Turning data into action: Our tips
In shopper, understanding ROI is an ever-increasing topic of interest. Indeed, we are seeing more and more FMCGs step-back and review their current capabilities in this area to create an action plan and business case to accelerate investment in campaign evaluation with a view to increasing the effectiveness of their shopper investment. When defining action plans in this area, it is important investment and processes lead to action (which can directly impact media effectiveness), versus collecting data (which can be expensive and hard to implement). Below are our top tips to ensure data live and breathes within FMCGs, driving action and improving ROI.
1) Embed a culture of evaluation
Evaluation investment is a necessity to understand shopper media effectiveness. Make space for this investment within budgeting and empower operational teams with permission to tap into this ‘non-working’ fund. Ensure all evaluation work is carried out using robust and consistent measurement methodologies to facilitate cross-channel performance comparisons and support strategic action plans on-going.
2) Focus on implementation
On completion of an evaluation, ensure clear next steps are defined each time. Perhaps implement a simple code to focus minds: Continue, Test again, Optimise, Invest elsewhere. With regards to optimisation recommendations, always challenge performance considering the following implementation tactics: shopper/store targeting approaches, activity cost/store, promotional alignment, share of voice, creative template executed and communication hierarchy.
3) Knowledge management
As evaluations are completed ensure a central database exists to house all learnings and implementation understanding. Make this easily accessible to all team members and commit to reviewing this data as part of the campaign planning process. On review, relevant implementation recommendations should be noted and carried forward across the bookings.
1) Defining insight – a test and learn plan
From a strategic point of view, evaluation investment is crucial. To execute, define a clear test and learn calendar which incorporates key questions/hypotheses within your business which sit outside of day to day execution plans. For example, specific creative testing or new channel deployment.
2) Trend reporting
Considering all evaluation results and learning, review regularly and understand core trends within the analysis. For example, which retailers or channels consistency deliver strong results for your portfolio. With these learnings, create an action plan to feed into investment mapping at core budgeting moments and rules to facilitate easy approvals processes ongoing including media investment across both operational and strategic teams.
3) Continuous conversations
Ensure conversations around performance trends are always top-of-mind. Quarterly reporting on this topic strikes an effective balance between data accuracy and stability.
Operational and Strategic teams/decision makers both have huge potential to use data to direct decision making and improve ROI. A few helpful tips including shared tools and pre-diarised meetings help keep everyone accountable in an ambition to effect change with data.