In the ever-evolving realm of retail for Consumer Packaged Goods (CPG) brands, the concept of true attribution is emerging as a game-changer, transcending surface-level insights provided by other retail marketing technologies. It’s not merely about acknowledging the existence of digital efforts but rather gaining a comprehensive understanding of each transaction’s origin and impact. Granular attribution for retail is key to understanding the efficiency of marketing budgets and driving impact velocity.
Until now, the best brands could achieve was a basic understanding that their marketing efforts drove some sales. However, attempts at very granular attribution were superficial. Moreover, retail sales have often been transactions behind a retail gatekeeper, lacking the ability to connect with consumers directly.
For CPG brands in retail, running various promotions to drive consumers into stores is common practice. However, there has been a lack of understanding regarding how these promotions impact retail sales. Brands spend significant amounts on discovery but struggle to measure its impact.
Unraveling True Attribution In Retail
In retail, true attribution extends beyond digital rebates, providing insights into the impact of marketing efforts at the content level. It connects touchpoints like social content, events, and out-of-home strategies, helping brands understand not just what causes a conversion but who the buyers are, bridging the gap in retail marketing.
To highlight the contrast, imagine a scenario where you know a sale came from Instagram without any additional context. This high-level attribution lacks the specificity needed to act strategically. Granular attribution, on the other hand, involves understanding that a sale is directly linked to an individual, whose name is Brittany, with phone number (123-456-7890), who engaged with a specific piece of organic content on Instagram. This content featured your $3 reate offer with a specific call-to-action (CTA) that ultimately led to a purchase at Target on 5500 Sunset Blvd. in Los Angeles, occurring on a Friday at 3:42 p.m.
Real-world Examples
To illustrate the power of granular content attribution, consider OffLimits at Target. They achieved a remarkable 7+% conversion rate nationwide by leveraging the right ad unit. Examine the initial ad unit they began with and the refined endpoint achieved through granular attribution.
1.1% Conversion Rate
7.1% Conversion Rate
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Turning Data into Shelf Velocity
Understanding that a sale was influenced by a specific digital interaction or piece of content empowers marketers to make informed decisions. Whether it’s optimizing campaigns, refining targeting strategies, or allocating budgets effectively, the power of true attribution lies in its ability to turn marketing efforts into a precision-focused engine. Not only do you now know what content works on what platform driving a conversion but you now know who they are.
In upcoming blog posts, we’ll delve deeper into the challenges faced by CPG brands in achieving true attribution and consumer connectivity. We’ll uncover first-party data and share the innovative solutions and strategies brands are currently using to understand their customers’ behaviors in retail better than ever before. Stay tuned to uncover the secrets of transforming your marketing budget into a potent digital-to-retail engine that not only drives sales but also cultivates lasting customer relationships. Get ready to revolutionize your approach to attribution and elevate your CPG brand to new heights
