Knowhow’s Category Management Package enables clients to explore the language of shoppers through research, set the communication tone, big data analysis of shopper and product groups, development of shopper-centric-product matrix through strategic and tactical recommendations, store level assortment strategies, category growth plan and development of scorecard.
- External shopper research
- Big data and insight generation
- Shopper-mix Segmentation
- Product-Mix Segmentation
- Shopper-product category matrix (CPC)
- Store-level product assortment strategy
- Listing & Visibility Planning
- Category Management Strategy (growth plan)
- Category management Scorecard
- Category Management Workshop
Research and analysis of target market, shoppers, and segmentation of target shoppers based on age, income, location, culture, and ethnicity with analytical insights findings and match with client’s existing product category.
Analyzing the client data to uncover unmet needs which can be used as an opportunity for product development, emotional factors driving buying decisions, missing opportunities that need to be closed through new offers, and location of communication channels to influence buying decision of shoppers.
Identifying and segmenting existing shoppers of the client upon their buying behaviors, choice of products based on the goals of client, such as, profitability, seasonality, conversion rate, frequency vs volume at store/city/region/country level.
Analyzing diverse product group of the client and segmenting them based on their characteristics that will constitute categories.
Matrixing shoppers vs products to draw the optimal frame to serve best fit products to the target/existing shoppers as a foundation of category management and/or assortment strategy for the client.
Developing store level product assortment strategy with focusing for specific store/s that its own shopper behaviors and characteristics to optimize sales conversion rate through analysis of products based on shelf life, proportions, width and depth, visual merchandising, stock level, reorder points, and lead time. It also results in optimization of stock level with increasing availability and minimizing excess stock.
Developing store level SKU listing plan along with category based visibility plan focusing on planogram strategies, shelf share in order to optimize the visibility of SKUs in the store and to increase the sales.
Focusing on specifically growth of category from shoppers’ point of view and setting SMART growth plan and relative action plans (after analysis of NO.3,4,5 if required) The growth plan offers the road-map to translate marketing speak to the sales speak and retailer speak.
Developing Category-focused KPIs with relative dashboard for regular review and analysis. KPIs include but not limited to GMROI, ABC (Activity based costing), Sales Conversion Rate, Average Transition Rate.
Running 2 to 5 days workshops for the client to teach Category Management techniques and process, the usage of toolkits developed along with sharing guidelines with employees to improve their skills about category management.