I was recently working with a large client on strategic efficient assortment and asked them what tools they used to complete their assortment analysis. Their answer? 1) “homemade” tools; and 2) item rank reports (yes, ranked in descending order and cutting off the lowest selling items). Honestly, I was shocked—how has such an important tactic (the most important one!) become so unstrategic? This approach gives little or no thought to Retailer strategy or the Retailer’s Shopper and their needs (it’s what I was doing for assortment analysis almost 25 years ago!). I think for some, assortment (and shelving, for that matter) have become too automated, too tactical and too low level. There’s so much time spent on the tactical work associated with maintaining homemade tools, managing item-level databases and pulling the right data that there’s no time left to incorporate very much strategy, Shopper or thought for trends into the recommendations. The opportunity? 1) Reduce the tactical work across your organization through proper tools and processes; and 2) Ramp up your efficient assortment analysis with a strategic Shopper focus and get a new level of insights and recommendations!

Retail POS (point of sale data) is the “king” of category management data. Are you maximizing the use of this important data source? Retailer Scanned point of sale data and Retailer Measurement data from 3rd parties like Nielsen and IRI (key account data) are derived from scanned point of sale data. Together, these 2 variations of POS data are the primary data sources with which we do category management work.

Looking for some ways to improve your Excel skills to reduce errors, save time and/or take you to a new level of category management analysis? Excel is a great tool and necessary program for almost anyone in business to know how to use. But there’s always more to learn, faster ways to do things, shortcut keys, and helpful formulas. It can also waste an incredible amount of your time and be very inefficient without utilizing Excel’s powerful features through a solid understanding. If this sounds familiar, you are not alone — there are a lot of people in this camp because many of us have learned on-the-job rather than through training. The opportunity? Learn more effective Excel skills, save time and frustration and transform yourself into an Excel rockstar!

Category Management on Limited Data? No problem! One of the most important requirements in category management is data. In a “perfect world” you would have access to Retail POS data, syndicated market data, consumer panel data, transactional & loyalty card data and tactical data. But in reality, many of us find shortcomings in our data – whether it’s driven by the region or industry you’re in, your budget or specific category data gaps. Limited data doesn’t limit your ability to do fact-based analysis – it just means that you have to become more resourceful in your approach to maximize sources you do have. Here are some resources to get you started in your category management approach using limited data: Infographic: How to Address Data Gaps in a Limited Data Environment Course Preview: Category Management on Limited Data Course Overview: Category Management on Limited Data

Being able to analyze data and derive relevant insights from it is a requirement in almost every role for both Retailers and Suppliers. There’s an opportunity for many in our industry to learn how to make fact-based, strategic decisions and recommendations by building skills to effectively read and interpret data. A great starting point for learning how to do this is through a category assessment. Creating a category assessment is also the first step in developing a retail category plan, but the flow, measures and logic apply to development of category reviews, business reviews and internal planning documents. You should be able to analyze, benchmark, interpret and identify strengths, weaknesses, opportunities and threats through an effective category assessment.