Why does measuring “conversion” matter?
There are only three ways to grow category and store sales, so what do you focus your money on?
It may sound simplistic but actually, it’s right. Three ways to grow category or store sales.
- Increase traffic (footfall). You won’t sell anything unless the shopper shows up.
- Increase spend per occasion or transaction. For any “need”, a shopper could spend less or more. You want them to spend more.
- Increase conversion. Less talked about*, but vital. People who are theoretically in the market for a product, and are present in the store/category but simply don’t convert on this occasion. The true “lost sale”.
Shopper intelligence is about measuring the key factors that enable you to work out how to do a better job on these routes to growth. The exciting news is that while for years we have been providing objective and robust metrics gained directly from shoppers themselves on 1 and 2, now for 2018, we will be providing data on 3. So you truly can get the complete picture.
So, for example, consider a shopper who walks past a category or display. Does she notice it, does she look at it? Does she look at specific things before choosing? Does she walk away? Understanding where we lose her, tells us where the opportunity may be. For a chocolate bar, it’s probably all about being noticed. For soap powder, it’s probably about making sure relevant segments are noticed or giving a quick solution. But unless we know what’s going on now, it’s all just guesswork.
* Our contention is it’s less talked about because it’s not measured -until now!
Shopper Intelligence will start providing total store benchmarks of Conversion in UK supermarkets. Using a world first breakthrough technology solution we will provide a cost-efficient measurement of how well your category, brand shelf or display converts passing shoppers into buyers compared to every other category, brand, and display. Please register interest in finding out more about this new service using the form below.