Reliable weekly data give sales management the insights they need to better plan for and maximize promotions, product launches, and those all-important seasonal sales peaks.
Today, sales management is increasingly driven by promotions, product launches, and seasonal sales activities. With shortening product life cycles and volatile consumer behavior, you must maximize sales during these key moments of truth. And that means being regularly informed as to what’s happening at the point of sale. But how regular is regularly enough?
Tech manufacturers have been basing their strategic decisions on GfK’s monthly POS Tracking for decades; however, tactical sales management is different. To optimize promotions and launches, and to exploit seasonal events, sales teams need more granular and frequent insights into sell-out performance. Only then can they get timely answers in order to quickly and confidently identify where corrective action is required.
Weekly POS data are more than just monthly data divided by four. Having tactical sell-out insights for your own and competing products provides the full picture across all relevant channels—online and offline. Receiving reliable KPIs in the form of insights will allow you to truly understand your sales performance when it matters most. This, in turn, means you’re better informed to steer your sales activities, like planning for crucial sales periods and setting targets as well as reporting.
Let’s take a look at weekly POS in action. Here are six key business benefits of receiving weekly sales tracking.
1. Deep dive into sales week by week
With our monthly reporting you know what was sold, which channels performed best, how the competition is doing, and the bestsellers. However, by detecting under- and over-performing areas across all channels on a weekly basis, sales managers can take immediate corrective action to improve the efficiency of the salesforce or distribution network, and negotiate with high-potential retailers.
2. Track price developments efficiently
Monthly average prices can be helpful when creating a pricing strategy, but of course prices fluctuate during a month. Tactical pricing decisions need continuous attention. How much will consumers pay for a product? Am I selling at the right price? Is my competitor’s pricing better than mine? Crucially, sales managers need to understand the maximum price achievable for a product depending on the stage in its life cycle. Weekly sell-out data bring valuable insight into pricing decisions based on sales performance.
3. Maximize the impact of marketing campaigns
Sales and Marketing Managers need to optimize their trade marketing spend. Regardless of the activity—price, in-store sales promotions, or advertising displays—they need granular insights on sales uplift vs. budget invested. Monthly data may show a sales increase in the respective month, but weekly POS provides detailed sales data to track the promotion’s impact shortly after the actual sales took place. More frequent reporting allows sales and marketing teams to maximize impact by acting fast—such as continuing promotional activity that delivers an uplift, or terminating a campaign that fails to deliver.
4. Optimize distribution during seasonal events
Black Friday, Cyber Monday, Christmas, Singles’ Day—special events dominate the retail calendar. Today, Black Friday is the most important sales peak for retailers outside China. While our monthly POS data will show that November was a very strong month, the weekly view will allow you to compare Black Friday against Cyber Monday and analyze sales performance at channel level.
5. Monitor market acceptance during launch
Launches are the ultimate moments of truth. Whether you introduce a new product, feature, or product line, you need rapid feedback on performance. Weekly POS provides performance data to support adjustments to a launch strategy. It also provides objective sales KPIs to better negotiate with merchandising planners and buyers on the retail side.
6. Reporting based on objective insights
Headquarters expects weekly reports on sales performance across countries and regions. Sales Managers need quick access to objective performance insights at product, country, and category level to define and implement counteractions. Weekly POS data provide reliable KPIs on SKU level to understand the performance.
For more information about how weekly sales data can help you realize your competitive advantage—including use cases on tracking price developments, perfecting distribution, and monitoring market acceptance during launch—download our whitepaper here.