In the dynamic world of retail merchandising, every missed sales opportunity can significantly impact a brand’s bottom line. A lost sale could occur due to a variety of instances, such as an out-of-stock item, lack of product information or visibility, and poor customer service. To reduce the likelihood of this happening, brands need to adopt a seamless marketing strategy to turn missed sales into valuable conversions, by identifying and acting on potential dangers.
According to researchers, many businesses lose around 3% of their profits annually due to out-of-stock items. Because of this, businesses must conduct a lost sales analysis in order to identify where improvements to their sales strategy can be made.
From strategic promotional displays to shelf space and product selection, brands will deploy a range of strategies to boost the visibility of their desired products in stores. However, without a well-thought-out retail marketing strategy that shows brands how they can improve their efforts, they could potentially falter against the plethora of brands wanting to stand out against their competitors. Consequently, this will hinder their ability to make informed decisions and maximise growth quickly and efficiently.
Constant retail promotional compliance is the key to keeping your sales up and your customers engaged in your products. Brands and head offices can send their promotional displays to stores, but often enough, they are deployed incorrectly and sometimes not constructed at all.
After all, if your product is unseen, your ROI will reflect the fact…
The solution? Data led calls…
By consistently monitoring in-store performance, brands can pinpoint stores where performance isn’t acceptable, before digging into the reasons why this is happening. Once you know where to look, spotting weaknesses or deficiencies in the process or strategy will be a breeze, allowing you to make the necessary changes to improve performance.
When conducting data led calls, it’s important to consider the visibility of products and the positioning of the fixtures themselves.
Are your products situated in an area within the store with high footfall? Could your products be placed somewhere different that allows them to shine?
By tracking key KPIs like the availability of products, brand awareness, and POS compliance, brands have the ability to gain helpful insights into performance and shopper behaviour, which will consequently help them shape their future field marketing efforts.
But how can we obtain and utilise this data?…
We help brands and retailers identify problems of Lost Sales Value (LSV) by collaborating with Reapp’s industry-leading software, Spotlight. This platform empowers field sales teams with actionable insights derived directly from data led calls.
Reapp’s Spotlight field tool allows teams to understand various data points in store. One of those is LSV, which is the calculation based on the projection of the average sales that businesses would see on a ‘regular’ day. Understanding how many have sold and the LSV figure would be the difference between what is expected and what has sold.
When an SKU is flagged to have an LSV, Reapp’s Spotlight platform will send an LSV alert to a dedicated Territory Sales Manager. The LSV alert will direct the TSM to the desired store(s) with a breakdown of the required actions. These actions will help Territory Sales Managers to apply interventions that will help to resolve the problem and result in enhanced sales performance.
With this data, we give brands the power to identify areas ripe for improvement or intervention. By capturing these interventions at SKU level, we’re able to provide accurate results at the right time to deliver the essential ROI that brands crave. By ensuring that this data is updated daily, we can drive interventions consistently and regularly.
It’s time to forget the guesswork.
Now you can say goodbye to the complexities of field marketing, streamlining every brand that dares to embrace Reapp’s cutting-edge business approach.
Spotlight was designed with sales teams in mind…
Thanks to Reapp Spotlight, our field team (or yours) is armed with the latest in-store data, giving your brand the support it needs. With Spotlight, you have a dynamic arsenal of tools and metrics, pushing your business to new heights in no time.
Spotlight gives teams the confidence to make data-led decisions, plan their workload, and tackle ‘danger’ stores and products that need more attention.
Visiting the right stores at the right time…
You can trust our incredible team of brand champions to help you achieve the best results for your brand. They’ll be the ones who physically head to stores, collate data and images, and give you your initial visibility reports. From POS installation, check and fix, or a full store audit, our team knows just how to ensure that your brand stays on top in every store.
To date, we’ve got 20 billion data units at our disposal and we’re proud to make an incredible 1,000,000+ interventions each year.
But that’s not all…
Our team successfully conducts 3,500+ data led calls every single week, with brand champions situated within 10 miles of over 97% of stores in the UK. This means we’ll be able to get to any problem stores promptly so that we can get to the bottom of the issue and devise a plan to rectify it right away.
Case Study
The challenge
Ensuring effective product distribution is a top priority for brands.
However, the sheer number of stores and diverse territories often pose a challenge to tracking and fixing performance issues efficiently. Brands struggle with fragmented data, a lack of visibility into store activities, and the ability to face into availability issues, hindering their ability to make informed decisions and maximise growth quickly and efficiently.
The Solution
To tackle this challenge head-on, we introduced Reapp Spotlight, a cutting-edge solution designed to empower field sales with actionable insights derived from data-led calls. Over eight weeks, our sales managers completed an impressive 4,642 calls prompted by Spotlight’s Lost Sales Value (LSV) alerts, identifying areas ripe for improvement or intervention within 24 hours of alerts being raised.
Armed with this invaluable data, territory sales managers swiftly responded, implementing 17,773 targeted interventions within the stores. These interventions, averaging 2.9 alerts per visit, ranged from optimising product placements to swiftly resolving inventory issues, all aimed at enhancing sales performance.
The Outcomes
Thanks to the proactive efforts guided by Reapp’s Spotlight platform, our customers witnessed remarkable results. A staggering £947,319 in incremental sales were generated during the eight weeks, showcasing the tangible impact of data-led decision-making.
On average, each actioned LSV alert translated into an impressive £69.93 in incremental sales, underscoring the effectiveness of targeted interventions. Beyond the immediate financial gains, our customers also experienced enhanced relationships with the top four retailers.
Let your data lead the way…
Don’t just take our word for it though – with a track record of successful clients (from big names including Energizer and Kellogg’s), let us be your golden ticket in helping you understand the performance of your products and in-store promotions!
Reapp Spotlight can be deployed to your teams already in-store, or just as easily to in-house brand field teams or retail employees.
Let’s talk so we can work out how you can get the best use out of our services…
