Unlocking the Missing Piece of the Brand Health Equation Through Behavioral Data.
As we reported in the last Nugget, shoppers are approaching their in-store purchase decisions with more caution under the current market dynamics.
For CPG brands, more deliberation at the shelf means greater risk of losing market share. Increased at-shelf decisions by shoppers could lead to attrition of brand loyal shoppers as they switch to other brands (such as private label) or downgrade to other substitute products.
It is thus important to evaluate how your brand is standing up to the current competitive landscape and find ways to adapt marketing strategies to defend/grow brand position. Evaluating at-shelf brand strength will help to:
- Tailor marketing strategies to meet brand goals based on the current evaluation,
- Select suitable marketing and merchandising vehicles, and
- Reduce waste in marketing spending.
There are two key questions to help evaluate the at-shelf strength of your brand:
- How often do shoppers walk up to the shelf having already decided to buy your brand?
- If shoppers do deliberate at-shelf before making a purchase decision, how often does your brand win vs. your competitor?
Traditionally, brand marketers and retailers have relied on insights from the two endpoints of the in-store journey – consumer preferences through surveys and performance through sales data. However now, thanks to breakthroughs in AI and sensing technology, retailers and suppliers can gain direct visibility into at-shelf decision making. The behavioral insights leading up to, and including, the actual moment of choice provide dimension and context that was previously unavailable.
VideoMining’s two patented brand strength metrics uncover key aspects of brand decision making behaviors at the shelf. The behavioral data powers predictive analytics that can shape brand strategies and unlock unprecedented growth by bringing new, and more complete, insights around brand performance through the lens of shopper behavior.
First, VideoMining measures a brand’s Brand Stability Quotient (BSQ), which measures brand purchase predictability compared to at-shelf decisions. Second, VideoMining computes the At-Shelf Win Rate (AWR), which removes loyalty from the equation to assess how your brand wins at-shelf with those shoppers who are ‘up for grabs’ and make their decision at the shelf without preexisting brand loyalty.
With these two metrics, brands can unlock a powerful punch of analytics that remove speculation and uncover actual behaviors in the moment of choice. Marketers can leverage these game-changing insights to optimize their investments for defending and expanding their brand’s competitive position.
Download the free whitepaper by clicking: Brand Strength At-Shelf
