It is common knowledge that Suppliers run promotions for greater offtake, absorbing a substantial promotional cost of retailers. Staying ahead of the market and your competition requires effective promotions based on credible and current data. Be it pricing, choice of retailers or timing of promotions, all these decisions need to be based on business intelligence of the frequency and depth of promotions of the brand and its competition.
Here are insights to 4 Easy and effective ways to optimize promotions –
- Know the competitor’s recent promotions in the market before planning promotions.
- Know which Retailers patronize which Brands
- Know the products (including pack sizes) on which the competitor is running promotions
Clicflyer’s OFFER STATS dashboard provides up to date information of the Promotions of Top Brands with the largest retailers in the market. It not only gives details of Retailers affiliation with a brand but also the extent of the promotion of the brands across its flyers.
Optimizing Discounts – Finding the Pricing Sweet Spot
- Know the competitor’s promotions price for similar products
- Know the competitors Promotion price mechanics (discounted or multi buy offers)
- Price Position the Brand based on data. For instance, at a higher or lower price than your competitors depending on brand perception, stocks etc.
- Optimize product discounting based on competitor data in order to make a direct impact on the bottom line.
Clicflyer’s OFFER STATS dashboard gives complete information of the Pricing of Top Brands with the largest retailers in the market.
Timing Promotions Right
It is very important to time promotions right. Different suppliers and manufacturers introduce promotions during particular days of the week, season or prior to festivals etc. E.g. During Pre-Ramadan sales, if the promotion is timed after competitors, there is a good chance that a consumer would already have purchased items with long shelf life in large quantities. Data from previous periods should be used to time promotions to get the best out of large opportunities during festivities. Here, Clicflyer Analytics helps suppliers optimize promotions based on a library of over 1 million historical offers and promotions.
Know the customer response to Promotions as soon as possible.
Though difficult to ascertain, knowing consumer response to promotions as soon as the promotion is started can be of immense value in devising improvements & tweaks to make it successful. Clicflyer’s offer scoring algorithms based on thousands of users behavior assign a score to offers on a daily basis based on usage patterns on the Mobile Application. This turns out to be a very good indicator of offer performance.
Once a Manufacturer has ClicFlyer’s data available, he can make quick informed decisions and formulate a promotion strategy based on facts rather than gut feel.