In this series of articles, we examine the “Four Ps” (Product, Price, Place and now Promotion, the building blocks of marketing) and their relevancy in today’s Digital world.
Most product categories are heavily affected by some form of online engagement. Shoppers compare brands, features, pricing, and value online. For a new product to be successful on the eCommerce path to purchase, understanding and optimizing online promotions is a must!
Consider a beverage manufacturer developing and launching a new energy drink online, one fortified with vitamins, low on sugar, and with a great taste. What online promotion strategy would best spark new product trial — at the least cost? Would one online promotional strategy work better for one shopper segment than another?
With Decision Insight’s Digital.IQ research platform for the eCommerce channel, manufacturers can test their ideas to understand which promotional strategy maximizes trial before going to market. In the study, online shoppers shop a virtual eCommerce site where they are exposed to alternative promotional strategies such as the order products are shown and variations in featured items.
At Decision Insight, we’ve been testing and optimizing the Four Ps for over 30 years. Our virtual research solutions let you ask, “What If?” and deliver confidence in online sales promotion, product development, packaging, merchandising, bundles, adjacencies and pricing — for brick & mortar and online channels.
Read more…click to read Online Promotion and the New Product Launch article.
Contact Leslie Downie at Decision Insight to discuss the impact of eCommerce and how we can help develop and test marketing strategies to optimize your PROMOTION at retail.