Penn State Smeal College of Business’ Post

VideoMining's category tools allow retailers and CPGs to unlock an empirical evidence approach to space optimization. This week on the Nugget we offer a summary of the key findings, and what category strategists should keep in mind to win big. #category #cpg #categorymanagement

In today's fast-paced business world, category strategists cannot afford to make decisions based on intuition alone. Data-driven decisions are necessary to stay ahead of the game. That's why category strategists must now come equipped with a full arsenal of category analytics tools that revolutionize the way they make decisions. These tools provide insights into customer behavior, market trends, and competitor analysis that were once impossible to obtain. ⁉️ What does that mean for Space Optimization? See the Nugget link below for a refined, more pragmatic approach using category management best practices and behavioral science insights. #cpg #retail #categorymanagement https://hubs.li/Q027VPGk0

Space optimizing remains a major challenge especially in today's changing omni-channel retail. Behavioral insights can play a key role to bringing in the "shopper" into the decision-making - going a long way to make better decisions. Read this week's NUGGET discussion on this topic. #cpg #retailers #categorymanagement

One critical component of successful category management is space optimization. This strategy involves maximizing the use of available retail space to increase sales and profits. To build a successful space optimization strategy, you need to have a strong understanding of historical performance, competitive landscape, and consumer and industry trends. This foundation is essential to ensuring there is a strong basis for data-driven decisions and intelligent context setting.

𝗧𝗵𝗲 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗕𝗿𝗮𝗻𝗱 𝗘𝗾𝘂𝗶𝘁𝘆🌟 Mark Ritson emphasizes that brand equity extends beyond being a mere financial asset; it is also the perception held by consumers. This dual nature significantly 𝗶𝗺𝗽𝗮𝗰𝘁𝘀 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘂𝗰𝗰𝗲𝘀𝘀. Brands with 𝗵𝗶𝗴𝗵 𝗲𝗾𝘂𝗶𝘁𝘆 𝗰𝗮𝗻 𝗰𝗼𝗺𝗺𝗮𝗻𝗱 𝗽𝗿𝗲𝗺𝗶𝘂𝗺 𝗽𝗿𝗶𝗰𝗲𝘀, 𝗳𝗼𝘀𝘁𝗲𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗹𝗼𝘆𝗮𝗹𝘁𝘆, 𝗮𝗻𝗱 𝗿𝗲𝗱𝘂𝗰𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗰𝗼𝘀𝘁𝘀. By understanding and leveraging brand equity, businesses can ensure consistent messaging, make informed strategic decisions, and ultimately enhance their market position and profitability. Traditional methods of measuring brand equity through surveys, can be somewhat inaccurate as they primarily engage rational, deliberate thinking, known as System 2 in Daniel Kahneman's "Thinking, Fast and Slow." 🧠 However, as I have discovered firsthand, 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀 𝗱𝗲𝘀𝗶𝗴𝗻𝗲𝗱 𝘁𝗼 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲𝗹𝘆 𝗲𝗻𝗴𝗮𝗴𝗲 𝗦𝘆𝘀𝘁𝗲𝗺 𝟭 𝗰𝗮𝗻 𝗽𝗿𝗲𝗱𝗶𝗰𝘁 𝗮𝗰𝘁𝘂𝗮𝗹 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗯𝗲𝗵𝗮𝘃𝗶𝗼𝗿. Some time back I developed a retailer brand equity model, and through testing this model with real transaction data from a retailer's loyalty program, was able to validate its predictive power. We showed conclusively that 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝘄𝗶𝘁𝗵 𝘀𝘁𝗿𝗼𝗻𝗴 𝗮𝘁𝘁𝗶𝘁𝘂𝗱𝗶𝗻𝗮𝗹 𝗹𝗼𝘆𝗮𝗹𝘁𝘆 towards a specific retailer 𝘃𝗶𝘀𝗶𝘁𝗲𝗱 𝘀𝗮𝗶𝗱 𝗿𝗲𝘁𝗮𝗶𝗹𝗲𝗿 𝗺𝗼𝗿𝗲 𝗳𝗿𝗲𝗾𝘂𝗲𝗻𝘁𝗹𝘆 and 𝗵𝗮𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝗯𝗮𝘀𝗸𝗲𝘁 𝘀𝗽𝗲𝗻𝗱 𝗽𝗲𝗿 𝘃𝗶𝘀𝗶𝘁. 🛒📈 By adopting survey 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀 𝘁𝗵𝗮𝘁 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲𝗹𝘆 𝗲𝗻𝗴𝗮𝗴𝗲 𝗦𝘆𝘀𝘁𝗲𝗺 𝟭 𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴, businesses can 𝗴𝗮𝗶𝗻 𝗮𝗰𝘁𝗶𝗼𝗻𝗮𝗯𝗹𝗲 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗶𝗻𝘁𝗼 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗯𝗲𝗵𝗮𝘃𝗶𝗼𝗿. This method validates the predictive power of consumer attitudes and allows companies without extensive transaction data to leverage these insights effectively. In doing so, businesses can build and sustain strong brand equity, driving long-term success and gaining a competitive advantage. 🌍📊 #BrandEquity #MarketingStrategy #ConsumerPerception #BrandLoyalty #System1Thinking #BusinessGrowth #CompetitiveAdvantage #DataAlchemy

AtData is helping companies navigate the ever-changing world of consumer engagement and market trends! At AtData, we get the importance of blending digital innovation with real-world experiences to connect with today's consumers, especially Gen Z. Our tailored solutions use data insights to create personalized, engaging experiences that really resonate. Curious to see how AtData can assist your company in embracing this new era of consumer behavior and market dynamics? Check out the article below! https://lnkd.in/eYPZrjQP

