The Essential Data Source Every Scorecard Needs
Once you and your team have determined which activities to evaluate, agreed on performance thresholds, and have designed your layout, the next step is to select which integrated data sources you’ll need.
Syndicated and Point Of Sale Data
It’s important to consider all types of data and understand what each type will reveal – diverse data sets such as IRI, Retail Link, POS and other third-party data can help accurately display different parts of your KPIs. However, third party data doesn’t provide you with any explanation of why…
Understanding What’s Going On At The Shelf
The explanation is the story behind the data. If sales are dropping or your promotion only delivered half the lift you were expecting, third party data won’t tell you that your end cap was never set up properly or there was a breakdown of communication and the inventory wasn’t adequate.
To understand what is really going on the shelf, it is important to analyze and put in context your own causal data with the transaction data you are integrating into the scorecard process. Your unique combination of data can change the way you evaluate your scorecards and retail execution strategy. By utilizing both quantitative and qualitative data, from outside sources and internal sources, it breaks down which activities were successful and why.
Don’t Forget Your Photos
The data your team collects at the shelf provides insight regarding points of interruption and in-store conditions that can move the needle. Photo capture is a growing request from decision makers. In seconds, they can instantly see what a promotion looked like and determine the compliance rate. A survey of 10 questions and 3 pictures can explain in a just few short seconds what exactly happened last quarter, eliminating the ever-favorite guessing game.
Manage – Execute – Analzye
With your scorecard utilizing the correct data sources and your team focused on their accounts, your KPIs will help guide your planning and future assignments. It is one thing to analyze the numbers behind your third-party data, but it’s another to analyze data that was specifically collected by your team. Selecting, organizing and utilizing multiple data sources provides incredibly powerful insights for you and your team.