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In today’s connected society, technology impacts all industries - driving opportunities and accelerating the speed of innovation.

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    • 04/19/17
    • Technology
    • Consumer Goods
    • FMCG
    • Connected Consumer
    • Global
    • English

    From “mission impossible” to “mission accomplished”: How tech manufacturers can maximize the media mix

    As a marketer of durable goods, your likely mission is to build brand image, optimize your media budget and ultimately to generate profit. While that might sound like “mission impossible”, the good news is that there is a tested research technique that can help. Marketing mix modeling offers a way for marketers to successfully overcome the mounting challenges they face. In this blog, we explore four reasons why marketing mix modeling is as relevant to manufacturers of durable goods as it is to the consumer goods industry. In doing so, we will help you navigate from “mission impossible” to “mission accomplished”.

    Mission one: Harness the digitization of media

    Put simply, in the digital age, there are more media channels and more connected devices. Consequently, Connected Consumers are exposed to more advertising messages than ever before. This media fragmentation makes it difficult for manufacturers to know where, when and how to reach consumers. In addition, the immediacy of the digital channel has placed more pressure on marketing campaigns to deliver short-term sales. Add to this the proven decline in consumers’ average attention span, and you have a challenge that even the Impossible Missions Force’s Ethan Hunt might be happy to see self-destruct in five seconds. The success of any campaign depends on getting your media mix right. In order to maximize your budget, it is essential to have accurate insights on how your ads are performing at any given moment. What you need to understand is which campaigns on which media platforms positively impact sales of your product. Marketing mix modeling evaluates the contribution of the different media channels – both online and offline – enabling you to allocate your budget so that it delivers maximum ROI.

    Mission two: Think omnichannel

    In the technical consumer goods (TCG) sector, e-commerce is an extremely important channel, and its share of sales is growing annually. According to our Point of Sales (POS) Tracking data, online accounted for 23.1% of overall sales in 2016 (see infographic). Shoppers have adopted an omnichannel approach to shopping in the TCG sector. The message couldn’t be clearer: if your products aren’t available across all channels, you are losing sales. Omnichannel shopping is becoming the norm across many categories % of shoppers reporting having shopped online and in store for a product, GfK FutureBuy, 2016 Online has also given consumers the power to check prices and compare products. This, in turn, has amplified the importance of both the manufacturer’s and retailer’s promotional activities. Marketing mix modeling enables you to understand exactly which of your promotions work, providing you with the intelligence you need to support your marketing decisions. Measuring the effectiveness of your executions gives you the power to fully optimize your activity for each channel.

    Mission three: Dealing with product feature commoditization

    When technology is new, success can be built on product features. However, as tech markets mature, all brands and models become very similar. In this type of market, it becomes virtually impossible to stand out for having a “great product”. Commoditization is rife, and manufacturers and retailers must find new ways to differentiate themselves from their competitors. Today’s Connected Consumers will only engage with, relate to and buy your product when they’ve had a brand experience. And they’ll only return to your brand if their experience of it was memorable. Consequently, we’re seeing the trend for marketing campaigns that focus more on product benefits and less on features spread across the globe. It is becoming more common for technology manufacturers to focus on a compelling brand experience in their advertising. Source: GfK Consumer Life A clear communications campaign is required if you are to succeed in conveying your product and brand values, and provide a memorable experience as well. Marketing mix modeling measures the sales impact of these campaigns and the media used to distribute them. It identifies the ROI for each channel and evaluates cross-media and cross-channel synergies.

    Mission four: Tackling the shorter product life cycle

    In consumer tech, the product life cycle is getting faster while the re-purchase ability slows down. At the same time, for almost all brands, advertising campaigns tend to be short-lived and focused specifically on new product launches. Ultimately, this means there is less time to deliver a margin. When planning your next advertising campaign, you may need to choose between investing in an intensive short-term but high-impact, high-cost TV spot versus a longer-term digital execution delivered via social networks. The commercial success or failure of your campaign may rest on this decision. This is where marketing mix modeling can provide directional insight. By providing weekly sales contributions for the different elements of your campaign, it can help you identify the most appropriate media plan to drive sales at the crucial moment. At the same time, it can also support your brand’s growth in the longer term.

