“If we have data, let’s look at data. If all we have are opinions, let’s go with mine.” — Jim Barksdale.
Metrics like market share, sales and distribution, estimated by the retail tracking service (aka retail index and retail measurement service), are fundamental to formulating marketing strategies and sales plans. These are the vital facts that yields insights on market structure, channel performance, brand health, competition and sales performance. For this reason, retail tracking is the source of the data that practitioners feed on most often. And though it is not rocket science, it is important that you clearly comprehend what your retail tracking service captures, know the strengths and limitations, and understand what the metrics really mean. This is important because your strategies and plans must be based on information that is correctly interpreted. And the purpose of this chapter is to impart an understanding of these aspects of the service.
The chapter covers in some detail the six key processes — universe definition, retail census, sample design and recruitment, data collection, data processing, analysis and interpretation — that make-up a retail tracking service. It explains the metrics supported by the service, relates the benefits and applications of the service, and illustrates how the data is interpreted.
Most of the cases in this book feature retail tracking data. The Little People case at the conclusion of Part VI, which is based entirely on retail audit data, facilitates a deeper understanding of the application of distribution and sales data.
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
Suite of interactive, online dashboards that seamlessly integrate retail and consumer data sources in a manner that makes it easier to glean insights.
Suite of dashboards to visualize/analyse retail scan data.
Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.