Secrets to optimizing promotion strategies in 2024
What revenue management teams need to know about shifting consumer behavior in EU
After years of inflation, shoppers are becoming resistant to price increases. If you’re responsible for CPG / FMCG brands, you’ve likely seen consumers jump ship and are feeling the pressure to dial up promotions to increase sales this year.
But promotions are expensive and can take a big bite out of your profits.
So how can you create the right promotion strategy to entice consumers back to your brand, without sacrificing your bottom line?
The key to optimal promotion strategies which drive incremental value is understanding and predicting consumer behavior. The SKIM revenue management practice recently conducted new research to explore these shifting price perceptions in Europe.
Read on to learn these insights and uncover the promotional “sweet spot” that creates a win-win-win for your company, retailer and consumer.
AI’s impact on consumer behavior and how to increase brand value
New insights on AI reveal consumer preferences, concerns and marketing implications
At a time when generative AI promises revolutionary change across industries, the pressing question is not about the capabilities of AI. Instead, you’re probably asking:
How can we best use AI to increase brand value and enhance the consumer experience?
How can we specifically and strategically leverage these capabilities to gain a competitive edge?
AI + market research: 6 ways insights professionals are using AI today
How AI can enhance creativity, quality and efficiency in research now
Artificial intelligence is already redefining the norms of data collection and analysis. The technology is surely critical to the continued success of research professionals in delivering precise and actionable insights.
However, what’s possible now? How and where can you tap into the power of AI to enhance research outcomes this year?
In a recent webinar, SKIM’s AI expert Nino Hardt and FMCG Director Jessica Rainalter revealed six real-world examples of AI in practice across market research.
Unilever’s secret behind winning product claims and brand visuals
How to increase motivation with psychology
Are your product claims and visuals compelling enough to attract, connect and convert consumers?
At IIEX Behavior, Unilever Hair Claims Expert, Sophia Moghadam, shared how the company lifted its claims win rate by 30% by using a proven formula based on consumer psychology. In the session, she explained the revitalized process Unilever followed to improve the effectiveness of brand claims and visuals. Sophia was joined by SKIM’s Brand Communications Lead, Dr. Nikki Westoby, who revealed the secrets to crafting winning claims and the science behind the proven guidelines.
Read on to learn how Unilever used consumer psychology to create product content that converts, and get inspired for your brand communications.
How KitchenAid revealed the “end-to-end” global consumer journey
To achieve sales and marketing goals, brands need to know how customers make purchase decisions. But another key element of the consumer journey is often overlooked: the post-purchase experience. KitchenAid, a premium kitchen appliances brand, knew they needed to look beyond the point of purchase to uncover opportunities to build customer loyalty and grow their business globally.
KitchenAid had previously done some shopper research focused on the US, but needed to expand their knowledge and action plans globally, and recognized that a lot has changed in the way people shop and use appliances since they did their initial research, pre-COVID.
How could KitchenAid make sense of “messy” consumer journeys and experiences and uncover new opportunities to delight their customers?
How Edrington UK optimized its omnichannel path to purchase strategy
Edrington UK is the sales, marketing and distribution business of internationally renowned spirits company, Edrington. The company’s portfolio includes beloved whiskies and cognacs such as The Macallan, The Famous Grouse and Jim Beam. When the pandemic disrupted consumer behavior and paths to purchase shifted more towards digital channels, Edrington needed a data-driven approach to understand the changes and help prioritize its marketing strategies.
How could Edrington adapt to new shopper journeys, and optimize marketing effectiveness to drive growth in traditional and digital channels?
At Quirk’s London, Edrington UK’s Senior Consumer Insights Manager, Rebecca Ramsay, shared the company’s challenges and outcomes from delving into the new path to purchase. Joining her on stage was Stephen Scales, Director, who led the project at SKIM. Stephen detailed the insights and activation approach used, including the decision journey methodology and how our team helped create impact on Edrington’s future marketing strategies.
If you’re facing similar shifts in consumer behavior and shopper journeys, Edrington’s success story is enlightening and inspiring. Here’s a recap of their talk.
Why enabling a “pause” can drive customer retention for digital subscription brands
TL;DR
- 32% of consumers have cancelled a digital entertainment or fitness subscription only to rejoin later
- Nearly 1 in 10 survey respondents cancel because they could not pause
- Providing pausing options can continue the relationship with the consumer and makes it more likely for consumers to rejoin, or reactivate
In a recent survey of digital entertainment and fitness service subscribers, 72% of respondents considered these subscriptions to be discretionary spending. In an era of high inflation and fierce competition in the digital subscription space, it’s important to explore what’s driving consumer behavior related to churn:
- Why are consumers cancelling subscriptions to digital entertainment and fitness services?
- What do consumers expect from their experience with digital subscription services?
- What does it take for consumers to rejoin after cancelling their digital subscriptions?
Knowing these insights is key to helping your subscription marketing strategy and to decreasing customer churn.
How pharma companies leverage health information behavior insights to optimize marketing strategies
The changing nature of health information behavior is challenging pharmaceutical and medtech companies and their insights approaches.
Do you feel the same need to go “beyond the obvious” – the surface – of how patients engage with health information?
The health information behavior framework reveals behavior and unmet needs in more depth and detail than ever before. Drawing from a rich well of academic research, it illuminates the patient experience, as well as the influence of health information on medical decision-making along the patient journey.
Over the past few months, we introduced the marketing implications of health information behavior and discussed the impact of health information behavior on patient experiences.
In this blog, we reveal the practical applicability and outcomes of the health information behavior framework, including the actionable insights pharmaceutical and medtech marketers need: patient types, information tipping points, preferred sources and channels, unmet needs, as well as other potential marketing opportunities.
Read on to learn of two real-world examples of how marketing teams in the dermatology and oncology indications leveraged health information behavior insights to reveal the what, when, why, and to what end patients engage with health information. Discover how this new level of behavioral insights can help you better define strategies which could positively impact the patient journey and medical decision-making.
Taming the Dragon: 3 steps to strategically tackle inflation
In the past decades, high inflation rates mostly only challenged smaller, troubled economies like Argentina, Venezuela or Turkey. But with CPI prints now topping 9% in the US and the UK, and 10% on average for the 38 countries in the OECD, inflation now touches us all. And it’s not going away anytime soon.
As vulnerable consumer segments reach the limits of their wallet and more affluent consumers start to feel the squeeze as well, your company is likely struggling to maintain margins and please shareholders.
So, what can you do about this? In this article, you’ll learn a three-step process to mitigate the effects of inflation on your business. We share proven strategies our clients have adopted to successfully tackle inflation.
Generational insights that will impact your subscription marketing
TLDR
- Understanding generational differences in subscription behavior is critical to success with FMCG subscription marketing and channel strategy.
- Millennials have more subscriptions than any other generation.
- 80% of Millennials said they subscribed to make their life easier.
- Millennials use introductory offers and often stick with a subscription after being gifted it.
- Keeping Millennials requires a subscriber-centric strategy that includes a subscription hopping portfolio.
- SKIM uncovered insights about subscription use, attitudes, and expectations with 16,000 consumer interviews in five countries.