For good or for ill, promotions are a way of life in c-stores. Are you maximizing the performance of your promotions? We’ve talked about this issue in this blog before but I just saw this recent report on “Retail Wire” (http://www.retailwire.com/) put out by DemandTec®. And while the report is not aimed necessarily at the convenience channel, the principles certainly apply.
It’s worth your time to download the full report and review it but here are some highlights.
Best Practices in Promotion Planning and Execution
1. First, Focus on the Customer: Focus less on individual media plans and zero in on the best ways to message to customer groups across all media types and channels.
2. Simplify and Shorten the Process Through Integration: For example, price revisions are entered once and then flow to the creative people and directly through to the store without having to rekey or conduct multiple proof cycles.
3. Improve Decision Making with Better In-Process Analytics: The third best practice is to adopt an infrastructure that supports better decision making with access to analytics directly within the planning tool.
4. Centrally Manage Content: Major process improvements depend on managing all the promotional content in one location. This eliminates redundant data entry and provides the foundation necessary to achieve zero-defect production.
5. Maintain a Shared, Collaborative Environment: with common underlying systems, across all the departments responsible for collaborating in the promotional process.
6. Set ROI Goals and Measure Results: This tracking allows retailers to improve performance and to accurately calculate and review the ROI.
Your holiday promotional calendar is surely set by now but it’s never too late to institute best practices. Download the report at: http://info.demandtec.com/20101010PromotionEfficiency_a.html
Casey McKenzie
Senior Partnering Consultant
It’s worth your time to download the full report and review it but here are some highlights.
Best Practices in Promotion Planning and Execution
1. First, Focus on the Customer: Focus less on individual media plans and zero in on the best ways to message to customer groups across all media types and channels.
2. Simplify and Shorten the Process Through Integration: For example, price revisions are entered once and then flow to the creative people and directly through to the store without having to rekey or conduct multiple proof cycles.
3. Improve Decision Making with Better In-Process Analytics: The third best practice is to adopt an infrastructure that supports better decision making with access to analytics directly within the planning tool.
4. Centrally Manage Content: Major process improvements depend on managing all the promotional content in one location. This eliminates redundant data entry and provides the foundation necessary to achieve zero-defect production.
5. Maintain a Shared, Collaborative Environment: with common underlying systems, across all the departments responsible for collaborating in the promotional process.
6. Set ROI Goals and Measure Results: This tracking allows retailers to improve performance and to accurately calculate and review the ROI.
Your holiday promotional calendar is surely set by now but it’s never too late to institute best practices. Download the report at: http://info.demandtec.com/20101010PromotionEfficiency_a.html
Casey McKenzie
Senior Partnering Consultant
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