Here's a stunning reality: According to the consulting firm McKinsey, consumer product companies often overlook or under-invest in a form of marketing that can make a significant contribution to the bottom line: Consumer Promotions and Engagement, or CPE. According to McKinsey, "optimizing CPE, in fact, can help companies realize up to 10 to 30 percent savings in marketing spend, which can be reinvested to fund growth initiatives."
McKinsey has studied the CPE area and suggests that CPE tools are effective at each part of the Consumer Decision Journey. Specifically, CPE includes such tactics as:
1. Out-of-store consumer engagement
- Product licensing or co-branding
- Sponsorships
- Event sampling
- Public relations activity, including endorsements, press releases, blogs, social media, etc.
2. In-store consumer activation
- Coupons and rewards
- In-store POP/POS
- In-store sampling
- Brand or product demonstration activities
- Sweepstakes
- Gifts with purchase.
Learn more about the power of CPE from this McKinsey report.
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