How VTagz is Revolutionizing Retail with Powerful Attribution Visibility for CPG Brands
In the dynamic landscape of retail for Consumer Packaged Goods (CPG) brands, a groundbreaking concept is emerging: genuine attribution. This transcends surface-level insights provided by conventional retail marketing technologies, marking a pivotal shift in understanding the impact of digital efforts on transactions. True attribution goes beyond mere acknowledgment of digital presence, aiming for a comprehensive comprehension of each transaction's origin and significance. Understanding granular attribution in retail is pivotal for gauging marketing budget efficiency and enhancing impact velocity.
Historically, brands could only grasp a basic understanding that their marketing efforts contributed to some sales, with attempts at granular attribution remaining superficial. Moreover, retail sales often occurred behind a retail gatekeeper, limiting direct consumer engagement.
For CPG brands in retail, employing various promotions to drive consumer traffic into stores is standard practice. However, there's been a persistent lack of understanding regarding the influence of these promotions on retail sales. Brands invest significantly in discovery efforts but struggle to quantify their impact.
Unveiling Genuine Attribution in Retail
Genuine attribution in retail surpasses digital rebates by offering insights into the effects of marketing efforts at the content level. It integrates touchpoints like social content, events, and out-of-home strategies, providing brands with insights into not only what triggers a conversion but also who the buyers are, thus bridging the gap in retail marketing.
To illustrate, consider a scenario where a sale is attributed to Instagram without additional context. This high-level attribution lacks the specificity needed for strategic action. Granular attribution, however, entails understanding that a sale can be directly linked to an individual—let's say Brittany—with contact details (123-456-7890), who engaged with specific organic content on Instagram. This content featured a $3 rebate offer with a specific call-to-action (CTA), ultimately resulting in a purchase at Target on 5500 Sunset Blvd. in Los Angeles, occurring on a Friday at 3:42 p.m.
Real-world Instances
To highlight the impact of granular content attribution, consider OffLimits at Target, achieving a remarkable 7+% conversion rate nationwide by leveraging the appropriate ad unit. Comparing the initial ad unit with the refined endpoint achieved through granular attribution showcases the significant improvement:
Initial Conversion Rate: 1.1%
Refined Conversion Rate: 7.1%
Transforming Data into Shelf Velocity
Understanding that a sale was influenced by a specific digital interaction or content empowers marketers to make informed decisions. Whether optimizing campaigns, refining targeting strategies, or allocating budgets effectively, the power of true attribution lies in its ability to transform marketing efforts into a precision-focused engine. It not only reveals which content resonates on which platform, driving conversions, but also provides insights into the audience.
In forthcoming blog posts, with the help of our Partner VTAGZ, we'll delve deeper into the challenges faced by CPG brands in achieving genuine attribution and consumer connectivity. We'll explore first-party data and share innovative solutions and strategies brands are employing 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 boosts sales but also fosters enduring customer relationships. Prepare to revolutionize your approach to attribution and elevate your CPG brand to new heights with Mammoth’s VTAGZ solution.
Mammoth LA and the VTAGZ solution is a trusted CPG Brains partner and contributor because of the great impact they can have on CPG Brands business.
Learn more at https://www.mammoth.la