My colleague, Dr. Ira Haimowitz, recently weighed in on the importance of pricing and promoting products correctly for major events, such as how much more beer is worth to a consumer during the Super Bowl than during the rest of the year. To evaluate this, we use a methodology called utility-based pricing, and I think […]
In my previous blog post, I noted that during a recent webinar we surveyed more than 100 CPG and retail industry executives. Nine out of 10 respondents indicated that sales were moderately or highly concentrated in their category or business unit. What’s more, we also asked participants what their number one corporate priority was. Over half answered ‘innovation’ and only 23 percent indicated that finding high value shoppers was the top item on their list.
Those two polling questions illustrate a significant opportunity for the industry. Nine out of 10 recognize the impact of high value customers, but only just over two in 10 make reaching those high value shoppers the top priority in their business. If your opportunity and current focus don’t match, what is the state of your marketing strategy? What types of tactics, treatments and messaging are you using to address current and potential customers? What data assets are you using to drive your brand or banner into the households of the customers that can really move the needle for your business?
If you missed the webinar, you can watch a free replay here. And be sure to check out our recent white paper, “Targeting High Value Shoppers in CPG & Retail,” which you can download here for deeper insight on how to gain market share by effectively targeting the shoppers who matter most.