The retailer can use demand management solutions in order to build strategies to help them track promotional planning:
Start with the data
First and foremost, retailers must have accurate, complete data in order to analyze the effectiveness of their promotions. Many retailers flounder on this first step because they don’t have a complete view into data generated from past promotional efforts.
The Essential touch points include:
- Multi-channel data access and correlation
- Single view of customer data
- Click stream data or POS data
- BI capabilities ranging from simple dashboards to ad-hoc queries and trending
They should know if a product was promoted online, in print or if it was part of an email campaign.
From there, they should know details at a more granular level – for example, what was the click-through rate for a product promoted via an email campaign to customers? If it was advertised via a social media or online, how many customers came through that channel and bought the product?
Or, if it was promoted in a newspaper or circular, what was the ad size and what page was it printed on? Where exactly was it distributed geographically? Advanced technology makes it simple for retailers to gather this type of information and then analyze it for future promotions. To prepare for the upcoming festival season, retailers should consider implementing systems that are designed to collect, consolidate and analyze promotional data.