3 Ways for Grocers to Keep Their Edge in the Market
Grocery stores are still spending a huge portion of their marketing dollars on circulars – nearly 57%. According to some studies, almost one-fifth of grocery retailers expect to discontinue circulars within five years. About 40% of those respondents expect the change to happen much sooner, within two years.
So the sentiment around adoption is already there for grocery retailers. But the question is, why wait? If it takes five years to reallocate budget to an advertising channel with better performance, how much missed opportunity does that represent?
Digital marketing can be highly effective for brick-and-mortar stores, but to optimize the positive benefits of digital campaigns, these campaigns must link back to real-world actions.
3. Measure real-world results
To maximize the value of modern marketing, advertisers must heed the fact that retail is still alive and well in this industry. So what’s a digital marketer to do? Implement digital campaigns that use modern-day devices (cellphones) to measure old-school, real-world results, i.e., number of visits, visit frequency and dwell time. Location data tells a whole new story about performance than was ever before possible.
The next big thing for the grocery industry will be an overhaul of marketing tactics such that measurement and performance take precedence over the old way of doing things.
The brands that adapt quickly and invest in performance will be significantly ahead of the curve in gaining and maintaining market share. The brands that lag may see their margins – and their long runs in business – cut short.