ELEVATING CONSUMER PROMOTIONS FOR RETAIL
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- Terence Whitehead
- 6 years ago
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1 SPOTLIGHT ON: ELEVATING CONSUMER PROMOTIONS FOR RETAIL DEVELOPING BETTER PROMOTIONAL STRATEGIES USING BASKET ANALYTICS INSIDE YOU LL FIND OUT: How excessive use of promotions can hurt retailers Best practices for developing and executing promotion campaigns How 1010data can help you understand granular promotional performance 1
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3 Effective promotions can help retailers navigate a difficult business landscape and drive sales The Art of Retailing has become tougher. The availability of pricing and product information to consumers online has fundamentally changed consumer loyalty, pricing strategy, and shopper traffic. Retailers have responded by aggressively promoting, but not always effectively. Excessive promotions can train consumers to wait for sales and can place a downward pressure on pricing, hurting margins and damaging a retailer s long-term brand image. Companies across the board - from apparel retailers to grocers - have struggled over the years with this. However, when used effectively, promotions can help grow sales, stimulate new product interest, strengthen a retailer s brand and grow shopper loyalty. RETAILERS FACE MULTIPLE CHALLENGES IN OPTIMIZING PROMOTIONAL STRATEGY Retail promotions are about making sure that the right products are promoted to the right customers. Whether your strategy includes running loss leaders, rewards programs or providing free samples, every campaign must be vigorously tracked against transaction data in order to understand the real impact of the promotion. Companies face multiple challenges in optimizing their promotional strategies: Lack of Data Visibility, Flexibility and Granularity An analyst or manager that is running a campaign should be able to demonstrate that a promotion is maximizing rather than cannibalizing sales. However, lack of visibility into key basket metrics makes that a difficult task. Retailers also need to be able to modify promotions as needed but lack of visibility into sales and inventory data in an accurate, timely, and flexible manner makes it impossible for companies to adjust promotions in real-time or respond to unexpected changes in consumer demand. Without getting to more granular TLOG and loyalty data, retailers cannot gain true visibility into basket dynamics and the detailed impacts promotional activity might have. Furthermore, inflexible business intelligence tools make it difficult to conduct analyses such as seasonal promotions by customized date ranges. Without flexibility and line-of-sight into granular basket-level detail, companies will continue to struggle with understanding the impact that promotions have on their bottom lines. Ineffective Data Integration and Blending Many retailers spend months determining the effectiveness of a given event, often times conducting one-off analyses that attempt to measure how much an item would have sold if it had not been promoted as well as the subsequent lift in sales. Often, the data needed for these analyses lives in disparate or legacy ERP systems which give analysts little flexibility in conducting granular promotional analysis. Without access to an analytical platform that easily integrates these data sources, analysts waste time pulling all the data from the correct sources to determine how a promotion performed. The availability of pricing and product information to consumers online has fundamentally changed consumer loyalty, pricing strategy, and shopper traffic. 3
4 Misalignment with Suppliers Gaining strategic alignment with suppliers is crucial in executing successful promotions but impossible to do when suppliers are working from different - and sometimes contradictory - data. Without working on a single version of the truth, collaboration remains minimal between retailers and suppliers and neither party is enabled to perform the ongoing and ad-hoc analyses they need to understand promotion KPIs, increase customer loyalty, and drive higher sales in stores. Limited, Lagged View of Competitor Performance Most companies are focused only on their internal sales and shopper loyalty data which provides a highly limited and highly biased view of their business performance. External information gives retailers the opportunity to understand how they re performing against competitors- even at the Metropolitan Statistical Area (MSA) level. Companies who do not leverage outside data will remain in the dark about how business is performing compared to competitors during promotional periods and across local markets. QUIZ: PROMOTIONAL EFFECTIVENESS Let s say an item normally sells 3,000 units per week with 1.5 units in each basket (or approximately 2,000 trips each week) with an average basket of $30. Promotion A: Drives 6,000 unit sales and puts 3 units in an average basket. The promotion drives the same traditional 2,000 trips with the same basket of $30. Promotion B: Drives 6,000 unit sales and puts 2 units in each basket. The promotion drives 3,000 trips with the same basket of $30. Which promotion is more effective? Turn to page 7 to view the answer. 4
5 WITHOUT UNDERSTANDING PROMOTIONAL ROI, RETAILERS RISK LOSING MONEY & CUSTOMERS Retailers who do not invest in a rigorous approach to promotion performance risk using excessive promotions to attract shoppers to the detriment of their store brand and supplier relationships. Other risks include: Over-reliance on promotions Encouragement of shopper cherry-picking Conditioning of shoppers to wait for sales and deals Low ROI of promotion campaigns Alienated shoppers Reduced customer penetration Erosion of brand image Reduced leverage with suppliers SUCCESSFUL PROMOTIONS ARE EXECUTED BY FOLLOWING INDUSTRY BEST PRACTICE In order to optimize promotional strategy, retailers must aggressively measure the incremental sales made from a promotional campaign. Retailers shouldn t be focused on selling products on deal but rather on generating new sales, growing individual shopper baskets, and driving purchases of other products. This can be achieved by following a few key industry best practices: Build in Analytical Flexibility and Basket-level Granularity Flexibility and granularity in promotional analytics is crucial. In order to effectively plan future promotions, retailers must have the flexibility to conduct ad-hoc analysis at the SKU/ Store Level, trend analysis over time and customize analysis time frames to truly understand promotion-based shopping behavior. Retailers who are able to access and conduct ad-hoc analysis on SKU-level sales and loyalty data will be better positioned to create responsive promotions and plan local assortments. Basket-level metrics are also necessary for effectively developing promotional strategy. How does a retailer determine whether a promotion is driving enough gross margin from additional unit sales at lower prices to outweigh the gross margin that would have been otherwise made selling at original higher prices? Or, how does a retailer decide between a promotion that drives basket size and a promotion that drives number of trips? Basket metrics can help address these analytical questions by determining what items to promote and the effects they will have on the total basket, total department, and total company. Strengthen Supplier Collaboration One of the first tenets of running a successful promotion is ensuring that the promotion is on strategy. Strategically aligning with suppliers requires operating across traditional silos and working with suppliers to reach mutual KPIs. Retailers should aim to have suppliers work on a common analytical platform and set of data in order to maximize synergies with brands during promotion planning and identify areas for improvement through post-event analysis. Enhancing the analytical relationship between retailers and suppliers provides significant opportunity to improve joint trade fund management and marketing. 5
