In the US, retail purchase and attitude data firm InfoScout and parent company Market Track have launched a tool called Trade Insights, to help both manufacturers and retailers identify the sources and promotions that attract new shoppers to brands and categories.
Trade Insights uses data from InfoScout's more than 200 million brick-and-mortar and eCommerce receipts captured annually with Market Track's trade promotion intelligence platform FeatureVision - 'closing the loop' between advertising and promotion activities and purchase behavior. The new tool then combines three reports: Promotion Scorecard for tracking promotions across the marketplace and comparing key metrics; Retailer Circular Analysis; and Event Analysis to understand what occurred before and after a single promotion event.
Market Track CEO and President Dennis Moore (pictured) comments: 'This intelligence solution will clearly reveal how many incremental shoppers were driven as a result of a promotion and how many were promotional lift detractors, such as pantry stuffers or intra-brand switchers. It will allow brands to optimize their spend and easily collaborate with retailers on the effectiveness of the spend. Additionally, the solution moves at the speed of retail - giving brands access to insights in just two weeks - faster than ever before and resolving the very slow pace of current solutions that can take almost a year to model'.
Web sites: www.infoscoutinc.com and www.markettrack.com .
All articles 2006-18 written and edited by Mel Crowther and/or Nick Thomas.