Dealing with distribution is always a complex process, and you're likely feeling pains with this now if you're struggling to get products into stores. With distribution gaps being one of those challenges, creating a goal of getting into more stores can sometimes bring disappointment.
The reality is, you can't get your product into every store since there isn't enough shelf space. This isn't to say you still can't grow your distribution. Whether you're a vendor or sell consumer packaged goods, no doubt you're always finding ways to take your distribution to more successful levels.
What's important is to find a valid data argument that you should get your products into a particular store. Yet, how do you really know?
So, you're in 75% of stores, but here's how to grow your distribution using facts and data from reliable analytic software.
Real-Time Visibility on Sales
Before you attempt to get your products to more store shelves, you'll want to see what your sales figures are in other stores. The only way to make a faster decision is to see these metrics in real-time. You can do this with an analytics program giving you instant numbers on your POS sales.
By having sales data immediately available for you and your sales department, you'll decide whether seeking out other stores is worth the time and effort. Also, you'll have a more educated decision on whether your product should really be sold in other outlets.
Without this information, you'll make hunches and ultimately play risk after investing money distributing to places that won't matter.
Market Basket Analysis
While real-time POS sales analytics helps you make a valid data argument on distribution, market basket analysis adds to the data thoroughness. With granular information, you'll get into more specifics about why consumers buy your products and what else they buy.
Knowing this information hones in on doing better targeting with your distribution so you find the consumers you need to maintain success. Basically, you're looking at sales trends here, which give you a more refined short list on which stores you'll want to attract.
Reviewing Your Competition
Knowing what your competitors do with similar products, you get a better view of what you should do with your distribution plan. Using a business review dashboard, you'll have sales insights and comparison charts for each product category.
Just a decade ago, you wouldn't have an analytic tool like this capable of showing what your competitors do. It's an example of how important universal analytic platforms are in showing not just one part of the picture, but the entire picture.
Analyzing Item Performance
Figuring which of your products perform the best lets you achieve more clarity on whether you should continue selling these, or pull them from the market. You need to know if your product truly has consumer demand, or if it's lost relevancy to buyers you're targeting.
It's important to read any distribution gap reports your analytic program has. This tells you so much about performance in particular stores and which stores you want to target.
A quality analytics program breaks down the above based on your planogram so you fully understand how well your products perform visually when on store shelves. With this data, you'll know how well your products pair up with competing products in other store locations.
Contact us to find out more about how it works and why you'll never have business blind spots again.