When it comes to growing your business, off-premise data plays a material role in your success:
It helps your business see the fuller picture of your market.
Far from guessing what’s happening at a retail level, this set of data answers the following questions:
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- Demand: Are consumers purchasing your products?
- Market share: How powerful is your brand within its category/segment?
- Efficiency: How fast is your brand moving off the shelves?
- Location: Are you shelving your products in the right retail stores?
- Competition: Are you distinguishing yourself from your competitors?
- Pricing: Is your pricing strategy leaving too much money on the table?
There’s so much to learn about your brand when it comes to performance. But timing is everything.
With that being said, are you using off-premise data to your own business advantage?
If not, don’t fret!
Here are 5 ways off-premise data helps you future-proof your business in today’s complex beverage alcohol industry.
#1 Understand Your Consumers
Satisfying consumer needs entails a deeper understanding of consumers and their preferences.
For suppliers, it’s boils down to getting a better (more granular) picture of what items are pulling off the shelves based on consumer behavior.
You can deep dive into segments, styles, packaging, and other specific metrics across various locations to understand buying patterns that will help you make more informed business decisions.
#2 Assess Your Competitors’ Strengths and Weaknesses
Recognizing your competitors’ strength and weaknesses gives you a clearer direction in your own brand authenticity. With off-premise data, you get a granular view of what your competitors do well (or poorly) and how their performance impacts your business.
Ask yourself: Are consumers buying more from your competitors? Which product features are giving them full advantage? Where are they underperforming?
This is your chance to break assumptions, make improvements, and find your own competitive edge.
#3 Craft a Powerful Pricing Strategy
The price you set for your products has huge implications in today’s competitive, fast-paced alcohol beverage industry. What profit margins are you targeting for your brand? Are you capturing pricing data from key competitors?
Harness off-premise data to identify price variations across the market, price your products competitively, and convince your buyers about the business benefits of placing your brand in more prominent spaces.
#4 Identify Untapped Opportunities in Market Trends
Are you dreaming about being the first one to spot and capitalize on the latest trends? If so, you should be investing in getting access to off-premise data to get to the root of the newest trends that keep shaping modern alcohol consumption.
By doing so, you will be able to determine the most popular styles within your category, new locations where your brand could perform better, and any other potential gaps where you could innovate and/or sustain first-mover advantage.
#5 Win More Placements
Arming your account managers with off-premise data is the most powerful weapon to fight for precious shelf space. It enables them to instil intelligence into the current chain strategy and make adjustments on the go.
In addition, access to this set of data gives your team the confidence they need to craft pitch-perfect stories. In fact, your buyers don’t want to waste their time engaging with poorly executed pitches.
They would rather hear your team articulate and quantify how your brand can help them drive more business value and stay on top of their latest consumer needs at full capacity.
Let’s wrap this up…
Off-premise data makes complete business sense.
From gaining a better understanding of the competitive landscape, to arming your team with the right intel to foster profitable relationships, you are just one step away from achieving your desired business outcomes.
So, are you relying on off-premise retail sales data to forge a better future for your business? If not, what are you waiting for?
Built in exclusive alliance with IRI, our Competitive Market Analysis (CMA) brings off-premise retail chain scan data to help you extract actionable insights, explore new business possibilities, and ultimately propel your growth to new heights.
If you wish to learn more, feel free to contact us. This is your chance to start building a new path towards data-driven growth.
