“Retailers tell me that if a manufacturer doesn't have shopper insights, then we might as well just email our deal sheets.” – Bill Parker,
The explosion of data availability has led to a multitude of potential sources for Shopper Insights. However we feel it is critical to distinguish between “data” and “insights”. Here’s how we define an insight:
“A statement of hidden truth that provokes a behavior response from your target audience, unlocks an opportunity and can be leveraged into action”.
It’s not easy or straightforward. It’s much more than simply “data”. Most importantly, it’s both actionable and critical to elevating manufacturers into Thought Leaders with their retail partners. To support our clients and their retail partners, Edgewood Consulting has developed a suite of proprietary analytical solutions that are uniquely designed to “unlock hidden truths” and capture consumer and shopper behavior as well as the retail environment.
Shopper Research can take countless forms. Sometimes we may only need to further evaluate and mine existing data sources and client research, eliminating the need for additional research. In other instances, we may jointly determine that additional research is required. Whatever the situation, we are comfortable in working with different methodologies or leveraging one or more of the proprietary approaches developed by Edgewood Consulting to support the needs of the project.
Here is a brief summary of several proprietary studies and how they can be used:
- Shopper Decision Hierarchy: identify category segmentation and hierarchy while including new or potential products and capturing key metrics such as incrementality, exclusivity and Walk Rates.
- Retailer Differentiation Study™: understand and leverage drivers of retailer loyalty for a specific category including key shopper attributes and perceptions of stores and the channel both among current customers and relative to other outlets.
- ShoppersEdge™: proprietary loyalty card information to understand shopper purchase behavior, loyalty and switching dynamics.
- DecisionEdge™: “in the moment” data collection using in-person or Smart Phone technology.
- Path to Purchase: captures the multiple paths that shoppers take to the brand, manufacturer and, most importantly, retailer to develop new shopper-centric go to market strategies.
- Bulletin Board Research: online focus groups conducted over several days to capture consumer and shopper attributes and motivations.
Identification of the most relevant consumer and shopper insights is the foundation for ensuring creation of actionable strategies and tactics.
Our approach is to keep the end in mind by jointly developing a customized approach that meets your ultimate goals while also affecting positive change at retail.
Insights – A Shopper Decision Hierarchy study of Italian Sauce captured new and unique product groupings that identified the changing nature of the category. Behavioral research verified the strong interaction between Store Brand and several Value Brands, the appearance of an upscale segment and the blurring of lines among brands due to deep promotional spending.
Innovation – Significant new approaches were developed for Assortment recommendations and Shelving to reflect the revised shopper segmentation of Italian Sauce.
- Assortment: both depth and breadth were adjusted to align with consumer tradeoffs in terms of Brand, Flavor and Price.
- Shelving: new configuration optimized adjacencies based on brand cross purchase with focus on trade-up opportunities.
Implementation – Edgewood Consulting worked with the client’s account teams to customize the approach by retailer. Ultimately several accounts agreed to test the new shelving strategy and adjust their SKU mix to evaluate the impact on category performance and profitability.