Make it part of the process
Retailers should make analyzing the effectiveness of their promotions part of the overall planning process. All too often, this important step is simply an afterthought. Merchandisers should be trained to leverage new solutions designed to help analyze the effectiveness of their promotions – and then use that data when they plan future campaigns. This change in routine could be met with some resistance, especially for companies that have relied on their planners’ promotional insight for many years. Retailers may consider giving their planning teams incentive to leverage new technology to help them better analyze the effectiveness of their past promotions. One way is to make their year-end bonuses heavily reliant on meeting goals set for product categories. Doing so can help a retailer increase sales and profitability during the upcoming and future festival seasons.