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Spectra and ACNielsen U.S. have launched Category ShareCast, a brand new Spectra service powered by ACNielsen's Homescan consumer panel. The service provides retailers with a new approach to measure and build shopper loyalty, as well as a deeper understanding of their share of each shopper's total category-specific spending and identifies opportunities to capture more of that spending.
“Assessing the true loyalty of shoppers has often been an elusive concept for retailers.” said Tim Kregor, president of Spectra, a VNU business that provides consumer-centric marketing solutions. “Retailers have intimate knowledge about their shoppers -- which customers spend the most and shop most frequently. What they don't know, however, is how much these customers are spending outside their chain, and how many dollars they can hope to claim. Category ShareCast provides the missing context, telling retailers how much of their shoppers' total spending they are capturing by category. This new metric will become an essential loyalty-building tool for retailers.”
Category ShareCast leverages best-in-industry data and methods. Spectra's consumer segmentation modeling combined with ACNielsen's Homescan consumer panel data measures how much each shopper's household spends on each product category within a particular retailer and in total. The resulting category-specific share-of-wallet metric enables retailers to understand where real revenue opportunities exist and to utilize targeted marketing and merchandising activities to increase their share of each customer's spending.
“Category ShareCast is another example of how rich consumer insights from our recently expanded consumer panel can facilitate these and other retailer-specific analytics,” said Robert Tomei, general manager of ACNielsen U.S. ,Homescan business. ACNielsen recently increased the size of its Homescan panel to an industry-leading 91,500 households, and expects to reach 125,000 households by the end of this year. “Through this expansion,” Tomei added, “we will be able to provide clients with a broader and deeper view of consumer behavior and a window into shoppers' behavior inside and outside the store.”
Category ShareCast not only identifies opportunities for retailers to drive loyalty among groups of customers that offer the highest potential return on marketing investments, but also helps them build the programs.
“This new product will help retailers focus on categories that represent an area of opportunity for them to build or maintain their customers' loyalty,” said John Chesak, Spectra marketing director. “By understanding their customers' share-of-wallet according to their definition of the category, retailers can implement merchandising and marketing decisions at the store level that will impact loyalty and increase revenue opportunities.”