So you’ve signed up for Byzzer’s free subscription! Great first step. You’re ready for a taste of what retail data analytics can do for your small CPG business. But now what? Even with this “free sample”, there’s a lot you can do, so use this guide to get the most out of your first taste of Byzzer.
Your free subscription includes:
What business questions can your free alert and report answer?
Choose your free alert based on the questions that matter most to your CPG business:
What’s my share of category sales? Choose the Market Share alert.
Is my price staying competitive week over week? Choose the Pricing alert.
How is the category performing? Who is winning? Choose the Market Performance alert.
Regardless of the alert you choose to sample, the free Category and Brand Trend Report will give you the week-by-week and month-by-month performance monitoring every CPG manufacturer needs to track their progress closely. With this report, you can identify peaks and troughs in your focus product’s performance. See how changes in sales volume and distribution that may have impacted your sales each week or month. When you can pinpoint a shift in dollar sales, volume, and distribution to the week, you can recognize success and failures in your retail strategy.
While the alert or report alone can deliver tremendous value, you can get even more details when you use both the alert and the report to answer crucial business questions.
What’s my share of category sales? Using the Market Share alert
The Market Share email alert delivers weekly insights, including:
- How your product’s market share is growing in comparison with the competition
- In which markets your product’s share is increasing fastest
- In which markets your product’s share is decreasing fastest
Armed with this information, running the Category and Brand Report will allow you to uncover potential causes of these market share increases and decreases.
For example, let’s say you receive your weekly Market Share report and see:
“In the last 4 weeks, your product lost 1.5 share points in your category.”
Uh oh. Time to run the Category and Brand Report.
In the top section of the report, you’ll be able to look at your product’s growth compared to your category’s growth broken down by four week periods. In the middle section, you’ll be able to take an even closer look – breaking down this comparison week by week.
In this example, we can see that from Week 1 through Week 16, the focus product’s sales (pink line) lagged behind category sales (white line). This phenomenon – not keeping pace with the category – is what results in share decline. (Click to take a closer look.)
The final section, your Focus Product Data By Week, allows you to see if any other factors – specifically, sales volume and distribution – could have impacted your market share decline or growth. (Click to take a closer look.)
To dig deeper, look at the Product Performance Report: Level up with an examination of these same key metrics and more – sales volume and growth, unit price, distribution, sales on promotion – but compare them to your competitors as well to see exactly how you stack up. Identify the competitors potentially dragging down your product’s velocity so you know where to focus your competitive energy to boost sales.
Is my price staying competitive week over week? Using the Pricing alert
The Pricing email alert delivers weekly insights, including:
- How your product’s price compares to the competition
- The average everyday price & promoted price for your category
- The percent of your category’s sales that were made on promotion
- The biggest increases and decreases in price amongst your competitors
Armed with this information, you can use the Category and Brand Trend Report to see how pricing may be impacting your sales volume.
For example, let’s say you receive your weekly Pricing report and see:
“Your product’s average price was $3.75 for the 4 weeks ending 4/10/2020, up 3% vs. prior 4 weeks, causing your ratio to competitors to change by 2% in your category. An increase in your pricing ratio to competitors indicates you are relatively more expensive than your competitors than you were in the previous 4 weeks.”
Hmm. A price 2% higher than your competitors could be a problem. Let’s go to the Category and Brand Trend Report.
Click on the image to take a closer look.
In the Focus Product Data by Week section, we can see that dollar sales have stagnated or declined versus prior year, and unit sales have dropped even further, meaning you are only growing sales through an increase in price – not a sustainable business practice.
How can you be sure whether your price point is a problem?
Take a look at the Price Comparison vs. Category report: Benchmark your price against category trends. Compare a wealth of helpful metrics against your competitors: Total Average Price, Promo Price, Non-Promo Price, % Price Change, % On Deal, and Depth of Discount.
How is the category performing? Who is winning? Using the Market Performance alert
The Market Performance email alert delivers weekly insights, including:
- Your top three largest markets by sales
- Your top three fastest growing markets
- The highest-performing brands in your category
Armed with this information, you can make a high-level comparison of your own performance against your competitors’ performance by using the Category and Brand Trend Report.
For example, let’s say you receive your weekly Market Performance alert and see:
“70% of sales are coming from the top 10 brands, which grew 14.6% vs. prior year.”
That’s strong category growth! Has your brand kept pace with this growth, though? Let’s take a look at the Category and Brand Trend report:
When you look at the “Sales By Period” section of the report, you’ll be able to see sales broken down by four week periods. The pink bars represent your product’s sales, while the white line represents category sales. From this section of the report, we can see that your sales kept pace through April, even as category sales slowed. However, an abrupt sales drop in May continued into June, and sunk even further in July, even as category sales remained relatively steady.
To dig deeper, look at the Brand Ranking Report: Thanks to the Market Performance alert, you know the strongest brands in your category. And thanks to the Category and Brand Trend Report, you know you’re not keeping pace with category growth. The Brand Ranking Report goes deeper, so you know not only who is leading the category, but why. Understanding what contributes to a best-in-class brand’s strength helps you emulate growth strategies and avoid potential limitations.
With all the answers made available through Byzzer’s alerts and corresponding reports, you may feel tempted to tumble down the data rabbit hole. Those eager to dig into the nitty gritty details may consider the paid subscription packages that offer hundreds of report runs a year.
How much more product could you be selling with that level of access to retail analytics?