6 Unify Key Data Every retailer, regardless of size or industry, struggles with effectively managing high volumes of internal and external data. When data lives in different databases and other repositories, retailers are forced to establish multiple integrations and user interfaces in order to build a holistic view of business performance. Between siloed data and the inability to blend disparate datasets, analysts simply cannot gain timely and accurate access to insights that could help transform their promotions strategy. By automating and blending the analysis of inventory, historical sales, competitive, and other data, companies can quickly understand whether a promotion was successful in generating incremental sales or delivering on total store growth. Develop Stronger Market Insight Promotions planning often focuses on a few traditional data sources that determine the success or failure of a given event. However, building greater business context around promotional strategy is crucial for retailers who want to compete effectively with emerging competitors. The growth of direct-toconsumer brands in the retail market has undermined traditional promotional strategy and threatened both retailers and consumer goods companies. Developing greater market insight using external data can help companies get an early read on competitors who are marketing directly to consumers through new channels or simply provide more information about the performance of competitors during promotional periods. 1010DATA S ANALYTICAL PLATFORM DELIVERS THE CAPABILITIES RETAILERS NEED TO MEASURE AND MAXIMIZE CONSUMER PROMOTIONS 1010data s family of solutions can help retailers acquire new customers, retain existing ones, and build powerful store brands. Dynamic Data Unification From combining multi-sourced data to enabling data blending at the user level, 1010data s core architecture provides an end-to-end data unification solution for retailers. Companies can create a unified view of the business, integrate disparate sources of data including those from third-party providers and disparate ERP systems or explore the data in a flexible, business-friendly analytical environment. For leading retailers and distributors, 1010data has unified historical sales data across multiple legacy ERP systems so companies can make the most of their internal data assets. Granular Ad-Hoc Analysis 1010data s platform enables retailers to become more data driven through granular ad-hoc analysis. Through TLOG and loyalty data, companies can do the granular basket analysis needed to optimize consumer promotions. UPC scan data can be measured to determine the detail of promotional performance including who (regions, stores, districts) participated, what was purchased (by retailer, state, channel) and how this performance benchmarked against competitors. 1010data has enabled retailer partners to conduct ad-hoc analysis on sales data broken down to the very minute to inform promotional strategy throughout a single sales day. 6
7 Relevant Promotion and Basket-Level Reporting 1010data s Consumer Insights Platform provides a suite of pre-built reports on various retail functions to inform key business decision making. 1010data tracks daily inventory and provides retailers with up-to-date information on the effects of marketing campaigns on basket size so they can refine promotion planning. By conducting basket analyses, 1010data has helped leading retailers determine whether or not promotions are actually driving greater profitability and higher margin baskets. Such reports include but are not limited to: Promotions Pricing Reporting which helps retailers evaluate promotional performance across various price points to determine the best price at which to sell a product Promotion Insights Reporting deep dives into the basket to determine the effects of a promotion on shopper spend and total store sales Inventory Reporting which helps retailers track inventory to determine whether enough stock was available for a promotional period Basket Segmentation Reporting which helps retailer understand how to promote items, and the impact they will have on the basket, department, and total store For some of the world s largest retailers and distributors, 1010data has served as a partner for companies to directly monetize their data and improve analytical collaboration. Improved Data Collaboration For some of the world s largest retailers and distributors, 1010data has served as a preferred partner for companies to directly monetize their data and improve analytical collaboration. 1010data s Supplier Portal provides secure data sharing with suppliers to improve inventory visibility and promotional performance. Retailers and suppliers are able to achieve greater alignment on promotional strategy based a retailer s actual data rather than external third-party data. Competitive Market Insight 1010data is the only multi-source data platform that contains pre-cleaned and blendable datasets to help promotion planners develop greater market insight around shifting market trends. Such data includes: Transactions data which provides a total wallet view of consumer spending Digital e-receipts data which analyzes online shopper baskets and spending Clickstream data which tracks online shopper behavior Pre-cleaned government datasets on economic conditions, demographics, housing, and more Answer to Promotional Effectiveness Quiz: Promotion B drives $30,000 more sales because it adds 1,000 trips at $30 per basket (1,000 x $30). Such basket-level detail is crucial to better understanding promotional strategy. 7
8 ABOUT 1010DATA Gaining actionable insight requires the best analytical tools and access to all relevant data. 1010data is a complete solution that provides both. We provide the only out-of-the-box, self-service, cross-enterprise insights platform. More than 850 of the world s largest companies trust 1010data to manage, share and analyze over 32 trillion rows of data because of our proven ability to deliver results more quickly, easily and accurately than any other solution. Please visit for more information. TO GET STARTED, CONTACT 1010DATA TODAY info@1010data.com v data Inc. All Rights Reserved. 1010DATA is a trademark of 1010data Inc. and is registered in the United States and other countries. All trademarks identified by, TM or SM, including the 1010DATA logo, are registered marks, trademarks, and service marks, respectively, of 1010data Inc. All other trademarks are the property of their respective owners.
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