It’s important to always stay on top of your competitors’ marketing activities, as they lend insights on the strategies you can adopt to boost sales. Scanning through the competition’s websites may clue you in on the promotional tactics that are prevalent in the market, but falls short in validating their effectiveness. Layer fashion market insights with competitor research for a more accurate view of marketing strategies.
The Omnilytics Visual Merchandising module allows for close monitoring of your competitors’ marketing strategies on their website landing pages and newsletters. Information can be filtered by market, retailer, category and keyword to quickly narrow down your search.
Once you’ve pinpointed a marketing strategy of any brand or retailer to analyse, you can explore the brand or retailer’s trade performance during the promotional period in the Competitor Benchmarking module.
Here are the key steps to validating the performance of marketing strategies.
Step 1: Access the Visual Merchandising module and identify the strategies adopted by brands or retailers on their website or newsletter
Here, we’ve discovered that In Good Company (SG) sent a newsletter to its customers, communicating the retailer’s National Day promotion in conjunction with Singapore’s independence day celebration. From 7-10 August, In Good Company customers were entitled to a 20% discount on its website.
Step 2: Compare trade performance during promotional period against a previous period in the Competitor Benchmarking module
i) Set the period comparison.
ii) Filter the market & retailer.
iii) In the Overview tab, spot the ‘Total Sell Out’ chart and analyse the sell-out performance.
As seen in the above chart, we conclude that In Good Company’s sell-out performance during the promotional period exceeded the previous weekend by 49%. A strong performance during a promotional activation signals an effective marketing strategy that was successful in converting sales.
An effective marketing strategy is essential. By analysing other brands or retailers’ promotional activations and their performance outcomes, you will be able to gain relevant ideas on the right tactics to deploy for your own business and accelerate sales.
We hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.