    Summary: Mission accomplished

    We’ve addressed four of the key challenges faced by TCG marketers and manufacturers. Marketing mix modeling can help you understand how your above- and below-the-line marketing activities are driving your sales. We believe it is the way to accomplish your mission in today’s highly competitive global marketplace. Bjoern Kroog is Global Director of GfK POS Analytics. To share your thoughts, please email bjoern.kroog@gfk.com or leave a comment below. hbspt.cta.load(2405078, '0e591424-2780-48f3-9850-174d860e088d', {});
    • 04/19/17
    • Technology
    • Consumer Goods
    • FMCG
    • Connected Consumer
    • Global
    • English

    From “mission impossible” to “mission accomplished”: How tech manufacturers can maximize the media mix

    As a marketer of durable goods, your likely mission is to build brand image, optimize your media budget and ultimately to generate profit. While that might sound like “mission impossible”, the good news is that there is a tested research technique that can help. Marketing mix modeling offers a way for marketers to successfully overcome the mounting challenges they face. In this blog, we explore four reasons why marketing mix modeling is as relevant to manufacturers of durable goods as it is to the consumer goods industry. In doing so, we will help you navigate from “mission impossible” to “mission accomplished”.

    Mission one: Harness the digitization of media

    Put simply, in the digital age, there are more media channels and more connected devices. Consequently, Connected Consumers are exposed to more advertising messages than ever before. This media fragmentation makes it difficult for manufacturers to know where, when and how to reach consumers. In addition, the immediacy of the digital channel has placed more pressure on marketing campaigns to deliver short-term sales. Add to this the proven decline in consumers’ average attention span, and you have a challenge that even the Impossible Missions Force’s Ethan Hunt might be happy to see self-destruct in five seconds. The success of any campaign depends on getting your media mix right. In order to maximize your budget, it is essential to have accurate insights on how your ads are performing at any given moment. What you need to understand is which campaigns on which media platforms positively impact sales of your product. Marketing mix modeling evaluates the contribution of the different media channels – both online and offline – enabling you to allocate your budget so that it delivers maximum ROI.

    Mission two: Think omnichannel

    In the technical consumer goods (TCG) sector, e-commerce is an extremely important channel, and its share of sales is growing annually. According to our Point of Sales (POS) Tracking data, online accounted for 23.1% of overall sales in 2016 (see infographic). Shoppers have adopted an omnichannel approach to shopping in the TCG sector. The message couldn’t be clearer: if your products aren’t available across all channels, you are losing sales. Omnichannel shopping is becoming the norm across many categories % of shoppers reporting having shopped online and in store for a product, GfK FutureBuy, 2016 Online has also given consumers the power to check prices and compare products. This, in turn, has amplified the importance of both the manufacturer’s and retailer’s promotional activities. Marketing mix modeling enables you to understand exactly which of your promotions work, providing you with the intelligence you need to support your marketing decisions. Measuring the effectiveness of your executions gives you the power to fully optimize your activity for each channel.

    Mission three: Dealing with product feature commoditization

    When technology is new, success can be built on product features. However, as tech markets mature, all brands and models become very similar. In this type of market, it becomes virtually impossible to stand out for having a “great product”. Commoditization is rife, and manufacturers and retailers must find new ways to differentiate themselves from their competitors. Today’s Connected Consumers will only engage with, relate to and buy your product when they’ve had a brand experience. And they’ll only return to your brand if their experience of it was memorable. Consequently, we’re seeing the trend for marketing campaigns that focus more on product benefits and less on features spread across the globe. It is becoming more common for technology manufacturers to focus on a compelling brand experience in their advertising. Source: GfK Consumer Life A clear communications campaign is required if you are to succeed in conveying your product and brand values, and provide a memorable experience as well. Marketing mix modeling measures the sales impact of these campaigns and the media used to distribute them. It identifies the ROI for each channel and evaluates cross-media and cross-channel synergies.

    Mission four: Tackling the shorter product life cycle

    In consumer tech, the product life cycle is getting faster while the re-purchase ability slows down. At the same time, for almost all brands, advertising campaigns tend to be short-lived and focused specifically on new product launches. Ultimately, this means there is less time to deliver a margin. When planning your next advertising campaign, you may need to choose between investing in an intensive short-term but high-impact, high-cost TV spot versus a longer-term digital execution delivered via social networks. The commercial success or failure of your campaign may rest on this decision. This is where marketing mix modeling can provide directional insight. By providing weekly sales contributions for the different elements of your campaign, it can help you identify the most appropriate media plan to drive sales at the crucial moment. At the same time, it can also support your brand’s growth in the longer term.

    Summary: Mission accomplished

    We’ve addressed four of the key challenges faced by TCG marketers and manufacturers. Marketing mix modeling can help you understand how your above- and below-the-line marketing activities are driving your sales. We believe it is the way to accomplish your mission in today’s highly competitive global marketplace. Bjoern Kroog is Global Director of GfK POS Analytics. To share your thoughts, please email bjoern.kroog@gfk.com or leave a comment below. hbspt.cta.load(2405078, '0e591424-2780-48f3-9850-174d860e088d', {});
    • 04/12/17
    • Technology
    • Connected Consumer
    • Global
    • English

    Why these 5 tech trends have game-changing potential for brands

    Connected Consumers live in a constantly evolving world, where emerging new technology has the potential to impact everything we do.  Each year brings exciting new products and iterations which promise to revolutionize everything from transportation to retail to entertainment. For 2017, we’ve identified five of the hottest and most important tech trends that have the potential to become widely adopted in the mass market.

