. This allows them to remain agile and scale up high-performing channels and campaigns while cutting back on those that are not delivering the desired results.
In short, to win at retail, CPG brands need to know how their marketing investments are converting at retail. Retail attribution platforms like Velocity by Vizer provide the necessary insight and data to help these brands make informed decisions and drive success in retail.