Logobrand’s Sally Davis, continues her Winning at Point of Purchase insight series.
Rocket your NPD into Retail Orbit
NPD & innovation is a major area of investment for all FMCG brands, with 1,000’s of new products appearing on shelf every month all fighting for fixture space. The pressure is immense to hit that golden rate of sale target, quickly. If you don’t hit the ground running, the sad news is that you’ll become another statistic and be one of the 3 out of 4 FMCG launches that fail within the first year.
You need to stay ahead of the game and be nimble enough to quickly resolve issues or take advantage of opportunities.
Here are our top tips for ensuring a (near) perfect launch.
- Launch Minus 10 days – Get your finger on the pulse
Consider using a real time retailer data analysis system like Logobrand’s Availability Manager to monitor which stores have been ranged. Track daily stock build and sales (waste if applicable).
You need to know if something is amiss before it becomes a problem. Real time monitoring of data assures the retailer you are on the ball too. Shout, loudly, if something is wrong! Your agency should do all of this donkey work for you.
- Engage Store Staff & Drive Trial
If you have a regular field resource you can of course pre-sell. If you do, give the field team a chance to stand out. Make sure your agency doesn’t make it a tick box exercise, and that they make it quirky, or the store just won’t care!
Consider using iPad technology to show short adverts or create special ‘You Tube’ videos that are engaging.
Better still, walk in some physical samples with not for sale barcodes, so the store staff can try and become ambassador for your product. Everyone likes something for nothing – You know the phrase ‘What’s in it for me’
- Fast Speed to Shelf Distribution Build……Almost naturally
If you want to be really clever, provide your field team with money off or try me free coupons to give to their favourite store staff. You’ll drive sales build from every store you visit to quickly reach that distribution build target.
When stock hits the store they will be keen to get their freebie, so they’ll get it on sale so they can pick it up off shelf.
- No Feet on the Street ? Then make sure you are Smart
Don’t waste money sending a field team in blind to every store on Day 1.
You’ll be disappointed with the results and the ROI will be non-existent.
Your agency can use data to assess which stores have stock, have sold and target resource at stores that didn’t sell on Day 1 or Day 2 mobilising your team into store to ensure day 3 sales.
This should be no problem for a flexible agency to deliver at short notice
- For short Life products, monitor waste by ranking stores by % waste to sales
A very few stores could have a big impact on your overall waste figures. Know and target the naughty ones!
- Help your field team help you
Let your field team know exactly what the problems are in each store, supplying them with store specific information.
Retailer data analysed quickly will give you this. Technology should allow your agency to do this for you.
- Don’t forget about your New Baby after week one….!
It still needs nurturing. Get your agency to monitor sales daily and get them to recommend to you support for stores that are not performing or hitting that ROS number. Get them to babysit while you get on with your day job.
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.