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:
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:
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.
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.
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.
- 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.
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.