How much do you know about your consumers? Ask this question to any astute marketer, and they’ll rattle off a laundry list of facts and figures, years’ worth of analysis, and a comprehensive account of their full target demographic, chock-full of data collected from intensive research studies, focus groups, and interviews.
There’s no denying that all this information is a critical part of the puzzle, and every bit adds to the overall picture. But more often than not, this picture is missing one of the most important features of consumer behavior; a real-life representation of what shoppers are actually buying. How much do brands really know about what each and every consumer actually puts into their shopping basket? The reality is fuzzy, because historically, there haven’t been too many ways of compiling this data. Research studies, interviews, and focus groups give a generalized picture of consumer habits, and also rely heavily on consumer self-reporting; access to POS data is a possibility big retailers and brands that own their systems, but the majority of CPG brands simply cannot tap into this data. Even the latest technologies can miss the mark; sophisticated social-listening algorithms and cutting-edge AI can dive deep into consumer motivations, attitudes, and psychographies, but these tools have difficulty in exposing a consumer’s actual purchases.
In this multi-part article series by Snipp Interactive, aptly titled “What’s In Your Basket?”, brands can learn exactly how to peer into this coveted data treasure-trove, and the kinds of data points that can be unveiled using technologies such as mobile engagement and receipt processing. Snipp has been a pioneer in helping brands and agencies tap into these insights with its receipt processing and data analytics and insights platforms. Beyond the exemplifying the data itself, this series dives into tactical and strategic recommendations to make sure brands have a strong foundation to improve their marketing initiatives.