Feature Highlight – Promos
Know if your promotional strategies are working and compare it directly with your competitors across every retailer website.
Markdowns and Promotions are marketing tactics used by brands and retailers year-round. During sales campaigns like Black Friday, Cyber Monday and the Holiday Season they are of vital importance.
There are several types of promotional mechanics on the market, which are used in one form or another on all e-commerce retailers.
It is imperative to monitor promo campaigns for your products in online stores and compare them with your competitors in order to align an effective price and promos strategy.
Why should you have a prepared promotional strategy?
- Most consumers are waiting for these promo periods, so they are ready to buy.
- Traffic increases significantly during sales, which gives brands and retailers a wider reach and new customers.
- Retailers are competing for traffic as well and are promoting their own sales campaigns. By understanding their strategies, you can decide which retailer to prioritise related to your own strategy.
- It’s important for brands to follow up promotions and sales on all their retailers’ websites, for their own products as well as their competitors. If you understand the market and have an overview on the sales forecast, you can easily and quickly react to the movements.
What are the different types of promo mechanics?
- Regular discount : regular and actual price of the product differ
- Buy one gets one free : for the purchase of a certain quantity of product, the buyer receives additional product(s) for free.
- Number of products for X price : The price is reduced when buyers purchase a certain amount of the product.
- Gift for purchase : The buyer receives a gift for the purchase of another product
- Discount on a certain amount of product : The actual price differ if you buy a certain volume of the product
- Discount for delivery : Buyer gets a discount on delivery fees for buying the product
- Discount on the total amount : discount on the final basket total.
As well as many other promo mechanics….
What are the benefits of using Brandquad’s Promos feature?
The Promos module is part of Brandquad’s ECI solution, a digital shelf analytics tool.
With this feature, you can :
- Save employee time : no need to manually check everyday what is happening on each retailers and competitor’s websites. The data is collected for you, so you have more time to develop the right strategy.
- Track your promotional strategies and those of your competitors during selected periods
- Check when competitors increase the depth or the width of their promotional incentives, analyzing the impact on sales and act accordingly.
How Brandquad Promos feature work?
The Brandquad platform collects and gathers data automatically and daily from any retailer website that you desire. The platform produces insights on how many, what kind, and during what periods promotional mechanics are being used across an entire product portfolio. This data is available for your brands as well as competing brands you wish to follow as well.
By extracting information on the diffeernt promo mechanics, you can analyse the efficiency of that campaign. For example, a marketing specialist can look at:
- How many promo mechanics were applied in the selected period of time.
- What type and class of promo mechanics works better.
- If the type and class of promo mechanics are the same, then in what period of time it works better.
What are the types of outcomes that you can expect from Promos ?
Companies must be able to quickly obtain ready-to-use analysis of consolidated data in the context of brands and retailers, so as not to lose time working with raw data. For example, communication to senior management about discounts and promotions during sales periods, such as Cybermonth, is sent daily. You can find the data on graphs and tabs, and you can export the analysed data easily and quickly for your reports.
The data should not only help with the reporting, but the impact of your promotional campaigns. With this data, you should be able to develop higher impact promotional campaigns that deliver you more revenue.
To finish :
This data will give insight on your promo and markdown strategy compared to other brands across all retailer sites. You can quickly adjust your plan to increase your competitiveness.
To take it even further, you can integrate this data with conversion data and data from retailers to make strategic promotional decisions within a larger context.