"Many retailers' promotional plans are based on a variety of factors unrelated to market indicators or competitive data," said Marissa Tarleton, CMO, North America, RetailMeNot, Inc. "As a strategic partner to retailers, RetailMeNot created the index to provide insights into the promotions landscape that will help retailers become more successful with their investments."
To understand the promotional strategies of large national retailers, RetailMeNot and TechValidate surveyed 110 retail marketing decision makers among the top 750 retailers in the U.S.:
- Only 16% of retail marketers say their promotional plans are highly strategic
- 74% of retail marketers admit to either repeating the same promotions each year with minor adjustments or devising new plans using old performance data
- 75% say it is just as important to be strategic with promotions as other aspects of their marketing
- 98% say having deeper insights and data would improve the effectiveness of their promotional strategy
- Competitive insights and category performance data rank among the top insights needed to develop promotional strategies
"The RetailMeNot Promotions Index is a starting point for retailers to become more strategic in what is now a large, sub-optimized part of their business," said Tarleton. "We continue the conversation on a one-to-one basis between our internal retail experts and our retail partners for a deeper dive into competitive insights and category performance data. When retailers achieve an optimal promotional strategy versus customer demand, they can more effectively balance margin and growth."
According to Sucharita Mulpuru, vice president and principal analyst at Forrester Research, "In a market where the overall size of the retail pie is stable and retailers are competing for wallet share, it is critical to know how your organization stacks up against other firms."1
Retailers now have the ability to examine aggregated average promotions in their category over a specified amount of time, essentially helping them decide what's competitive and how to optimize their promotions. In addition, the index provides insights into consumer engagement and whether it's a buyer's or seller's market. For a deeper dive of market data and insights, retailers can have direct conversations with RetailMeNot experts to help build strategies and best-in-class practices unique to their core business goals.
TechValidate, an independent research company, conducted an online survey on behalf of RetailMeNot, Inc. from March 21 through April 15, 2016. The survey polled 110 marketing decision makers from the top 750 retailers in the U.S., including a mix of physical stores and e-commerce and e-commerce only retailers, across all retail industries except grocery and travel.
About RetailMeNot, Inc.
RetailMeNot (http://www.retailmenot.com/corp/) is a leading digital savings destination connecting consumers with retailers, restaurants and brands, both online and in-store. The company enables consumers across the globe to find hundreds of thousands of digital offers to save money while they shop or dine out. During the 12 months ended June 30, 2016, RetailMeNot, Inc. experienced over 688 million visits to its websites. It also averaged 18.8 million mobile unique visitors per month during the three months ended June 30, 2016. RetailMeNot, Inc. estimates that approximately $4.8 billion in retailer sales were attributable to consumer transactions from paid digital offers in its marketplace in 2015, more than $600 million of which were attributable to its in-store solution. The RetailMeNot, Inc. portfolio of websites and mobile applications includes RetailMeNot.com in the United States; RetailMeNot.ca in Canada; VoucherCodes.co.uk in the United Kingdom; retailmenot.de in Germany; Actiepagina.nl in the Netherlands; ma-reduc.com and Poulpeo.com in France; RetailMeNot.es in Spain, RetailMeNot.it in Italy, RetailMeNot.pl in Poland and GiftCardZen.com and Deals2Buy.com in North America. RetailMeNot, Inc. is listed on the NASDAQ stock exchange under the ticker symbol "SALE." Investors interested in learning more about the company can visit http://investor.retailmenot.com.
1 "The Retail eCommerce Metrics That Matter," Forrester Research, March 3, 2016. https://www.forrester.com/report/The+Retail+eCommerce+Metrics+That+Matter/-/E-RES105561
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SOURCE RetailMeNot Inc.