In this engaging discussion, Tom Burgess, President of Snippmedia, shares his expertise in CPG brand engagement. He explores the importance of understanding competitive intelligence and how engaging with perceived competitors can sharpen marketing strategies. Tom emphasizes the necessity of strong brand identity to stand out among price-conscious consumers and illustrates this with the branding triumph of Liquid Death. The conversation also highlights the shift towards direct-to-consumer models and the valuable role of retail media networks in marketing.
Understanding competitive intelligence and engaging with perceived competitors are crucial for enhancing CPG marketing strategies in a shifting market.
Focusing on brand differentiators and building a strong narrative is essential for long-term success, rather than depending on discounting.
Deep dives
Evolving CPG Marketing Strategies
CPG marketing strategies are undergoing significant changes in response to shifting consumer behavior and market dynamics. Brands are adapting to declining store visits and spending, which prompts a reevaluation of marketing techniques. This includes experimenting with programmatic advertising and retail media networks, as marketers need to strike a balance between online and in-store promotion. Emphasizing a test-and-learn approach allows brands to explore various strategies and data sources while mitigating risks associated with traditional promotional methods.
Rise of Retail Media Networks
Retail media networks represent a growing trend in CPG marketing, offering brands access to first-party data and targeted advertising. These networks provide highly granular attribution metrics that help brands understand their performance across various retail platforms. However, challenges arise in comparing results across different retail media networks due to divergent data reporting standards. Despite these hurdles, the efficacy of retail media networks in delivering actionable data is reinforcing their importance in modern marketing strategies.
Balancing Discounting and Brand Value
Discounting is a common strategy for driving sales, especially during economic downturns, but it can lead to an unhealthy dependency on lower prices. Brands risk harming their long-term value proposition if they continuously resort to discounting in response to the rise of private label brands. Instead, emphasizing the unique qualities and benefits of a product is essential for maintaining brand integrity and customer loyalty. Effective CPG marketing should focus on building a strong brand narrative that promotes value beyond price, rather than succumbing to the competition based solely on cost.
President Tom Burgess from Snippmedia, a global marketing solutions company specializing in fostering brand relationships through disruptive engagement solutions, delves into the secrets of CPG marketing success. Discover how understanding competitive intelligence and engaging with perceived competitors can enhance your marketing strategies. Learn about determining brand differentiators to stay ahead in the market. Show Notes