Rigorously Relying on Data-Driven Insights for Improved Decision-Making Reaching Noticeably Superior Results It's fascinating to see how our industry has evolved over the years. We've had countless conversations within our network and realized that many haven't explored the power of Promotion Response Analysis. Looking back, this used to be once a cornerstone of Sales Force Effectiveness analyses, over a decade ago. Fast forward to today, and the narrative has shifted towards digital transformation and creating an omnichannel customer experience. Don't get us wrong; these are critical elements for Life Sciences companies striving to be customer-centric and boost satisfaction. However, let's not forget the importance of periodically assessing the impact of omnichannel marketing and sales investments on driving long-term incremental sales for the portfolio of promoted brands. By dissecting individual promotional Return on Investment (RoI) performances, decision-makers can fine-tune resource allocation, leading to improved overall top- and bottom-line performance. In an era where data is king, Promotion Response Analysis can provide invaluable insights. It's the compass that guides one through the complex landscape of customer engagement. How do you think embracing these analytical tools can help organizations stay competitive and deliver greater value to customers and stakeholders? For further reference please contact info@xeleratio.com. Our Pharma Business Excellence Momentum group https://lnkd.in/edVJxYS #DataAnalytics #SalesEffectiveness #CommercialExcellence

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝗰𝗼𝗺𝗽𝗼𝗻𝗲𝗻𝘁𝘀 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗮 𝗚𝗼𝗼𝗱 𝗖𝗮𝘁𝗲𝗴𝗼𝗿𝘆 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆?  𝘐 𝘨𝘦𝘵 𝘢𝘴𝘬𝘦𝘥 𝘰𝘯 𝘮𝘢𝘯𝘺 𝘰𝘤𝘤𝘢𝘴𝘪𝘰𝘯𝘴, 𝘞𝘩𝘢𝘵 𝘋𝘢𝘵𝘢 𝘋𝘰 𝘺𝘰𝘶 𝘶𝘴𝘦?  𝘞𝘩𝘢𝘵 𝘪𝘴 𝘵𝘩𝘦 𝘍𝘰𝘳𝘮𝘶𝘭𝘢?  𝘞𝘩𝘢𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘱𝘳𝘰𝘤𝘦𝘴𝘴?   🔑 Leveraging many types of data and it doesn't have to be perfect.  Just using the right data to "Tell your Brand or Shopper Narrative."  𝗟𝗲𝘁'𝘀 𝗯𝗿𝗲𝗮𝗸 𝗱𝗼𝘄𝗻 𝘀𝗼𝗺𝗲 𝗲𝘅𝗮𝗺𝗽𝗹𝗲𝘀: 𝗦𝗮𝗹𝗲𝘀 𝗗𝗮𝘁𝗮 (𝗣𝗢𝗦):   A beverage company notices a 20% increase in sales of its limited-edition holiday-themed packaging. • Insight: Festive-themed packaging drives seasonal sales. • Strategy: Invest in themed campaigns year-round. 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸: A retail chain addresses long checkout times from peak-hour feedback. • Insight: Staffing affects checkout efficiency • Strategy: Optimize staffing for quicker checkouts. 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗲𝗻𝗱𝘀: A clothing retailer capitalizes on the eco-friendly fashion trend. • Insight: Eco-consciousness drives demand • Strategy: Introduce sustainable lines and highlight in marketing. 𝗦𝗼𝗰𝗶𝗮𝗹 𝗠𝗲𝗱𝗶𝗮 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀: An electronics company boots engagement with user-generated content. • Insight: User content drives social interaction. • Strategy: Encourage customer sharing for reach. The recipe of Data ▶ Insights ▶ Strategy works.  Trust what the Data and people say and your on your way to devleoping effective strategies. #DataDrivenInsights #Strategy #BusinessGrowth #catmananalytics

The retail landscape is transforming rapidly, driven by evolving customer expectations and technological advances. BCG's research, led by Chris Biggs, Jenny Aylwin and Khaled Tawfik, in partnership with the World Retail Congress, reveals a critical gap: many retailers are not prioritizing innovation, risking their future relevance in an increasingly competitive market.   Key Insights: 🔍 Innovation Gap: Only 50% of retailers rank innovation among their top priorities, compared to 81% in other sectors 📈 Changing Consumer Expectations: Modern consumers demand personalized, engaging experiences, not just competitive prices. 💡 Strategic Investments: Successful retailers are focusing on retail media, marketplaces, and social commerce, leveraging AI and real-time analytics. ⚙️ Operational Efficiencies: Investing in process innovation and automation to address cost pressures and enhance customer satisfaction.   At BCG, we’re committed to guiding retailers through these challenges. Embracing innovation is essential to not only meet current consumer demands but also to stay ahead in the competitive landscape.   I'm excited to share that Euro.cz has published today an article based on our findings. Read the full article https://lnkd.in/ewgB2aHD . For an in-depth understanding, explore the full study: https://lnkd.in/ey9JFRvE .    #RetailInnovation #CustomerExperience #BCGInsights

Retail media is a hot topic for every brand these days – and it has transformed how organizations need to operate and plan. The DSI has partnered with Stratably to share in a webinar how brands are adapting to this new landscape, based on their new report including a survey and interviews with brands. Join DSI Director Lauren (Livak) Gilbert and Stratably’s founder & CEO Russ Dieringer on August 30th at 12 PM ET to gain insight into their findings and learn more about how to: ☑ organize your operational structures to support retail media ☑ integrate retail media into the organization and ☑ leverage AI to create seasonal content See you there! ⤵ #retailmedia #ecommerce #digitalshelf