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
- 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
- Gifts with purchase.
This post is brought to you by 123eGuides.com. 123 eGuides are a series of authoritative guides about branding, marketing and small business published exclusively in electronic format to provide maximum value at minimum cost.