We are pushing the envelope with our disruptive new metric, Visit Share Analysis, for competitive benchmarking.Brands have traditionally invested a fair amount of time and effort in understanding the performance of their various customer touchpoints. That said, do you know how much footfall is driven to your various outlets versus that of competition? With Visit Share Analysis, they finally have an answer.
What is Visit Share Analysis?Simply put, Visit Share Analysis is a crucial metric that informs brands and marketers what share of footfalls they get at their outlets vis a vis competitor outlets. It is the real world equivalent of Share of Voice – and naturally, holds immense value for brands as far as sound, holistic competitor benchmarking is concerned. Lifesight Attribution allows marketers to access visit share analysis figures in the following scenarios –
- Visit Share Analysis for audiences reached during campaign flight: A good campaign should ideally redirect footfalls from competitor stores to brand’s own stores. If that is not happening, Visit Share Analysis would give a clear picture of campaign effectiveness. This would provide an opportunity for brands to tweak their messaging, timing, creative, or audience targeting, as the case may be. Consequently, this would result in high impact campaigns and improved ROI from them.
- Visit Share Analysis for entire market: This would give brands regular insights into footfall shares vis a vis competitor stores. Brands then have a fresh opportunity to find out what they can improve in their marketing and promotions strategy in general. This metric would help brands ensure that they don’t just consistently over-index on mindshare but also on footfall share and eventually, gain loyal customers.
What makes Visit Share Analysis a critical metric for new-age marketers?Visit Share Analysis allows marketers to take account of competitive benchmarking in diverse scenarios and answer critical questions about customer loyalty as well as campaign effectiveness. These questions include –
- Are my campaigns driving visits to my physical stores?
- Are my physical stores getting more footfall vis a vis my closest competitors?
- Are my campaigns driving footfalls to competitor stores and vice versa?
- Where does my brand stand with regards to store footfalls within my retail category?
Visit Share Analysis at work – A case studyDuring the Chinese New Year sale season in 2019, a fast fashion brand ran exciting in-store sales and promotions. These were advertised heavily across social media and other digital channels. However, Visit Share Analysis revealed that despite the promotions, a competitor brand across the street was scoring way more footfalls. A quick deep dive revealed that a lot of these footfalls at the competitor store were coming from their loyalty program. Under this loyalty program, member customers got an additional 15% discount on purchases made during the CNY sale season. The brand immediately approved some tweaks to their own loyalty program as well as promotions strategy. Consequently, personalized communication was sent out offering –
- Higher discounts to the competitor’s loyal customers just as they were in the vicinity
- And an additional 15% off for the brand’s own loyal customers