In-store promotions are a highly effective marketing strategy designed to bring customers to your retail store, as well as build awareness for your brand and products. Sales promotions can be advertised through the various channels available today, but most distribution methods typically fall into either print and online advertising or Point of Sale (POS) advertising. Both of these ways can be used to draw traffic to your store and build awareness.
The 5 metrics that define the quality & effectiveness of in-store promotions
There are various types of in-store promotions, including offering discounts on products and services, visual merchandising, creating customer giveaways, offering reduced rates on monthly/yearly subscriptions, etc. Although all of these promotion types are very effective, it is important that you measure their quality and effectiveness every once in a while to ensure that you are receiving a good return on your investment. The following are five ways you can use to measure the quality and effectiveness of your in-store promotions.
- Total Sales Value & Volume
This is one of the fundamental ways to know just how effective your sales promotion is doing. To be able to determine this, you will need to set up certain systems which will provide you with quality information on the outcomes of sales value and volume. These sales outcomes which are directly linked to the promotions need to be isolated if you hope to get a better understanding of your in-store insights.
- Total Customer Traffic
Calculating the total customer traffic is another way of measuring your in-store promotions quality and effectiveness. Measuring this particular parameter requires certain technology solutions, such as Simply Tasks. This can provide you with the required in-store insights into the total customer traffic a sales promotion effort achieved.
- Total Number of Purchases
This is an important metric which can provide you with information regarding the quality and effectiveness of a particular sales promotion. This includes the overall product/service mix and price points, as well as the proportion of store traffic which reflects the primary target market. If for instance the total customer traffic reached expectations but the total number of purchases did not, it means the primary target market was missed. This may be because the in-store promotions were too elaborate, attracting time wasters, or not specified for your target market.
- Average Value of Purchases
When provided with the average value of purchases, you can determine the effectiveness of shopper marketing based on the proportion of in-store traffic that reflects the primary target market. It can also show you the ability of sales staff to manage the level of customer traffic that was generated. Too much traffic may have placed your staff under pressure to perform well, in terms of maximizing the value of sales.
- Total Profits Generated by In-store Promotion
If you want to measure how well your promotions are doing, you also need to ensure that you have the complete data regarding the total investments on promotion. This includes all in-store promotional material, sales staff training & development, external advertising and communications on/off-line, demonstration stock, write-offs, cost of returns, etc.
How an independent crowd of shoppers can help you in measuring the execution of your promotions?
The above-mentioned marketing metrics are great criteria for measuring the quality and effectiveness of your in-store promotions. However, a use of marketing intelligence tools, such as Simply Tasks, to get the data that relates to these metrics easily and quickly, are not only important but at some cases it could play a measure role in defining preventing your promotional campaign from failing.
Here are some of the use cases where you can ask the crowd to check the execution of your in-store promotion:
- Placement of promotion
- How the staff in the store are handling the promotion
- Pricing and availability
- General quality of the products, the service and the store
Launch your campaign today
If you would like to reach out to your customers and prospects via their smartphones and mobile devices, and receive untapped market research, which can help improve your business, quickly and efficiently, the you definitely need to try Simply Tasks. Book a demo with Simply Tasks team Today!