Optimizing Your Product Assortment: Design for Growth
12/16/2014 3:42:51 PM
Trends in the marketplace – busier-than-ever shoppers, localized competition, and the impact of digital – are making the retail environment more complex. Deciding which products to have in-store and online continues to be a universal challenge for both manufacturers and retailers. Manufacturers know that product availability is the key to product selection, while retailers are trying to hone their offerings to maximize baskets and sales. Both are motivated to understand what shoppers want and to make it available in the right locations.
PepsiCo, Walmart and McKinsey Discuss Innovation in Retail and Consumer Shopping Habits, and Big Data Analytics
12/12/2014 3:45:30 PM
While innovation is crucial for any company that wants long-term growth, it’s become increasingly difficult to anticipate and meet shopper needs through new product introductions. A massive 80 to 90 percent of new product introductions fail to meet their goals. This means that marketers must constantly update their understanding of what customers want and need in order to be part of the sliver of new products that do well.
How to Grow in a Flat Category: Household Cleaning Products
12/10/2014 3:48:26 PM
As the U.S. economic recovery continues, shopper behavior is mixed: some shoppers have continued their frugal ways while others have begun spending again. The $23.3 billion home cleaning business has faced several years of challenges as a result of consumers’ ongoing efforts to shop more efficiently, including a 0.9 percent decrease in sales over the past year. Though the category is flat, IRI’s National Consumer Panel data shows that 99.6 percent of households purchase home cleaning products. On average, a single buyer completes 28 shopper trips and spends $231 per year on cleaning products. Despite stagnant sales, the home cleaning products industry contains numerous significant pockets for growth, particularly within private label and branded innovation.
Pricing Strategy Moves Front and Center to Drive Sustainable Growth
12/9/2014 3:49:44 PM
Harnessing the potential of big data in every aspect of a company’s operations is a highly attractive goal, but it’s one that can be difficult to achieve. IRI and Columbia Business School’s Center for Pricing and Revenue Management recently held their second annual education program on “Pricing Analytics” to discuss how leveraging big data to develop improved pricing strategies can create huge opportunities for organizations in any industry.
Make Your TV Media Buying More Efficient
12/5/2014 3:51:12 PM
Whether advertising budgets are large or small, all CPG marketers (and their agencies) want to be more efficient, improve targeting and maximize reach to the people they want to influence. Digital advertising, with its many targeting techniques, has made it easier for marketers to reach specific consumers while television advertising has long been much more challenging. But, exciting new tracking and measurement tools can help marketers tie TV viewing to actual purchase data.