What benefits are there for brands working with WisePass?
WisePass enables brands to be more effective in the execution of their marketing strategies through a shift from labour driven to tech and data driven scalability. This article will compare the traditional versus the WisePass way to run a marketing activity and break into 4 different pieces each approach.
Traditional Approach
Budgeting allocation
In conventional marketing strategies, there is a budgeting allocation for brands where a budget is assigned to various activities such as events, promotions or awareness. This results in a less effective result as brands are unable to connect the impact of their activities with their sales in a granular way. Most of the time, the evaluation of an activity will be more assessed in a more emotional way.
Target audience
Traditional targeting typically involves both on trade and off trade targeting within a marketing strategy, focusing where consumption takes place for a specific target audience. A strategy will be set and relationships will be built with some specific venues like high energy bar or venues that will have the defined target audience. The problem with this approach is that it’s limited as it can’t get beyond and understand who the actual consumers are.
Consumption
Consumption is driven by activities such as events or promotion as a result of the on or off trade targeting, resulting in a scale which is labour driven. The main problem with the current approach in consumption is the ability to run and understand the consumption at the individual level. It’s calculated from the budget and the amount of bottles. Brands are unable to really track which drinkers were approached and there is no system driven way to approach them again.
Scale
To run such activities, the traditional approach is to go out and build the relationships with the venues and plan the whole campaigns. It’s tedious, slow and tend to lead to many miscommunications among the team and between the teams.
Modern way or WisePass way
WisePass allows a tech driven approach which enables brands to be more effective; this data driven approach focuses on HORECA and associate the consumer activities with events where a brand’s budgeting allocation can be streamlined into products and allowances for necessary expenses for the event.
Budget allocation
The way a brand can budget the amount necessary is simple as WisePass is only dealing with activations. The event size is either under 25, 50 or 100 with a frequency of once or twice per month in on trade outlets.
The requirements for brands is simple, they just need to sponsor the products, PGs, bar tender and photographer to work with WisePass. That helps to set the budget with a fixed cost per event and then track the results over time. As events happen, more subscribers are onboarded on WisePass and sales can be tracked later whenever subscribers redeem on a regular basis at the venues.
Targeting audience
With WisePass, the brand has a different approach where the consumers are qualified through the app as subscribers redeem drinks in HORECA outlets.
That’s a different approach as it’s not an assumption anymore but follows a strict methodology where it’s based on actual consumption that is granular. WisePass knows what the consumer drinks, when the consumer drinks and where the consumer drinks.
In other words, instead on relying on assumption, WisePass collects the actual data, which makes the target audience much more accurate.
Consumption
Consumers’ habits are tracked on a daily basis, generating sales and allowing brands to easily track consumer spending habits including which products are most popular, where consumers frequent the most, and when consumers are most likely to enjoy products.
As data is recorded, brands can have an overview of the market evolution real time. They can better understand their market share and devise a strategy on growing their sales.
Consumption is being tracked systematically so the decision maker on the brand side can better understand quickly the situation by type of venues, type of drinks or cities.
Scale
WisePass has an existing audience of consumers who regularly enjoy alcohol, a precise target audience who are available for brands to increase their scalability. Consumers and subscribers from WisePass events are also accessible as potential long-term customers for brands, demonstrating the expansion available with WisePass.
In terms of the scalability of WisePass, we are looking to expand to other cities across Vietnam and the rest of South East Asia in the coming 24 months. Our goal is to cover the region so brands can take advantage of our platform and run regional marketing campaigns.
Our vision is to end up building a platform where brands can take advantage of our consumer base so they can run marketing activities in a more precise, scalable and cost effective way. As we’re growing rapidly our network and subscriber base, we will be able to deliver great benefits so brands can better promote their products across markets.