RetailMeNot, the largest digital platform for retail offers, is also home to one of the most massive databases of promotional data. Taking advantage of this unique big data opportunity, we partnered with them to brainstorm and create the world’s first real-time index of retail promotions.
The idea of building an index came about after a few brainstorming sessions on how the marketing team could activate big data to elevate its powerful targeting capabilities. As we sketched the dynamics of the index, we devised it to serve as a real-time indicator of promotions engagement, measuring the difference between the average retail promotion and the level at which consumers are engaging with offers. The premise behind it is that higher discounts don't always lead to increased engagement, and that other factors – such as macroeconomics and the quality of the offer itself – are fundamental drivers of a promotions strategy. In other words, leverage data to challenge any preconceived notions and ideas about promotions, and use content to explain it.
These unpredictable fluctuations in the index provide the marketing team with fresh topics for content generation, which can range from a short quarterly review of a specific retail category, to an in-depth analysis of a broader trend in a major media outlet. While the index numbers by themselves may not say much, context can bring things into perspective and provide additional understanding for retail marketers. More importantly, the Promotions Index has since become an ongoing source of fresh insights that can be used in PR and lead generation campaigns, such as ebooks, press releases, and executive speaking strategy.
At a business development level, the Promotions Index provided the sales team with a data-driven tool that they could use as a conversation starter with retail executives, as they talk them through the science behind its strategic capabilities.
You can take a look at the Promotions Index and learn more about it and its methodology by clicking here.
These unpredictable fluctuations in the index provide the marketing team with fresh topics for content generation, which can range from a short quarterly review of a specific retail category, to an in-depth analysis of a broader trend in a major media outlet. While the index numbers by themselves may not say much, context can bring things into perspective and provide additional understanding for retail marketers. More importantly, the Promotions Index has since become an ongoing source of fresh insights that can be used in PR and lead generation campaigns, such as ebooks, press releases, and executive speaking strategy.
At a business development level, the Promotions Index provided the sales team with a data-driven tool that they could use as a conversation starter with retail executives, as they talk them through the science behind its strategic capabilities.
You can take a look at the Promotions Index and learn more about it and its methodology by clicking here.