October 14, 2016
In our experience, an essential tool that helps marketers efficiently uncover opportunities in categories, brands, and product innovation is integrated commercial planning. The advantages are quick to grasp: you follow a consistent planning process, your teams expand their view across their own silos, and they improve communication across different functions such as marketing, sales, and R&D.
But how do you really ensure that your plan is spot on? How can you be sure that the right decisions are being made to allocate resources across categories, brands, and product portfolios? How do you know that your plan is the best way to drive growth and gross margin performance? The planning process is just one part of the success. The real key to a winning plan for your categories, brands, and products is basing your next steps on knowledge and robust insights.
At Market Logic, our clients use insights engines to pull together all their knowledge assets into one place that’s easily accessible across the entire organization. This means results from fundamental market research on consumers, shoppers, markets and brands, as well as having any tested concept results, tracking data and trend report subscriptions at marketers’ fingertips as they’re preparing integrated commercial plans.
So where does an insights engine come into play:
- Start with a holistic review of trend research from industry sources like Mintel, Euromonitor, etc.
- Perform a 360-degree situation assessment of your category and brand by tapping the latest business intelligence
- Appraise competitor activity in news and social media
- Scope target segments from past U&A and segmentation studies
- Bring the consumer to life by searching and clipping snippets from ethnographic videos
- Compile profiles and missions from shopper research to pinpoint opportunities to win at the POS
- Propose themes and campaign ideas referencing past successes.
How do you currently embed insights into your integrated commercial plans? Would be great to hear your thoughts.