Conquer Convenience: Step 4 How to Measure Success
24 January 2022
Author: Kirsty Whyte
Throughout January, we’ve taken you through each step of our Convenience ecosystem on our journey to conquer Convenience. After unlocking the opportunities for strategy and store targeting, we shared our secrets on in-store execution and how to increase consumer purchase.
Now your brand’s covered the key bases, what’s next? It’s time to end the month with step 4 which will help you measure success and identify the reporting you need to support your Convenience strategy. Discover what’s working for you when it comes to basket size, product type and sales performance. We’ll explore how to accurately measure the impact of any campaign in Convenience retail through EPOS data - using our Pinpoint data analytics product. The Pinpoint SaaS solution offers a core reporting suite than enables brands to make key strategic decisions informed by transactional data.
Let’s break down the data
When using Pinpoint, your brand can tailor your reporting strategy to highlight the data you need. Data can be broken down into key focus areas that you want to report on. There are four core reports that allow for the data to be leveraged at a granular, transactional level – the likes of which has never been seen in the market to date:
- Sales Performance Report: Allows a user to interrogate sales value, volume, and rate of sale performance across both products and brands and can compare and benchmark against competitors.
- Market Share Report: Allows a user to interrogate share of sales within the marketplace against competitors. This includes multiple metrics such as measurement over time and percentage of share compared with the rest of category.
- Distribution Ranging Report: Allows a user to interrogate distribution levels and percent across all stores, identified through sales within selected time periods.
- Pricing Report: Allows a user to interrogate pricing mechanics across stores for all products, including selling price vs RRP and percentage split of different pricing across the estate.
You don’t need to feel overwhelmed by information overload, as the data is streamlined into easy to digest reports. Brands can get down to the specifics, by selecting the data they need to shape any future decisions on strategy.
What our expert has to say
We’ve made the Pinpoint solution accessible, with the ability to use it in a way that is unique to your brand. It opens the door to smarter decisions influenced by accurate and up to date data from the Convenience sector.
Our Thumbprint Head of Product, Andy Armer shares why brands need to take advantage of this.
“The software is a service reporting suite allowing you to track and trend over time. You can analyse performance of products or brands to see whether a call has been injected into the marketplace or something needs changing. You can also measure the performance of the field team and track and trend this over time. The tool is designed to be intuitive so that it can be leveraged by Sales Directors to get a very quick read in terms of the performance of their categories vs competitors. It’s also equally designed for analysts who want to dive into the data to configure the reports and measure the performance that really interests them. Brands can build out templates within the tool that they can refresh on a weekly basis to see the latest changes."
Ultimately, Pinpoint provides a platform that allows for the most informed analytics to be produced, enabling brands to accurately report on their performance to confidently inform their strategy within the Convenience sector.
As trends continue to change and consumer behaviour shifts, brands are now equipped to identify this and make the changes they need to succeed each time.
So, as we complete the final step in the Convenience ecosystem cycle, the journey to conquer exciting market doesn’t come to an end - in fact, it’s only just beginning!
We have the tools to help you grow in the Convenience sector and measure your success to make informed decisions. Get in touch to discuss a reporting strategy, tailored for your brand.