Transaction Driven Marketing #TDM represents a huge breakthrough for merchants. Indeed, TDM is the key to building successful targeted campaigns, as well as empowering data-driven decisions that will improve the performance of marketing departments of both online and offline retailers. However, a big part of reaping TDM’s potential is based on measuring the performance of ongoing sales and campaigns. Without an accurate assessment of the vendors’ efforts, the utility of TDM would only be partially fulfilled. This is where Meniga Consumer Analytics comes into the picture.
Meniga Consumer Analytics literally revolutionizes the way physical stores can drive their business forward by enabling them to make smarter decisions based on real-time data, just like online stores have done in the last years thanks to tools such as Google Analytics. In fact, only about 20% of all sales are made online [1] but all analytics efforts have gone into measuring this specific share of total sales. This is due to the fact, that Google, which has almost a monopoly over online analytics, does not have the means to collect the raw data coming from transactions in physical stores. Last year Google allegedly bought from MasterCard aggregated card-transaction data [2], evidently craving to solve their lack of data when it comes to offline purchases. Meniga Consumer Analytics bridges the gap between online and offline data-analytics and delivers immensely valuable information to retail-marketers who have been taking decisions almost blind-folded due to their limited availability of relevant data.
How Meniga Consumer Analytics can tell you about how your business is doing
One of the most valuable features is the possibility to measure one’s sales performance against a group of competitors that the user selects. The data can be viewed from different timeline perspectives such as weekly and monthly.
The data that is the basis to these visualized market shares is composed by the card-transactions that are fed into the Meniga Rewards app by the consumers. The transaction-data is then aggregated and presented in various manners to give the merchants a precise overlook of the market they operate in. It is worth mentioning that the data does not give out any personal information of the users of the Meniga Rewards app, fulfilling all legal requirements for anonymity.
Moreover, Meniga Consumer Analytics can show you exhaustive information on your customers and their spending behavior both at your stores and your competitors’. In other words, for the first time in history, businesses can now have a full overview of their clientele’s characteristics as well as when and how much they are spending. For example, retailers can find out:
- Customer demographics
- Market shares
- Average receipt amount
- The dates and exact times trades occurred
- Market reach
- Cross sales
- Market mobility
All of this information can be shown in comparison to the competition in the market.
The best part of Meniga Consumer Analytics is that the validity of the data is resolute and reliable. Due to the ever-growing sample size of Meniga Rewards users, the collected data keeps increasing making its analysis more and more impeccable. To add some numbers to words, Meniga has so far collected more than 136 million card-transactions and currently collecting on average two transactions every second. Thus, the reliability of the market analysis increases by the second. Furthermore, Meniga’s app currently supports the connection of cards issued by several of the main Scandinavian banks such as Nordea and Länsförsäkringar. With more of the other big banks likely to soon enter a partnership, the collection of data is most likely going to grow immensely. With new banks potentially joining the Meniga ecosystem, we at Meniga firmly believe we have the chance of becoming the biggest offline transaction-driven marketing analytics platform, that is, an analytics platform that is able to process all card transaction including the offline transactions that currently elude the other big platforms such as Google Analytics. Meniga Consumer Analytics has received a lot of ovation and endorsement since the launch of our Alpha version about three months ago. With many excellent deals signed and several collaborations with global brands initiated, we know that we are onto something potentially very big.
To sum up
In the coming months, we will be releasing exclusive information related to real business cases of some of the brands we have been supporting with our analytics. The intent will be to show the world how TDM and Meniga Consumer Analytics have positively impacted their decision-making, driving their sales results, customer acquisition and loyalty.
We want marketers and shop owners to ask themselves: are we spending our marketing money wisely? Does our marketing impact sales? And if so, is the received ROI high enough to justify the investment? How can I counteract a competitor’s recent increase in market share? Finally, how is my business doing relatively to all other companies in my market?
#TDM has all the reasons to have a bright future and consequently, Meniga Consumer Analytics will become more and more relevant to many struggling brands every passing month, especially for brick and mortar. This also means that Meniga will be able to allocate increasingly more money into the pockets of the customers through rewards. After all, we only borrow the data with the promise of delivering relevant rewards, namely cash backs to the consumer.
Sources:
[1] "E-commerce in the Nordics 2018". Emota. 2018. Retrieved: 2019-02-10.
[2] “Google and Mastercard in credit card data deal”. BBC News. 31 August 2018. Retrieved: 2019-02-10.