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BizReport : Advertising archives : December 31, 2015

Top 3 tips to use data to improve retail

We've seen how data can be used on a campaign by campaign basis to target the right consumers, but one expert believes data can be used to strengthen brands' overall retail strategies. Here's how.

by Kristina Knight

First, by continuously measuring.

"Continuously measure your merchandising efforts by quantifying what's happening in store. It's now totally possible to track this data (e.g. display promotion presence, on-shelf availability, new item speed to shelf) at the store level routinely," said Justin Behar, CEO & Founder, QURI.

Second, by integrating data.

"Integrate this in-store data with your existing planning and scanner data assets. This expands the value of all 3 data sets, and will improve the ROI from your merchandising efforts by clearly linking what was planned and sold to why it happened. With this new stream of data now flowing through your organization, the next cycle of merchandising will improve significantly simply by cutting out programs that did not work, and doubling down on those that did," said Behar.

Third, by organizing the data.

"Organize this information based on how you do business (e.g. zone, district, DMA, banner, retailer, etc.), and share it routinely! For every client we work with, we have observed that the simple act of measurement helps improve performance through better collaboration," said Behar.

Image via Shutterstock

Tags: advertising data, advertising trends, data, data tips, QURI

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