A brand achieving YouTube video plays in the billions is sure worth considering. CoComelon is one such brand. This Bath Song video has been viewed 4.5 billion times.
In Australia, CoComelon is searched close to as many times as people search for Lego. yet, it is a brand that you will not commonly see in a newsagency.
The majors have CoComelon, as you may expect.
In my work with newsXpress I started research CoComelon, understanding what else people were searching for, understanding the shopper in the context of what we offer in our stores today. That research revealed a niche opportunity allied to another category segment doing well for us. CoComelon offered an opportunity to expand reach and to be seen by shoppers not currently seeing the business.
Now, with the brand well established in-store, it is kicking goals, attracting new shoppers as well as driving impulse purchases from existing shoppers.
But, my point today is not abut CoComelon as such. Rather, it is about using data to help uncover new shopper traffic opportunities. This is where expansion, growth, get their footing. Playing with new brands and new segments within categories is vital to our retail business journey.
From a small in-store stock weight, we have been able to deliver consistently good results already.
There is this product and allied product and then there are cards and gift packaging. It’s the whole opportunity value we are looking at and chasing when considering a marquee brand like CoComelon. This is where the data research plays a role for it is in here that we can see what the CoComelon shopper is looking for, what they are buying.
Back in the day a supplier would say, hey you should stock this, and often we would. Today, I am seeing better value from researching, chasing suppliers, often new suppliers, and discussing where the brand / range fits within the business strategy. Because this is all about being strategic from planning to buying to floor placement to social media narratives. This is where our small business nimbleness can play a role in driving success.
I use a range of commercial tools to assist the analysis. Having multiple sources helps facilitate accurate data and accurate data fuels better decisions.
I look not only for volume but also longevity, so that the pay back period for investment will fit something more useful than a fad product.
This is what newsagency management looks like today, researching, looking for new traffic opportunities, chasing data down rabbit holes and backing the evidence in the data. It is exciting in that for every ten or so we investigate, we are lucky if one is worth pursuing.