Spectra Rolls Out Enhanced Consumer Trade Areas
CHICAGO -- Spectra Marketing, a leading provider of consumer-centric segmentation and targeting services for the consumer packaged goods industry, yesterday unveiled its newly enhanced Consumer Trade Areas.
Used by more than 200 leading CPG industry manufacturers and 50 top retailers to better understand the retail and product preferences of consumers living near specific stores, Spectra says its new Consumer Trade Areas now more accurately capture competitive interaction by including a broader array of retail channels in their methodology and new analytics that quantify how much of a store's sales are at risk to competitors in the area.
"As retail channels and retailers continue to vie for a greater share of shoppers' dollars, the more insight we can provide about where consumers choose to shop, the more retailers and manufacturers can make informed sales and merchandising decisions," said Spectra president Tim Kregor. "Our enhanced Consumer Trade Areas provide the most sophisticated insights available for understanding not only who a store's likely shoppers are, but also for assessing a store's potential for selling more of specific products, and its competitive interaction in the retail marketplace."
Spectra's enhanced Consumer Trade Areas are powered by the Getchell Model, named for Spectra's s.v.p. of research, Dr. Charles Getchell, a Harvard-trained mathematician with nearly 20 years of experience in developing trade areas. Getchell's proprietary consumer choice model estimates how much households living in a block group spend at specific stores, based on factors such as the drive time to the store and the availability of nearby competitors within 19 retail channels.
Rich consumer data, such as disaggregate information from ACNielsen's Homescan consumer panel, was used to further refine the model. Said Getchell, "Only in Homescan do we have a representation of the whole set of stores shopped by individual households."
Spectra and ACNielsen, two of Progressive Grocer's sister companies, are units of VNU Marketing Information, the leading provider of consumer and marketplace information to the global consumer packaged goods industry.
Spectra's Consumer Trade Areas are created for more than 360,000 stores found within Trade Dimensions' store database, certified as the industry standard by the Grocery Manufacturers Association. Trade Dimensions is a division of Spectra. The model also adds an important new metric to Spectra's Consumer Trade Areas: an estimate of each store's retail interaction and "dollars at risk" to other stores in the Consumer Trade Area.
Used by more than 200 leading CPG industry manufacturers and 50 top retailers to better understand the retail and product preferences of consumers living near specific stores, Spectra says its new Consumer Trade Areas now more accurately capture competitive interaction by including a broader array of retail channels in their methodology and new analytics that quantify how much of a store's sales are at risk to competitors in the area.
"As retail channels and retailers continue to vie for a greater share of shoppers' dollars, the more insight we can provide about where consumers choose to shop, the more retailers and manufacturers can make informed sales and merchandising decisions," said Spectra president Tim Kregor. "Our enhanced Consumer Trade Areas provide the most sophisticated insights available for understanding not only who a store's likely shoppers are, but also for assessing a store's potential for selling more of specific products, and its competitive interaction in the retail marketplace."
Spectra's enhanced Consumer Trade Areas are powered by the Getchell Model, named for Spectra's s.v.p. of research, Dr. Charles Getchell, a Harvard-trained mathematician with nearly 20 years of experience in developing trade areas. Getchell's proprietary consumer choice model estimates how much households living in a block group spend at specific stores, based on factors such as the drive time to the store and the availability of nearby competitors within 19 retail channels.
Rich consumer data, such as disaggregate information from ACNielsen's Homescan consumer panel, was used to further refine the model. Said Getchell, "Only in Homescan do we have a representation of the whole set of stores shopped by individual households."
Spectra and ACNielsen, two of Progressive Grocer's sister companies, are units of VNU Marketing Information, the leading provider of consumer and marketplace information to the global consumer packaged goods industry.
Spectra's Consumer Trade Areas are created for more than 360,000 stores found within Trade Dimensions' store database, certified as the industry standard by the Grocery Manufacturers Association. Trade Dimensions is a division of Spectra. The model also adds an important new metric to Spectra's Consumer Trade Areas: an estimate of each store's retail interaction and "dollars at risk" to other stores in the Consumer Trade Area.