Accepting the fact that in order for you to succeed in modern business, you need to move digital and properly use integrating data tools to the fullest. Artificial intelligence and Big Data are now used by almost everyone, even common people who do not have a business.
So, it only makes sense to use brand analytics tools to your advantage and help promote your business. It has been found that when you present a brand properly and consistently on all major marketing platforms, its revenue increases by 23%.
Therefore, you must understand the importance of brand analytics and use some unique solutions like Wersel Data-Hub. Hence, today we will explain what brand marketing analytics is, how you can increase retailer revenue and why businesses should focus on retailer performance to increase their earnings.
What is brand marketing analytics?
Brand marketing analytics is the process where professionals identify how your brand’s marketing and sales are working. They also help identify who is your target audience, what they are looking for, and how well your competitors are working to gain more clients.
To achieve this, they look at the past and the current content and results of the sales, inventory, and operation. Businesses who are looking for ways to rebrand often make the most use of brand marketing analytics.
How can you use brand marketing analytics to your advantage?
How you represent your brand has a huge impact on sales, revenue, and brand image. Hence you must always be careful while dealing with the visual elements, messages, etc.
If you’re not careful, you will slowly lose your target audience, and you will not even know about it until it is late.
To help you ensure your brand is still relevant for the target audience, professionals use brand analytics software and determine how efficient the current business plan of the brand is.
An important aspect of using the brand analytics software is that it also helps with retail data and shows strategies for generating new leads and increasing sales.
What is retail data?
Retail data stores data of various types, such as sales, inventory, customer, operational, etc. The data is collected, processed, and analyzed by professionals, which helps them take appropriate actions.
Retail data analytics enters into the picture to give you a more accurate idea of what the data does. Retail analytics gives professionals insights into the trends and some hidden patterns.
These trends help improve business performance across various sectors such as supply chain movement, operations, etc.
Advantages of retail data analytics
Listed below are the advantages of using retail data analytics for the growth of your brand.
Helps give insight about the consumer
If you can identify your consumer and learn about their journey, behavior, and identity, it would help you get a better idea about their preferences.
This would help you show better results for them when they are looking for similar services like yours. Since around 86% of consumers prefer a genuine brand on social networks, you can use social media to showcase how good your services are.
Figure out the trends and anomalies
When it comes to data-driven approaches, the past data and the current data are all relevant. A proper brand marketing software will help carry out analysis and identify the trends and use them for the benefit of the brand.
Helps you spend money efficiently
The data is collected through customer satisfaction, inventory management, and capitalization on timely opportunities. These data can help you get efficient ideas on how to save money.
These ideas could be launching a sale or changing the current marketing strategy, having stocks at the warehouse, or streamlining operations. These methods will help you save money and have a positive impact on your brand.
The subsequent step after analyzing the data is to give importance to retailer revenue.
How can a brand increase retailer revenue?
The continuing pandemic has drastically altered the way retailers work. The rules of wearing masks, maintaining social distancing, etc., have had a huge impact on the retail world.
Hence today, we will explain how brands can increase retailer revenue in this new age of the pandemic.
The customers should be safe in your stores
Once they believe you’re taking the right measures to ensure the workers and people are safe, they will surely visit your store.
You can give them updates about how you’re keeping everyone safe by posting the details on your website, social media handles, and via the mobile app.
Your store should have an online presence
More and more people are turning to Google and asking the search engine about local stores. Around 97% of potential clients learn about their local company online. Hence, your website should mention all the services, products provided by you.
You must also give some discounts at the end of the transaction. The website should have a Contact Us page. You must also mention your address, phone number, mail ID, working hours, reviews, and post engaging content.
Show you do work for society
People associate the most with businesses, who do something good for society. You should be associated with a good cause, work for them, and you will see customers pouring in.
As a business, people expect you to give back more than what you earned. Hence you must do it for the cause, and it will also help you increase your sales.
Why should businesses focus on retailer performance to increase their earnings?
No matter what approach you use to promote and sell your products, the result will all be the same. You can sell your products online or use a retailer relationship with a larger company and attract clients to your website. The results will never change.
Your retailer’s performance is your brand’s performance. If your retailer’s sales are good and strong, you will see the cash flow. If their revenue suffers, so will yours. A successful brand will know the importance of ensuring its retailers are satisfied.
Hence, they will monitor the price changes, have enough stock in the inventory and create promotion opportunities. A good retailer’s performance has several benefits, and they are mentioned below.
You get bigger margins
When your products sell quickly, the retailers will buy more from you and stock up their inventory. They might also not even negotiate the prices, helping you get bigger margins.
Your market shares will rise
Since your products are quickly sold out as soon as they hit the shelves, it increases your popularity among the masses, and it leads to an increase in the rates of your shares. It will give you a competitive landscape, and more buyers will notice you.
You can create a better brand image
When you start discussing your products with your retailers, you ensure they have everything to make the sale. This will give them a feeling of satisfaction, and they will represent your brand with accuracy and loyalty
How can a brand maintain a successful retailer performance?
Brands can easily maintain a successful retailer performance by keeping in mind the following points.
The stocks should be available
The retailers should always get enough stocks of your products. This will help them sell the products through the right channels at the right prices. Since they are always in stock, they can be relieved they will never run out of your products.
Promoting the products
A good pricing strategy will help you understand how well the buyers have loved your product, and it will tell you about the competition. A good strategy will also let you know how profitable the pricing strategy will be.
Online product pages and reviews
A reputable brand will have accurate information on its website regarding its products. Having good product pages has a direct influence on the conversions and helps increase sales.
Since the customers can read everything about the product, they will have a proper understanding.
Have a good digital presence
A reliable and efficient digital presence lets everyone know you mean serious business. Once you have an easy-to-find website and your products show up at the top of the search results, the clients will have confidence in your products.
This will increase the will to purchase them from the retailers. People always purchase from brands that are visible, transparent, and are trustworthy.
This was a comprehensive guide on how brands can increase their retailer revenue with brand analytics. Getting a competitive advantage in the tough ecommerce landscape can be daunting if there is no way to discern how the competition is evolving and what are the demands and preferences of the online shoppers. This is exactly where Wersel’s brand analytics tool comes in handy. The brand collaborative and analytics platform uses data to help in management decision making. Schedule a call today to know how this tool can give you the help you need to create a mark online.