blog.cmkg.orgCategory management best practices & thought leadership for Retail & CPG teams.

Category management best practices & thought leadership for Retail & CPG teams. Training Solutions Instructor-Led Virtual Training Instructor-Led Classroom Training eLearning Training Solutions for Individuals Assessments Team Training for Retailers Team Training for Suppliers Sales Training Space Management Training Annual Learning Subscription Resources Complimentary Assessments Complimentary Learning Tools Thought-Leadership BlogTrain Ahead — Our Difference Leadership Results Contact Us Client Login Individual Learner Login to eLearning Schedule Consult Mastering Business Storytelling Using CMKG’s Story Arc Framework By | Sue Nicholls, Founder & President CMKG | 0 Comments | Sales Training Data Visualization Presentations Virtual Learning storytelling Unlock the power of storytelling in business with CMKG’s innovative Story Arc Framework. Learn how to captivate your audience and drive results through compelling narratives. Read More Demystifying Data to Insights: A Practical Guide By | Sue Nicholls, Founder & President CMKG | 0 Comments | Understanding and Using Data Data and Insights Data analysis is an essential skill in today’s data-driven world. It’s not just about collecting massive amounts of data; it’s about extracting meaningful insights from it to drive action. In this blog, we will delve into the process of transforming data into valuable insights, demystifying the steps involved and providing practical tips along the way. Understanding Insights Insights are like beacons of light amidst a sea of data. They are valuable knowledge that is gained by understanding information in its proper context and applying actionable meaning to it. Imagine a puzzle made up of data pieces; insights are the beautiful picture that emerges when you fit them together. Context is the secret ingredient in the recipe for generating insights. Data without context is like a riddle without a clue - it lacks meaning. To provide valuable insights, it is crucial to consider your audience and the questions driving your analysis. The better you understand the context, the more impactful your insights will be. Creating the right context can be challenging. Here are some activities that can help you gain perspective: Compare your data to relevant benchmarks or historical data (check out my previous blog on using the "Index" calculation). Enrich your data by incorporating insights across multiple data sources (click here to learn about data sources across the retail supply chain). Practice contextualizing data through real-world scenarios and activities. Steps to Move From Data to Insights 1. Set Clear Goals To embark on the journey from data to insights, it is essential to set clear goals. Avoid diving into data blindly; instead, define what you want to achieve through your analysis. This ensures that you don’t get lost in a sea of information without direction. There are two effective approaches to setting goals: - Hypotheses: Formulate hypotheses and use data to test them. Ask yourself, "What business problem am I trying to solve?" - Key Questions: Identify important and measurable questions that are directly related to your business problem. Ensure that you communicate your goals clearly to all stakeholders involved in the analysis to ensure alignment. 2. Source Relevant Data Not all data is created equal. To meet your goals and answer your questions, it is crucial to source relevant data. Think of it as collecting puzzle pieces that fit your overall picture. Ensure that the data aligns with your objectives and meets the understanding of your audience, and look across multiple data sources where possible. 3. Analyze the Data Understanding how to approach and interpret data is vital. Start with an overview, examine industry trends, understand the perspective of your target audience, and analyze retailer results. It’s like starting with the big picture before zooming in on the specifics. 4. Explore and Uncover Insights Once you have the right data, embark on the exploratory phase. Think of it as a thrilling treasure hunt. Your analytical mindset is the flashlight, and your goal is to discover the most compelling and important points. Let the data tell its story instead of forcing it into preconceived narratives. As you sift through the data, look for patterns and relationships among data points. This is where insights start to take shape. Insights enable you to make strategic decisions that can drive your business forward. Illustrative Examples To better understand the difference between a mere data point and a valuable insight, consider these two examples: Example 1: Category sales are down -$223 million (-13%) in retail. Penetration is down 2.1 points (so -2.1% of total households purchased the category). Average category price has declined $1 and $1.71 in 12 and 3 months respectively. Value brands like All Other and Private Label are declining at much lower rates in $ sales and unit sales (-4% and +0.8%) with average prices of $5.00 and $6.00. Example 2: Retail has experienced a significant decline of over $220 million in category sales due to a decrease in households purchasing the category and the rise of value brands with products below $10. This presents an opportunity to explore price gaps and gain insights into consumer preferences for informed decision-making and driving growth. Which one do you think provides a better insight? Why? (Take a moment to reflect on it, then read on). Example 1 includes important FINDINGS (patterns collected in the data) but doesn’t capture context or action. Example 2 includes important observations, context and action. A good example of an insight. In the end, turning data into insights is a blend of science and art. It requires a keen eye, a curious mind, and the willingness to let the data guide you. Remember, insights are the keys that unlock your data’s potential, enabling you to make informed decisions and drive success. So, as you embark on your journey from data to insights, equip yourself with the right tools and mindset, and let the adventure begin. Is your team facing challenges in transforming data into valuable insights? I offer personalized virtual training sessions that are tailored to your team’s needs. These hands-on sessions utilize real examples from your data and categories to enhance understanding. Feel free to reach out to me for further information and details! Happy learning! Sue Read More Unlocking the Secrets of Index Calculation: A Journey into Data Insights By | Sue Nicholls, Founder & President CMKG | 0 Comments | Analytics Work Category Analytics Welcome to the exciting world of category management! This is where data transforms into gold for both Retailers and Suppliers/Manufacturers. With heaps of data at our fingertips, there are some key measures you should know about to make the most of it. In this blog I’ll be covering the "Index" calculation. Read More Transform Your Sales Presentations: Crafting Stories that Drive Success. By | Sue Nicholls, Founder & President CMKG | 0 Comments | storytelling In recent years, my primary focus has been in one specific, but large, competency area: development of the sales presentation. After receiving and fulfilling training requests from various clients to coordinate internal teams for insights-based storytelling, I’ve come to realize that the key to success involves creating engaging sales narratives - but it’s not easy! These stories need to resonate, align, and make it easy for the retail audience to say yes, within the massive landscape of sales presentations they see every day. However, achieving this goal isn’t solely the responsibility of the sales team—it requires collaboration from various departments to create impactful presentations. Consider this: numerous presentations originate in Marketing or Brand and are later customized by the sales team. Therefore, focusing solely on sales training doesn’t address the fundamental issue of presentation...