Bold Steps to Refine Your Targeting Approach

At Environics Analytics, we have a deep understanding of Canadian consumers - who they are, where they live, how they think and behave.  We help create a comprehensive picture of your target consumer, find the largest areas of opportunity down to the neighbourhood, highlight the most effective and efficient ways to address those opportunities, and measure the performance of your activities.

According to a recent McKinsey & Company article, the challenge facing brands and retailers is how to “… Communicate clearly with the vast array of consumers who speak thousands of languages, hail from countless different cultures and socio-economic backgrounds and make purchasing decisions based on highly personal preferences.” 

And, according to a recent PwC survey, “49% of CPG executives say their current business model won’t be viable in a decade.”  It states that, “Competitive advantage will go to those bold enough to act decisively – and fast.”

So, what bold and decisive action can you and your team take?

1. Put your marketing and trade dollar where it counts.

You have a limited budget and limited resources.  Every dollar you spend needs to help you maximize your return through volume and share. To get more bang for your buck, you’ll need to know where your highest value consumers are and how to reach them. Where do you start? Which media channels (traditional, digital, etc.) will deliver the highest ROI? Which retail activations (shopper marketing, assortment, features, displays, etc.) will deliver the highest impact on share? Which regions, channels, banners and locations would be the most effective places to reach your target? Answering these questions will help you create a more effective, focused, and sustainable marketing plan and product go-to-market strategy.

2. Understand consumer behaviours across the market.

You found your target consumer – now, it’s time to level up by capturing a 360-degree view. This means gathering data on their occasions, media consumption, purchase influences, shopping needs and preferences. With these insights, you can quantify the largest gaps to close AND identify the best activations to use to close them nationally, regionally, and down to the local trade area. Your marketing team can leverage this 360-view of your target audience to find and reach similarly high value consumers through the most effective digital and retail media. And your sales team can leverage this kind of market intelligence to build effective activation plans in the highest demand regions, channels, and banners to win volume and share.

3. Turn insights into action and measurement.

Through this granular understanding of your consumer, your marketing and sales activations are clearly tied to the neighbourhoods of your highest value consumers. You can now understand your performance with your highest value consumers and how your investment with that group impacted on your overall volume and share. 

How can EA help?

Environics Analytics (EA) brings a 360° view of the needs, preferences and behaviour of your target consumer to life. You can leverage these insights to quantify the largest areas of opportunity to address with your target consumer. Our insights span all regions, all banners and all locations. Thus, ensuring your marketing and trade activation can be more effective in reaching your target and your spending against these activities is more efficient. And because our insights are linked to geography, you can measure the performance of your target consumer and the impact of that performance on your overall volume and share.

The key benefits

These 3 steps will allow you to be:

• More effective in reaching your target consumer. Deliver the right messages and the right offers to you target consumer consistently across regions, channels and banners.
• More efficient in spending your marketing and trend budgets. Prioritize your spending where you have the largest opportunities with your target consumer.
• Measure the return on your investment. Measure the impact of your marketing and trade investment on your performance you’re your target consumer and the impact of that performance on your overall volume and share.

Create a comprehensive picture of your target consumer, find the largest areas of opportunity, down to the neighbourhood, and highlight the most effective and efficient ways to address those opportunities. Be bold and solidify your competitive advantage. Environics Analytics can help. Let’s talk!

Kevin Lacey (SVP, CPG Lead)

Joshua Levi (VP, Business Development)