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Archive for May, 2012

How good is your promotions know how? Take our quiz to find out

Thursday, May 17th, 2012 by Guest blogger

Matt Butcher, director, PIMS-SCA

I regularly sit down with marketers reviewing and advising on their promotions and more often than not, clients are surprised by our expectations of the likely results. So it’s no surprise to me when the Institute of Promotional Marketing’s Marketing Gap Study confirms what my company already knows; that what marketers think consumers do fails to measure up to reality. As one example, marketers tend to vastly overestimate the degree to which consumers abuse the use of money-off coupons.

Getting redemption estimates wrong can be costly, particularly if promotions are uninsured. Our business relies upon an intimate knowledge of how consumers respond to promotions, using a database built over 25 years. Armed with this knowledge, I invite you to take a lighthearted test to see how you shape up!

The following are based on actual promotions that took place in recent years. Check your answers at the bottom.

Listen and learn

Friday, May 4th, 2012 by Guest blogger

Daniel Hansen, director, Questback

Consumers are increasingly empowered to make their voices heard, and it is often disgruntled individuals who shout the loudest.

Feedback can come from various sources, whether it be customer surveys, consumer reports or increasingly, social media streams. Sheryl Sandberg, COO of Facebook, recently commented that “the strength of social media is that it empowers individuals to amplify and broadcast their voices.” This social change is having a serious impact on business strategy as a whole and in particular, marketing departments. (more…)