How to drive sales and yet reduce promotional spend
TRAQ / Brand’s awareness measurement positively correlates to future sales
A measurement of a brand’s digital awareness with TRAQ in week 1 provides a strong short-term sales predictor in weeks 2, 3 and 4. Because we have tested this correlation with retailers by providing weekly brand awareness intelligence, we know it works. Also by extending the analysis to digital activity across product categories and against competitors, we have shown that TRAQ’s awareness measurement correlates with specific future sales performance. As a result management can improve short-term sales performance by targeting opportunities in specific product categories.
Additionally using digital brand awareness metrics helps to reduce marketing costs. This is because monitoring awareness across categories and competitors can rapidly identify where promotional spend would be wasteful. So eliminating unnecessary short-term tactical expenditure is another primary benefit of TRAQ / Brand.
TRAQ’s weekly sales predictor helps brands to fine-tune tactical promotions, using funds for maximum impact. Furthermore we can identify and target quick responses to competitors’ tactical wins and losses.
Using awareness metrics to hit drive medium term marketing
In addition to predicting short term revenue TRAQ adds insight to key management data, and can be analysed to offer:
- A portfolio analysis of product categories focusing on:
- opportunities for positive action
- category needs for defensive action
- categories without clear direction
- Measurement of marketing spend effectiveness across all product categories
- An understanding of competitors’ activity across categories
- Insight into the core product categories of the brand
- Evaluation of progress in defence and development of that core
- Significant category development opportunities
- Analysis of substantial “hits” made by the competitors
TRAQ – How?
TRAQ uses leading data tools to measure weekly digital activity across online and social platforms. Weekly metrics identify activity volumes across all the product categories that matter to the brand. As a result TRAQ quantifies a brand and its competitor brands’ digital awareness profile.