Logobrand’s Sally Davis continues her Winning at Point of Purchase insight series
Data is your BFF
The effective use of real time data has championed in all of our previous Top Tip sheets. Everyone’s using it and there are lots of claims being made about how it’s being used. It seems everyone thinks they are experts nowadays!
We’ve been analysing real time data for nearly 20 years, ever since EPOS data was available, and we have written and developed our own systems to ensure we are always ahead of the game when it comes to using it to drive effective best in class use. Over 90% of what we do is driven by data insight.
- Real time Processing
- When raw EPOS is processed, you need visibility of issues immediately, not days.
- There are several systems out there like our system Availability Manager to process your EPOS for you. You shouldn’t need to buy the full system to have access to data drive your field actions. It shouldn’t add much cost to a field call
- As a minimum you should be able to view yesterdays analysed data today by 9am. That’s about as real time as it gets. Beware of other claims
- 24/7 Access that’s safe & secure
- You and your authorised colleagues shouldn’t have any time restrictions on when data can be viewed.
- A 24/7 secure web portal should be available to you to scrutinise in real time and should be able to export the data and reports you need. Spreadsheet are bad though – everything should be automated
- Be sure that you understand the operating system that is used to manage your data. Check your data is safe and secure
- Insights, not just data
- You might want to delve into the detail at times, but you should have topline summaries which help you understand what’s important, answering not just the ‘So What?2, but the ‘What’s next?2 too
- You agency should be proactive in spotting and reporting trends, issues and opportunities
- Simple, Effective and Quick links to field teams through the use of technology is a basic requirement
- Data on field team apps needs to be communicated as quickly as possible. Yesterday’s data today makes their interactions more credible than something that happened a week ago
- Data other than EPOS?
- Consider using data other than EPOS to drive your field team
- Dunhumby, basket penetration, over trade/under trade data and many more data sets all have effective uses
- That Naughty store list we recommend back in Tip 6 should also be utilised as part of your planning
- Your agency captures millions of pieces of data everyday, when working in retailers that don’t supply store level data. They should have a comprehensive method of applying similar theories so that all activities are strategic. Ask for their thoughts and then get other views too. Your incumbent cannot be great at everything and should be honest enough to say that someone else could do it better if they are inexperienced…..
- Everyone’s using SKU level EPOS now – thinking smarter gets you the competitive edge
- Data as the driving force
- Understanding your trading position of every SKU at store level in real time is powerful
- What the data tells you should dictate when you call, where you call and what you do when you call to maximise your budget – don’t miss the opportunity to outsmart your competition
- Your field team should be focused on the actions that drive you the best value
- A fixed call files meets the agency’s need, as it’s easy to manage & resource. A flexible call file meets your needs.
The first three Winning at Point of Purchase tips can be found on pages 10-11 of FMBE’s Summer Issue and will continue to be shared as our Wednesday Wisdom for the duration of the Summer.