CPG Marketing teams have long strived to quantify the results of their programs to show their business impact. As companies prioritize analytical capabilities and demand more accountability of their marketing investments, marketers are being asked to think more analytically and strategically about their roles. This is easier said than done.
To identify the current state of the CPG industry marketing analytics and its best practices, Shopperations conducted a benchmarking survey among marketing and analytics leaders and compared their responses in terms of KPIs tracked, data sources used, perceptions of post-promotional analytics capability and process challenges.
You can access the complete results of the study, including implications and recommendations here.
The most common reason that analytics professionals said they used analytics was to understand how marketing spend impacts sales.
The most common reasons that marketers said they used analytics were to track coupon redemptions and brand market share.
Marketing and analytics respondents both showed significant importance in measuring Brand Sales lift or Incremental sales.
However, analytics respondents placed a greater priority on cost per outcome KPIs.
While marketing respondents focused more on execution KPIs like coupon redemptions.
Both marketers and analytics respondents agreed that today, analytics work takes too much time and effort.
Marketers also felt that they did not have enough people to work with their analytics.
Our survey shows that the disparity in data availability, results-centric KPIs, and the value placed in post-event analytics between marketers and analysts is a significant obstacle for marketers to explain the impact of their programs on business results.
Take a look at the complete study here to see the rest of the results and Shopperations’ insights and recommendations in the areas of: