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Assess opportunities through top-line reports
Go beyond product sale snapshots and nip threats in the bud. Your business is a lot more complex than any canned or top-line reports can address. Top-line or canned reports are very generic and do little to answer most business questions. Imagine reading a report that tells you that your business is healthy nationally but fails to identify threats and specific markets where you're losing share to your competition. The right reports will help you proactively manage your business and beat your competition.
2 Min Read
Top-line reports are very useful. They give you a quick snapshot of how the category and your brand are performing. They also provide you with a quick look at your competition, their sales performance, the market, and anything that might affect your sales. At first glance top-line reports will answer some of your questions. Unfortunately, top-line reports are designed to work for everyone equally - including your competition. Top-line reports don’t provide you with the bigger picture and do not give you the competitive advantage you need.
The challenge is that your business is a lot more complex than any canned or top-line reports can address. Top-line or canned reports are very generic and do little to answer most business questions. Imagine reading a report that tells you that your business is healthy nationally but fails to identify threats and specific markets where you're losing share to your competition. Wouldn't it be more helpful to identify a potential threat before the competitors take your sales? The right reports will help you proactively manage your business and beat your competition.
Here are several important questions you need answered to effectively grow your business:
How is your brand performing in each market?
How is your competition doing and are they outperforming your brand?
Is there a hidden opportunity to reach more customers?
Are your promotions attracting new customers?
Are your customers selecting your competitors when you’re out of stock?
What steps do you need to take to become the preferred vendor?
What information do you want to see in your reports? Custom reports provide answers to these questions and so much more. They are the key to the success of your business. Custom reports can be built to address every aspect of your business including, but not limited to:
Your sales performance
Market performance reports
Retailer performance reports
Your current distribution at each retailer
Pricing comparisons between you and your competition
Promotion analysis (promotion vs. event cost)
Inventory management reports
Consumer buying habits and trends
Channel comparison reports
Custom ranking reports
Data in the natural channel is extremely fragmented. Hiring a true expert with extensive experience to help you identify the best resources and create your custom tools can be a significant cost savings compared to the potential missed opportunities from relying solely on canned reports and consultants who are not truly experts with the data and the resources. This investment in your business will have the biggest impact on your future success when planning your annual budget. Don't forget to allocate adequate funds for this crucial progress. Read my other articles to learn other ways to maximize sales and compete more effectively.
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