Increasing Shopper Data ROI - Here’s what you need to know

Posted by Sue Nicholls, CPSA Founder & President CMKG | May 5, 2015 7:30:00 AM

Move toward increasing shopper data ROI in your organization with these 4 “must haves”.

Most retailer and supplier organizations purchase shopper data — whether it's used to collaborate with your business partners, measure results vs. objectives, forecast, make fact-based decisions, find business opportunities, etc. The problems come with how to analyze category management data and then understand how to tie in action with data analysis. Data is getting more complex and even more costly. 

Do you know if your team is generating a return on your organization’s data investment by knowing how to turn that data into action?

Here are some great resources for you to help you improve your data ROI:

  • Training video previews with accredited content on “Category Assessment” (plus other previews) from Category Management Knowledge Group
  • Infographic on “How to Increase ROI On Your Data Investment”

Once you’ve got your data budgets secured and the data is purchased, you’ve set up your organization to effectively utilize the data to meet your business objectives, right? Probably not. Having the “right data” is only the first step.  

To increase data ROI, you need 4 things:

  1. Right Data - remember to define WHO can benefit from each data source in your organization and WHAT internal processes should include use of each data source before choosing what are the best category management data sources for you.  Don't limit access to a few specialists - define how the use of some of the topline information can be maximized across functions.

  2. Right Access - by investing in software and tools, you are making the data accessible to your organization, which turns your data into information. You need to ensure that you're making it easily accessible to all those who can benefit from using the data.

  3. Right Training - “Point and click” videos are not enough! Turning your data into action requires strategic, fact-based decisions based on your team’s insights derived from data. Equipping your team and organization with the knowledge and expertise requires an additional investment in hands-on training — something that many organizations completely miss.  

  4. Right Analysis - The first 3 requirements lead to the Right Analysis because people are using the data to move your whole organization forward by employing a strategic, fact-based approach.

Don’t have a training budget?

Allow your data budget accordingly. Consider allocating a small percentage of your data budget to strategic category management training.  

 data_hierarchy

In our DATA hierarchy diagram above, if you allocate 100% of your data budget to data, all you get is data. But if you use part of your budget for the right access and set aside another portion for strategic training, you will increase capability in your organization, move to a fact-based and strategic place and ultimately increase your organization’s return on data investment. Even if your organization has a small budget for data, the right training can help your team learn to be more strategic in the data you do have.  Click here to read my blog posting on how you can do Category Management on limited data.

Data is only information and on its own adds little value to your organization if teams can’t turn data into action with the right analysis. Improve your data investment ROI by providing the right access and training to build capability in your organization, now and in the future.  

 

Preview Brand New Training Now

Topics: Shopper Data ROI, Shopper Marketing

Written by Sue Nicholls, CPSA Founder & President CMKG

Category Management is my passion.

Since beginning with P&G in the late 1980s, I have dedicated my work life to building and sharing this passion with others through active involvement in the industry, including long-term business relationships with large Retailer and Vendor executives, development and influence on Category Management Association certification standards and curriculum, thought leadership publishing and presentations at CSP News’ Convenience University, CMA’s Annual Conference and LinkedIn, and as a member of DePaul University’s Center for Sales Leadership Advisory Board.

Through this blog and other channels, I share this expertise and believe that an open and ongoing conversation can improve any team’s capacity to implement business strategies that achieve their strategic priorities.

help desk software