Winning valuable shelf space can be challenging. With increased competition, shifting consumer demand, and limited space, how can you ensure your products are displayed in the best possible way?
The answer lies in point-of-sale (POS) data – the holy grail of retail and market metrics.
By monitoring POS data, you can gain insight into how consumers interact with your brand, enabling you to make fact-based decisions in order to optimize your placements and achieve impactful growth.
Here are 6 ways you should use competitive data to win placements:
1. Understand consumer buying behavior
POS data allows businesses to identify the products that sell the fastest and determine which products are not performing well. This information can be used to adjust product portfolios and optimize placements to meet consumer demand.
2. Determine your market position
POS data enables businesses to see how their brand stacks up against competitors in the ongoing battle for market share. This information can be used to identify areas of opportunity for growth and adjust brand strategy accordingly.
3. Identify market opportunities/gaps
POS data provides businesses with insights into market trends and consumer behavior. This information can be used to identify gaps in the market and align them with the company’s brand strategy and messaging.
4. Craft a data-driven sales pitch
POS data can be used to craft a compelling sales pitch that communicates how your brand meets consumer demand and checks all the right boxes for key retailer buyers.
5. Strengthen collaboration with buyers
By leveraging POS data, businesses can work more closely with buyers to optimize placements and increase margins.
6. Optimize your chain strategy
POS data provides businesses with a holistic view of their performance, enabling them to optimize their execution.
Competitive, point-of-sale data can be a powerful tool for businesses looking to win placements and increase market share. By providing businesses with a full view of how consumers interact with their brand, Fintech’s competitive data, derived from IRI’s POS service, enables businesses to make more informed decisions and achieve impactful growth. So, if you’re looking to take your business to the next level, consider leveraging POS data to gain a competitive advantage.