    1. Mobile payments

    Many Connected Consumers may have experienced the act of physically paying for something using their mobile device, yet most would be reluctant to go fully cashless or card-less on a trip to the store.  And despite the many convenient benefits that mobile payments offer, security concerns remain a unanimous deterrent. However, retailers that take advantage of mobile payments with a branded app have a unique opportunity to bolster loyalty by improving the shopping and check out process as well as utilizing rewards and customized product offers based on user data.  Younger consumers especially are more willing to agree to share their personal data in exchange for value in return.  Retailers and brands not offering mobile payments are currently missing out on this unique opportunity. If we look to the Asia Pacific region (and China in particular) which is several years ahead of the western world, mobile payments are widely accepted by merchants and retailers alike.  Will an improved retail experience lead to mobile payment adoption?  This year could provide the answer. View our free mobile payments infographic

    2. Virtual and augmented reality

    Last year saw the release of several new virtual reality products, with PlayStation VR being the most desired device among consumers, followed by the Oculus Rift and HTC Vive headsets.  Already appealing for its implications to the gaming and entertainment industry, VR and AR have the potential to reach the next level by expanding into other industries, from shopping to traveling to education and healthcare. With growing consumer interest and big investors like Facebook, Google and Microsoft, the key for the future of VR will be in understanding and meeting the needs of consumers, and incorporating VR into their personal and professional lives.  While price and safety concerns are minor obstacles towards adoption, continual improvements to the VR user experience will cause demand to grow.  As more industries seek to maximize the power of VR, this year is an exciting time and could prove to be a turning point which sees the technology approach mass market status. View our free virtual reality infographic

    3. Smart home

    There’s no shortage of products in the smart home market, with many Connected Consumers’ households already equipped with smart TVs.  But other home based devices are still catching on, and face several barriers before they meet the hype that has been circulating around smart home technology. The various benefits that smart home products provide appeal to different demographics, so clearly communicating them to the right consumer groups will go a long way towards encouraging adoption.  For example, home safety, security and reducing utility costs are important to Gen X-ers and Boomers, while Millennials are interested in having the latest technology as well as the environmental benefits that it can offer. With many Millennials (and especially the older Gen Y group) set to become home owners in the coming years, they are a key target group with a large proportion of Leading Edge Consumers that could be influential to others.  As seen with the successful recent launch of Amazon Echo, whose voice interface provides an intuitive and easy fit into people’s lives, a simple and seamless user experience is an absolute necessity for products in the smart home category. View our free smart home infographic

    4. Autonomous vehicles

    While automakers and tech companies are hard at work to realize the vision of the self-driving car, there are still several years to go before they start occupying the roads.  At the moment, too many unanswered logistical questions exist around autonomous vehicles, but there is no denying their appeal, especially with younger consumers. With widespread adoption predicted to begin around 2025, there is no doubt that autonomous vehicles have the potential to revolutionize transportation and the auto industry, but the technology is still currently in its infancy.  The key to success will be matching the evolving technology with consumers’ needs, while prioritizing public safety and established protocols for drivers and passengers. View our free autonomous vehicles infographic

    5. Wearables

    The market for wearables, while enjoying healthy growth, has not lived up to the tech industry’s expectations so far.  Heralded as the next big tech item, early smartwatches didn’t quite reach mass market success, appealing mostly to early adopters and Leading Edge Consumers. As wearable devices evolve and designer brands begin to introduce more attractively designed offerings at varied price points, we expect to see an increase in consumer interest.  But retailers and manufacturers must understand the real-life uses of wearables and continue to tap into the trend of health and fitness monitoring.  Only then will wearables be able to reach the next level. View our free wearables infographic

    Conclusion

    This year could be a key turning point for many technologies on the verge of taking off, but new pairings of products and technology must deliver on consumers’ expectations to meet the hype.  For a true revolution to happen, brands must focus on enhancing the lives of Connected Consumers while alleviating their concerns that continue to be roadblocks to mass adoption. hbspt.cta.load(2405078, '15637efe-28c8-41f4-b247-251982b1400b', {});
    • 04/05/17
    • Retail
    • Technology
    • Connected Consumer
    • Global
    • English

    E-commerce increases its share of sales in Europe

    Take a look at our 'E-commerce continues to grow in Europe' infographic for more information on online/offline sales on product group and country level.
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