Finally, we have a way to monitor our competition and push the entire organization to make smarter decisions. We were behind in e-commerce, but we are making gigantic steps, and our e-commerce sales have been growing steadily.
A strong e-commerce presence has always been important for this client. In 2020, the pandemic turned a strong e-commerce strategy into the variable between success and failure. The client, a global leader in the beverage market, had been selling online for a few years and wanted to expand its presence in other markets. They knew their site was not as optimized or as easy to navigate as others. With consumers getting more sophisticated and expectations rising, the company knew they were leaving money on the table.
COVID-19 was driving consumers online for their beverage needs, and the client was missing out. To optimize, they needed to understand the competition’s best-in-class practices across e-commerce KPIs, not just for site navigation and usability, but also in terms of marketing promotions, registration process, subscription services, and purchase and return terms. What they needed was a comprehensive competitive promotions tracker. And fast. (Oh, and also on a tight budget.)
Escalent’s Price and Promotion Tracker (P&PT) was the answer. The key to the project was to develop a highly efficient, repeatable process. In order to deliver insights, not just a large dataset of numbers, we needed to be able to quickly compare the client’s strategies with their competitors.
We started by developing a few hypotheses in collaboration with the client. This helped establish priorities and focus. Then we structured an Excel with all the KPIs for each competitor for each country. We created a process to monitor changes across all KPIs capturing relevant information. Each month, we summarized the findings by country, and every quarter we rolled them up into key insights.
With Escalent’s e-commerce tracker, the client can now track five countries and five competitors within each country. Competitor strategies and activities are tracked across an extensive matrix of KPIs.
Key findings from the tracker have driven strategic decisions, like revamping the website to enhance intuitiveness and improve the user experience. So far, the client has seen a 20% uptick in website traffic. They can respond quickly to competitor pricing and promotions to keep their customers coming back. We provide ongoing support in quarterly calls with the Global and end-market Marketing teams. Key findings continue to inform tactical decisions on channels, frequency of content updates, messaging effectiveness, and digital promotions.
Need an edge on your competition? Escalent’s P&PT will help you build campaigns and promotions that stand out and drive sales.