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UK Small & Medium Business Team Manager @ NielsenIQ | Business Development Expert | Helping Small & Medium Businesses Grow by leveraging the power of data

🚀 Fact Friday: Promo Edition! 🚀 Every Friday, I’ll break down a crucial data fact, its calculation, and why it’s a game-changer for #challengerbrands in their retailer pitches and investment strategies. 📊 This week: Promo Metrics 📊 What is a Promotion and why might a #challengerbrand run one? A promotion is a strategic form of communication designed to: ☑ Introduce shoppers to products ☑ Remind customers of existing products ☑ Highlight new products ☑ Sometimes includes a price discount or incentive to buy What sort of promotions do NielsenIQ track? 🥫 Feature: An advertising feature that clearly highlights the monetary benefits for customers at the point of purchase. Why it matters: Having an advertising feature that clearly highlights the monetary benefits for customers at the point of purchase is crucial because it directly communicates the value and savings they can gain, making the product more attractive and encouraging immediate purchases. This strategy can boost sales, enhance customer satisfaction, and strengthen brand loyalty. 🍱 Display: A product is available in a temporary or secondary location. Why it matters: Having a product on display in a store boosts brand visibility and awareness, engages customers through appealing and interactive setups, and encourages impulse purchases. It also provides an opportunity to educate customers about the product’s features and benefits, ultimately enhancing their shopping experience and driving sales. 💳 Multibuy: Buy one get one free/Buy x for £x Why it matters: Running multibuy offers, such as “Buy One Get One Free,” is beneficial for brands as it boosts sales volume, helps manage inventory, attracts more customers, and enhances customer loyalty by providing value. These promotions also give brands a competitive edge by appealing to price-sensitive shoppers. 🔍 Why Promo Metrics Matter to Retailers 🔍 Data on promotional effectiveness is crucial for retailers because it provides insights into how well their promotions are performing. This information helps retailers: ☑ Optimize Marketing Strategies: By understanding which promotions drive sales and which don’t, retailers can refine their marketing strategies to focus on the most effective tactics ☑ Improve ROI: Accurate data allows retailers to allocate their promotional budgets more efficiently, ensuring a better return on investment. ☑ Enhance Customer Targeting: Data analytics can reveal customer preferences and behaviors, enabling more personalized and targeted promotions. ☑ Boost Customer Satisfaction: By offering promotions that resonate with customers, retailers can enhance customer satisfaction and loyalty. 📈 As a #ChallengerBrand understanding and leveraging these metrics can significantly enhance your business strategy and drive success. 📈 ✨📊 Stay tuned for more insights next Friday! 📊✨ #FactFriday #DataDriven #ChallengerBrands #RetailSuccess #PromoMetrics #NielsenIQ

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