Corey Killion’s Post

It can be very difficult for a brand or category team to know just when to commit to action to reflect the changing buying patterns of their consumers. Say you're a Senior Category or Insight Manager running a continuous brand tracker. A whole portfolio of brands are in there, and perhaps it's even 'Always On', so you have your finger on the pulse of your brands at any one point in time. So far so good. ✅ But you can easily end up with more data than you know what to do with, especially in a portfolio tracker. Less good. ❎ First it takes ruthless discipline to keep it simple enough, to keep it truly useful. But the REALLY tricky bit comes with the constant need for judgement calls, for making new decisions - which can quickly become exhausting 👇👇👇 ❓ When does one particular bit of data - a new trend, a dip, a peak - indicate that reactive or even remedial action is needed? ❓ Seeing these changes, should proactive marketing-mix plans be shelved, paused or tested regardless? ❓How many weeks of upward or downward movement indicate a real or lasting change in consumer behaviour, and not just a data anomaly - or even a short, sharp response to something like a hideously wet October ⛈ ☔ (thanks Storm Babet for those recent efforts...) ❓When should more worrying trends be investigated more deeply with, say, qualitative customer research, or by cross-referencing more thoroughly with other data sources? Those are big decisions to make cost-wise. ❓If the category is leaning downwards, but there's no obvious reason why, do you launch that new product anyway, or do you wait? How long would you then wait for? Do you assume the halo effect from your market leading brand will bridge this gap, or should you push hard for more comms and advertising support? The real message is that when you commission a tracker, keep it as RUTHLESSLY SIMPLE as possible (thanks to our lovely client Karo Healthcare for that phrase!). Otherwise the data overwhelm will soon be followed by decision overwhelm - and no-one likes going there!🤯 #ruthlesslysimplebrandtracker #consumertracker #consumerbehaviour

It can be very difficult for a brand or category team to know just when to commit to action to reflect the changing buying patterns of their consumers. Say you're a Senior Category or Insight Manager running a continuous brand tracker. A whole portfolio of brands are in there, and perhaps it's even 'Always On', so you have your finger on the pulse of your brands at any one point in time. So far so good. ✅ But you can easily end up with more data than you know what to do with, especially in a portfolio tracker. Less good. ❎ First it takes ruthless discipline to keep it simple enough, to keep it truly useful. But the REALLY tricky bit comes with the constant need for judgement calls, for making new decisions - which can quickly become exhausting 👇👇👇 ❓ When does one particular bit of data - a new trend, a dip, a peak - indicate that reactive or even remedial action is needed? ❓ Seeing these changes, should proactive marketing-mix plans be shelved, paused or tested regardless? ❓How many weeks of upward or downward movement indicate a real or lasting change in consumer behaviour, and not just a data anomaly - or even a short, sharp response to something like a hideously wet October ⛈ ☔ (thanks Storm Babet for those recent efforts...) ❓When should more worrying trends be investigated more deeply with, say, qualitative customer research, or by cross-referencing more thoroughly with other data sources? Those are big decisions to make cost-wise. ❓If the category is leaning downwards, but there's no obvious reason why, do you launch that new product anyway, or do you wait? How long would you then wait for? Do you assume the halo effect from your market leading brand will bridge this gap, or should you push hard for more comms and advertising support? The real message is that when you commission a tracker, keep it as RUTHLESSLY SIMPLE as possible (thanks to our lovely client Karo Healthcare for that phrase!). Otherwise the data overwhelm will soon be followed by decision overwhelm - and no-one likes going there!🤯 #ruthlesslysimplebrandtracker #consumertracker #consumerbehaviour

