Building your brand in the retail landscape pays off in the CPG space, which is why CPG companies should make a concerted effort to maintain a win-win partnership with retailers.
Whether you’re targeting online retailers like Amazon or traditional retailers like Wegmans, or both, establishing your CPG brand should start off with collaboration. This collaboration should cover all key stages from planning to setting shared objectives and key performance metrics. From the very start, it needs to be based on a win-win partnership between the CPG company and the retailer. This approach will help improve program execution and make existing retail partners actively participate in the success of your brand.
To ensure that you’re on track, you can conduct regular reviews of your brand performance via Bedrock’s Brand Storyline. A PwC study shows that tracking performance results on a regular basis enables CPGs and retailers to set realistic targets, meet market needs, and manage stocks effectively. According to the study, an oral care leader in the UK had implemented this initiative, and as a result, it not only enabled them to discuss changes and adjustments in the program and service levels with their retailers — it also helped them reap the benefits of “improved delivery rates, increased on-shelf availability, new targeted promotions, better margins, reductions in inventory levels, and easier agreement on other collaborative initiatives.”
Since the next decade will usher in the “Golden Age of the Consumer,” as the World Economic Forum calls it, CPGs and retailers need insights in order to conduct their brand performance reviews. CPGs need data on market trends and consumer behaviors, while retailers need data on inventory and sales. Having these data—and an in-depth understanding of them—will help CPGs and retailers alike in delivering the personalization, simplification, and convenience that today’s consumers demand. The good news is that CPGs and retailers already have the data; the bad news is that it’s raw, unprocessed data. Numbers and statistics can be difficult to understand without analytics.
According to McKinsey, CPGs and retailers can make the most out of their data using analytics. Using advanced analytical tools, they can establish a data-driven approach to revenue growth management, pricing, trade promotion, and assortment. McKinsey’s analysis of the following figures revealed that more successful companies use advanced analytical tools to set everyday shelf prices.
At Bedrock, we believe that data hides tons of interesting stories. Data-driven narratives and visuals on market trends and consumer behaviors can play a great part in how retailers display products on their shelves or websites. Well-presented insights on the rise and fall of product sales, in alignment with what retailers have, can help CPGs convince retailers that their products should stay.
Helping CPGs establish their brand performance in the retail landscape, Bedrock Analytics is all about accurate data with narratives and visuals. The Bedrock platform helps CPGs tell interesting, fact-based stories to retailers and consumers in order to leverage the power of insights in driving sales and engagement. For more information about this platform, visit the Bedrock Analytics website.