Shopper Insights must be integrated into each Category, Brand or Sales Strategies: they are just critical for every Teams. In this blog, we provide a simple and practical approach to understand these insights, decode their meaning and translate them into practical actions. A must-know for Sales, Category, Marketing and Insights Teams
Step 1: Identify My Brand Challenges
Objective
Identify if we have traffic challenges by using the Number of Baskets KPI
Identify if we have spending challenge by using Value per Basket KPI
Methodology
Select the periods to compare
For Traffic challenges identification, we will be comparing My Brand’s Number of Baskets
For Spending challenges identification, we will be comparing My Brand’s Value per Basket
Identify Opportunities
Conclude whether I have the challenge in Traffic or Spending
Step 2: Identify The Scenarios
Objective
Identify why my brand lost shoppers: lost to other brands, or category Traffic decreased, or store traffic decreased
Identify why Shoppers spend lesson my brand: spend less oncategory level or store level
Methodology
Review brand switching to identifycompetitors who gained my Shoppers
Review category & store traffic, whichimpact my brand’s penetration
Review Shoppers' wallet share & valueper basket, which has consequences onmy brand’s spending
What needs to be done
Identify what impacts my brand’s performance: traffic or spending
Which competitors caused my brand to lose its Shoppers
What amount are my shoppers ready to spend to purchase this type products
Step 3: Select The Right Action Plan
Objective
Gain my Shoppers back
Drive my brand’s traffic
Increase my brand’s spending
Methodology
Review my brand’s promotion performance & activities
Review my brand’s innovation & newitems
Review my products’ availability &visibility
What needs to be done
Build up solid promotion plans: drive traffic or increase spending
Hypertrade is a retail tech company in Category Management and Shopper Behaviors Analytics. Manufacturers use our platform to manage their multi-retailer data sets and to automate their category management and sales analytics. Retailers use our platform to improve their Commercial offering, collaborate with their suppliers and Engage their Shoppers. Building on Sales, POS & Loyalty data, some of the things we fully automate are:
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