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This Week's Tip
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New Products and the Retailer
Manufacturers typically give a lot of thought to the potential consumers of their new products. In comparison, is enough attention being paid to the first customer of a new product - the retailer? No matter how small or large the launch is, a new product cannot be successful without the participation and support of retailer partners. Gaining their acceptance and trust often begins with the presentation of relevant data and consumer insights...
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Tip-of-the-Week
Co-Sponsored by:
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Interactive Edge
XP3® from Interactive Edge is the award-winning data management and presentation solution that connects to virtually any data source, including Microsoft Analysis Services and SAP BW. XP3 delivers breakthrough analytic and presentation capabilities directly in PowerPoint with Excel charting for distributed sales, marketing and management teams.
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Prior Tips
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Tip #3: Delisting Products at Shelf
Efficient assortment is a key principle that drives profitability and growth for both manufacturers and their retail partners. However, determining which items should be Delisted can be a daunting task, since several types of data analysis are required: sales, market, consumer, variety, and profit. Market Coverage and Bottom Ranking items are two types of analysis that can help determine the right products to pull from the shelf. read complete tip
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GMROI
Determining how product categories, segments and individual SKUs are performing is key to marketers. One of the most important measures for retail execution is Gross Margin Return on Investment (GMROI) because it takes into account both sales velocity of an item and the overhead in terms of inventory. With velocity, quickly identifying and understanding the impact of "Slow Dimes" versus "Fast Nickels" is a basic need, but such analysis is not always easy to obtain. With a tool such as XP3, the process of calculating GMROI to identify and improve item performance becomes a relatively easy task.
read complete tip
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Optimizing In-Store Promotional Event Mix: Accurately evaluating the results for in-store promotions is often problematic since syndicated data do not always capture total event sales -- especially if the promotion was regional. One method for resolving the syndicated (consumer dollar) data gap is tracking shipment sales during the in-store promotion along with consumer sales. Using a quadrant analysis for both consumer and shipment data allows for a more comprehensive assessment of which promotions should be repeated, modified, or dropped--giving you a better event mix...read more
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Dissecting and Enabling Quadrant Analysis
A Quadrant Analysis (or Quad Chart) is an effective method for converting raw data into a visual diagnostic review, representing data in three dimensions on a two dimensional workspace, such as Excel. An example of a Quad Chart could be plotting product performance by sales growth and share of sales within a selected market. Such an exercise helps answer questions like "What is the relative strength of each item in my portfolio?" or "How are key segments performing in my store vs. the competition?". By utilizing a solution such as XP3, you can automate the process of creating and analyzing Quadrant charts based on a host of performance metrics. read complete tip
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How to Map Multiple Data Sources
Combining two or more data sources, such as retailer POS and manufacturer shipping data, can dramatically improve the ease with which insights can be derived when making presentations..."mapping" different sources together is quite a feat:
Creating Data Mapping Libraries Data integration begins with...
Each Data Source has its own Dictionary...Within a library, individual data sources for a specific dimension are mapped to a Master List...
Importing Mapping and Master Lists Saves Time Master Lists and mapping should be able to be imported from external sources...
Advanced Algorithms Use Intelligence to Map Items In the absence of matching on numerical fields, auto match algorithms can remove extraneous characters...
Abbreviation Dictionaries Improve the Match Process The use of abbreviation translation dictionaries improves...
Sharing of Mapping Information is Critical...
Creating the Integrated Data Source As new data sources are read into the database or accessed via natural and ODBC connectivity to server databases, mapping dictionaries are referenced to combine the data into the single integrated data source.
Read complete Tip
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This Week's Tip: Creating Virtual Data Sources to Grow Your Bottom Line
Although syndicated data (e.g., ACNielsen and IRI) are still a standard component of sales analysis and category management, more manufacturers are seeking to raise the data analysis bar by combining two completely different data sources. For example, consumer goods suppliers try to compare actual sales in a certain market against the retailer shelf-set to determine if the 'right' assortment is in place—a process called validation. This is often a time-intensive process because it requires that the analyst manually check facings in a Plan-O-Gram spreadsheet against sales data from a syndicated supplier... See complete Tip
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Understanding Product Development Index
Product Development Index (PDI) is a method to benchmark sales per capita in a given geography against sales per capita in a larger area, such as the total United States. The goal of this measure is to quickly identify geographic areas that are opportunities to develop the product in question. For instance, if sales per capita of rice in Georgia are much lower than sales per capita of rice across the entire country, it stands to reason that there is an opportunity to grow that category in Georgia. Product Development indices are generally interpreted by this rule of thumb: See Complete Tip
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Upscale Appeal for the Frozen Category
Home Meal Replacement (HMR) has become a strong differentiator for some of this nation's most admired grocers. There's no denying the continuing opportunity to appeal to time-starved shoppers with quick, good-tasting, prepared meals -- and it seems logical that products which draw HMR consumers to the frozen case would be a good thing.
- Sponsored by Unilever
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A One-Size Fits All Approach to Consumer Centric Marketing
Unfortunately, it doesn't exist. So - unless your plan is to target only one person, read more for some pointers on CCM that will help you flexibly address the needs of your consumers. You are no doubt aware of Consumer Centric Marketing (CCM) and its growing influence on the way all of us are doing business. In case you are new to the idea of CCM, the short version is that CCM is an ongoing process of developing insights into consumer habits and "needs," and using this information to better market products to key consumers...
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