Analyze the Effectiveness of Promotions with Bedrock’s Newly Updated Promo Stats & Benchmarking Visualization
If you’re like most CPG manufacturers, you rely heavily on special promotional events to drive sales for your products. Whether it’s price discounts, buy-one-get-one (BOGO) offers, advertising and marketing campaigns, coupons or something else, promotions are at the very heart of your sales strategy.
But how well do you really understand the effect of those promotions on your bottom line? Do promotions always lead to increased sales? Does increased sales volume necessarily lead to greater revenue? How do outside factors and your competitors’ promotions affect your own promotional strategies?
These can be difficult questions to answer, which is why we’ve rolled out an important update to our Promotions & Events tool, to provide granular insights into how promotional price adjustments impact sales. Within this updated Promo Stats & Benchmarking visualization, we’ve included an entire suite of enhanced promotion statistics, added period performance metrics to the interface, and even enabled the ability to analyze and compare against your competitors’ promotions.
Hear the Signal Through the Noise
When trying to tell exactly what impact a promotion had on sales or revenue, it can be difficult to discern the promotion’s effectiveness from the multitude of other factors that can be involved. With our new Promo Stats tool, however, you can tell exactly what the promotional impact looked like during certain time periods, and how those promotions performed compared to other products in the category.
These promotion statistics are derived from promotional events that our AI detects within your data, so that you can track the key stats of your promotion execution, exactly what type of promotion drove the changes, and gauge the effectiveness of each type of promotion.
Our interactive charts let you see with just a glance exactly when your promotions ran, and what effect they had on metrics such as:
- Average Price
- Total $ Sales
- Base $ Sales
- Incremental $ Sales
- Percent Lift over Base $ Sales.
Better still, each visualization can support a customized input list for each item that can be enabled or disabled with a single click. This lets you generate the widest possible range of comparative charts in order to suit your particular needs.
Examine Your Promotions’ Impact From All Angles
Our platform provides four different levels of looking at your promotions:
- Effectiveness: Shows the breakdown of incremental versus base as a percentage of total dollar or unit sales, so you can see exactly how much new revenue your promotion brought in.
- Presence: Compares promoted dollar sales against non-promoted dollar sales for each retail store, enabling you to understand how much of your unit sales derived from in-store promotions.
- Lift: Charts the percent lift over base sales, either for total dollars or unit sales.
- Merchandising: Analyzes the percentage of promoted dollar sales generated by different types of promotions, such as coupons, price decreases, floor displays, etc.
All of the charts described above can be viewed by Product Promotion Effectiveness (comparing your product’s base sales to its competitors within a single market), Market Promotion Effectiveness (comparing the promotional impact by analyzing a single product across multiple markets), or Weekly Promotion Effectiveness (analyzing promotion performance over time).
Study Your Competitors’ Playbooks
Sales aren’t just impacted by your own promotions. Sometimes a competitor’s promotions can influence an entire product category, which is why we’ve enabled you to analyze competitive promotions in your product’s category. This will help narrow down the exact events that are having the biggest influence — positive or negative — on your brand. Each of the most important promotional stats can also be compared at this competitive level. Our easy-to-read charts allow you to analyze promotions from multiple competitors at the same time, so you can compare their promotions to yours, and see how they may have affected your own product’s sales.
These elements should go a long way toward making your promotional tracking easier and more insightful than ever before. To get started, visit the Promo Stats & Benchmarking tool in your Bedrock dashboard, or contact your account manager for a quick demo.
Not a Bedrock customer yet? Get in touch! We’d love to show you what we’ve been working on.