In an age of personalized subscription boxes and customizable AR experiences, consumers are increasingly expecting a shopping experience hyper-tailored to their interests. It’s more important than ever that your brand be consumer compatible. But what exactly does that entail?
Consumer compatibility is the overall metric that measures the value consumers place on your brand. It shows how effective your consumer-brand relationship is. This is not a new concept; for years loyalty programs have helped measure consumer compatibility.
However, at Cuebiq we believe consumer compatibility comprises more than just loyalty. For you to really understand how much your consumers value your brand, you need to consider additional factors such as time spent in store, visit frequency, and brand affinity. It’s essential that you measure each of these, because they’ll lead to meaningful insights that you can implement to improve your consumer-brand relationship and drive ROI.
Gain Insights
Visits + Dwell Time
First, it’s important to measure footfall traffic to understand where your stores fall into the offline consumer journey. Are consumers spending significant time in your stores, or are they leaving seconds after walking in the door?
“Dwell time,” or how long consumers spend in store, is the key to understanding this. Through dwell time, you can tell the difference between real versus fake visits to a location.
Just because a user is pinged near a movie theater does not mean they actually saw a movie — they could have been just walking by. In order to determine whether they saw the movie or not, you need to consider how long they spent at that location.
At Cuebiq, we verify all visits to locations using dwell time, to distinguish actual visits from non-relevant data points.
Visit Frequency and Time of Visit
In addition to dwell time, you need to evaluate how frequently consumers are visiting your stores. Are they one-time shoppers or are they returning to your stores time and time again?
You can gain insights like these through location data, which reveals not only how often consumers visit your stores but also which times are most popular for visits. This information can inform marketing activations and promotions for your brand, especially when you pair it with demographic attributes of your consumers.
If you see that students are visiting your stores the most on Saturday afternoons, you might offer a back-to-school special in stores at that time to increase sales.
Brand Loyalty
As you most likely know, brand loyalty is essential to measure. While you probably already measure the loyalty of consumers to your brand through loyalty programs, you might not know that you can use brand loyalty for competitive intelligence as well.
Through location data, you can measure how loyal consumers are to your competitive set versus your own brand. Then, you can identify the least loyal competitor consumers — or the most likely to switch loyalties — and target them for competitive conquesting.
If you’re a marketer at Ford, and a top competitor of yours is Toyota, you can use location data to identify the segment of Toyota consumers that is most vulnerable and then target them with ads.
In this way, brand loyalty can reveal new audiences for targeting and enable you to develop a stronger conquesting strategy.
Brand Affinity
Finally, it’s important to consider the complete offline consumer journey in your consumer compatibility analysis. In addition to understanding how consumers are interacting with your own brand, it can be helpful to know where else your consumers shop and what their offline interests are.
If you see that your consumers are avid Dunkin’ fans and often visit the Dunkin’ near your brand location, you could develop an ad campaign with messaging that plays on that shared interest. Brand affinity can reveal opportunities for co-marketing like this that you might not have considered before.
Ultimately, gaining a more complete picture of where your consumers shop and what their preferences are can help you close the loop on the offline consumer journey.
Get started analyzing your consumer compatibility with our Location Analytics solution today.