It can be very difficult for a brand or category team to know just when to commit to action to reflect the changing buying patterns of their consumers. Say you're a Senior Category or Insight Manager running a continuous brand tracker. A whole portfolio of brands are in there, and perhaps it's even 'Always On', so you have your finger on the pulse of your brands at any one point in time. So far so good. ✅ But you can easily end up with more data than you know what to do with, especially in a portfolio tracker. Less good. ❎ First it takes ruthless discipline to keep it simple enough, to keep it truly useful. But the REALLY tricky bit comes with the constant need for judgement calls, for making new decisions - which can quickly become exhausting 👇👇👇 ❓ When does one particular bit of data - a new trend, a dip, a peak - indicate that reactive or even remedial action is needed? ❓ Seeing these changes, should proactive marketing-mix plans be shelved, paused or tested regardless? ❓How many weeks of upward or downward movement indicate a real or lasting change in consumer behaviour, and not just a data anomaly - or even a short, sharp response to something like a hideously wet October ⛈ ☔ (thanks Storm Babet for those recent efforts...) ❓When should more worrying trends be investigated more deeply with, say, qualitative customer research, or by cross-referencing more thoroughly with other data sources? Those are big decisions to make cost-wise. ❓If the category is leaning downwards, but there's no obvious reason why, do you launch that new product anyway, or do you wait? How long would you then wait for? Do you assume the halo effect from your market leading brand will bridge this gap, or should you push hard for more comms and advertising support? The real message is that when you commission a tracker, keep it as RUTHLESSLY SIMPLE as possible (thanks to our lovely client Karo Healthcare for that phrase!). Otherwise the data overwhelm will soon be followed by decision overwhelm - and no-one likes going there!🤯 #ruthlesslysimplebrandtracker #consumertracker #consumerbehaviour

🔍🌟 Decoding Consumer Path Patterns: Insights for Success 🛍💼 In the ever-evolving landscape of consumer behavior, understanding patterns is paramount for businesses to thrive. Let's delve into the key insights from various consumer path patterns: 1. Door Knob Pattern: Emphasizes high commitment despite low curiosity in consumer packaged goods (CPG) sector. Instant purchases, driven by accessibility and impulse, make brand loyalty a challenge. 2. Goldfish Pattern: Characterized by meticulous decision-making and heightened curiosity, often observed in B2B contexts. Customers extensively research and seek advice before making decisions, navigating through complexity. 3. Trumpet Pattern: Focused on lifestyle categories, where brands command high affinity and advocacy. Aspiration and scarcity contribute to brand allure, while strong reputations drive customer loyalty. 4. Funnel Pattern: Found in consumer durables and service industries, where customers progress through each stage meticulously. Authentic brand positioning and seamless touchpoints are crucial for success. Unlocking Industry Insights: Leveraging BAR Statistics for Marketing Success 🚀💼 Understanding industry patterns through BAR statistics is pivotal for marketers to refine strategies and drive success. BAR, representing a customer's willingness to recommend a brand, unveils critical insights into market dynamics. 📊 🏆 Four Major Industry Groupings: By leveraging BAR median and range, marketers can categorize industries into distinct groups. From brand management excellence in CPG to channel management prowess in retail, understanding industry nuances is key to success. 💡 Dynamic Industry Landscape: Industry boundaries are blurring with technological advancements and disruptive innovations. Marketers must remain agile, continually monitoring industry shifts and adapting strategies to stay ahead. Harnessing the power of BAR statistics and understanding the major industry archetypes equips marketers with valuable insights to navigate complex market landscapes, refine strategies, and drive sustainable growth. 🚀💼 Co author - Shrey Vekariya #MarketingInsights #Industryarchetypes  #IndustryTrends  #BusinessSuccess  #BARStatistics #PhillipKotler

“In times like these, we needed to be much closer and empathize with consumers…” - Sai Prisipati with Reckitt Benckiser 🌟 Discover how Reckitt achieved groundbreaking results by delivering consumer insights in record time! Explore three innovative strategies they implemented with @Discuss_io's platform to stay ahead in a fast-paced market. Read the blog: https://hubs.la/Q02lhddT0 #ConsumerInsights #Innovation #MarketResearch #QualResearch #Discussio