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Expert: How retailers can improve tentpole events
Big events like the Academy of Country Music Awards and the Oscars pull in a lot of viewers, and many of those viewers run to their favorite stores soon after to buy makeup and accessories reminiscent of what stars wore to the event. This trend isn't new, but recent Quri data found that merchandisers are failing at tentpole events.
According to Quri's survey, up to half of health and beauty aisles in Target and Rite Aid were missing award's season must-haves including trending makeup.
Kristina: Why are brands missing the opportunities presented by tentpole events?
David Gottlieb, President & COO, Quri: Tentpole events often receive a great deal of focus given the breadth of tactics they involve, and consequently the strong levels of investment they garner. The largest surprise in terms of results, particularly acute for us at Quri, is the missed opportunity seen with in-store merchandising execution. A great deal of planning and effort go into the multiple tactics that surround these events, but when that last mile of in-store execution falls short, the result is a profound impact on a consumer's ability to purchase the product. As you can imagine, this has a negative effect on the return on investment of all the activities undertaken to get the consumer to that moment of purchase.
Kristina: How can retailers improve merchandising for tentpole events?
David: A great way to improve merchandising for tentpole events is for retailers to closely collaborate with manufacturers. This is fostered by aligning upon and reviewing a common set of in-store merchandising measures reported at a store-level, and to do so throughout the promotion cycle. With granular, store-level data that can be provided in near real time, you can quickly understand where you have gaps in execution and direct resources to correct them. This helps ensure the best possible execution for major events by enabling in-cycle corrections based on what a consumer would actually see in-store, at that moment of truth.
Quri currently works with over 50% of the top CPG companies in the U.S., so many manufacturers are already choosing to harness this data to drive better performance in-store, with tentpole events being one prime use case. Additionally, we have seen retailers collaborating with them and leaning in on the power that this data has and the improvement upon merchandising it generates.
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