The end of the year for retailers and manufacturers: the importance of data and insights
For most manufacturers and retailers, the holiday season can either make or break the year. According to Deloitte's annual holiday retail forecast, the total holiday retail sales are likely to increase between 7% and 9% this year. For this reason, most brands make sure they get extensive and reliable in-store data and insights during the months of November and December.
Despite the undeniable fact that during this crucial period, in-store execution needs to be top notch in order to generate growth, driving conclusions that are only based on the in-store activity registered during sales peak times, can be a big mistake.
So, how can manufacturers and retail chains make sure they look at the right set of data?
1. Building an annual plan for monitoring activities
In order to be effective and paint a real picture of how products are actually marketed to consumers, monitoring activities need to be part of an annual plan. Observing and analyzing yearly trends can really make the difference in the way brands and retailers work together, are able to unveil issues, and discover new opportunities for mutual growth.
In particular, when it comes to top KPIs such as 'distribution' and 'on-shelf availability', a one-off measurement during a peak period such as Christmas, Easter or a World Cup, will not be representative of the way products are made visible and available to consumers throughout the year. Instead, monitoring these KPIs on a weekly or monthly basis, as well as comparing in-store execution during weekends and on regular working days, will result in relevant insights which can be used to build a much more effective cooperation with retailers.
2. Combining bespoke research with category insights
If developing an annual plan for in-store monitoring activities is the first step towards getting a complete understanding of how specific brands and products are marketed in retail, comparing this data to wider and timely category analysis, allows for a complete data-driven approach to field marketing.
Roamler offers a range of 'syndicated' monitors. These monitors, offered in a subscription form to more clients, provide a complete weekly and monthly overview of specific categories across countries. By combining in-store execution data available structurally with bespoke monitoring activities, developments and trends can be closely followed throughout the year. Using these additional insights during annual evaluations, allows for effective improvements on the shelf, and tighter agreements with retailers for promotions.
3. Boosting merchandising during the holiday season peak times
Timely insights surely enable brands and retailers in making fast and effective data-driven decisions, but how can they take quick and targeted actions on the shop floor to maximize sales? Ensuring products and promotions are displayed properly during sales peak times is the number one goal for any manufacturer and retailer, but implementation through traditional merchandising can often represent a risky choice. Supporting owned field teams with an on-demand workforce, that can help in optimizing planograms, placing promotional materials, replenishing out of stocks and fixing price tags, provides both brands and retailers with additional speed and footprint.
Working with a model that is based on vicinity, Roamler provides FMCGs and retailers with a flexible community of on-demand merchandisers that can be at the desired location in a matter of hours, and that are able to fix issues before they impact sales.