With finite resources, fast-changing market conditions, and retailers adjusting their go-to market strategies, it’s important to focus where you can leverage the best return.
It’s certain that we are not going to have the same opportunities with each business category.
Colby Atwood, president of Borrell Associates, Inc., developed a tool to provide focus on where ad spending for each business category is heading relative to print and digital channels.
The tool can be weighed against three factors for both print and digital channels: The current year estimated spending levels for your local market, the estimated dollars spent per business location in your market, and the projected change in spend looking ahead to the next year (change in spending levels)
- 2015 $ spend.
- 2015 $/location.
- % change in spend.
Computing these factors across all business categories results in two indicators for each category generated to show a positive or negative ad spending trend for each category against print and digital ad dollar allocation.
Now we have data illustrating the potential for print and digital spending based on where it is now and where it is heading in the future.
Compiling this information into a GRID map based on the positive or negative indexing for print and digital spending results in a view that enables discussions with the ad sales teams about what categories to focus on for best results.
What categories will have the higher spending levels in channels we provide? Are the categories growing in their allocation in digital budget? Will these categories continue to spend significant dollars in print? Which categories index high for spending in both digital and print?
This kind of view provides foundational information for sales teams and management to discuss what categories they are going to focus on. Discussions that combine what the Borrell Compass information shows with what we each know about our own local market specifics and idiosyncrasies begin to form strategies for ensuring we own our rightful share of helping businesses grow into the future.
This indexing tool is available to any Borrell Compass client.