As if you’re not already busy enough just handling all the surprises 2020 has thrown at you, it’s once again time to meet with retailers to pitch your products. By now you’re probably crafting your pitch and finding the right message to make you stand out to retailers. It’s a hectic time in an already hectic year—and we are here to help.
SPINS has longstanding relationships with retailers, and over the years one request keeps coming up: Make sure brands know their data before they come into the pitch meeting. You know your product better than anyone else, but retailers want to see data that proves you’re acting on quantifiable results, not just a hunch. From positioning to points of differentiation, SPINS data can help you build a persuasive pitch that gets your products on more shelves.
1. What is driving category growth in each channel?
Retailers want to know there’s potential for your product to gain traction with their shoppers, and the only way to prove that is to show where your current strengths are. A holistic view into the market reveals how you perform in each region and each channel. If your product is already showing growth momentum or is resonating strongly with natural and organic shoppers, let retailers see those figures.
SPINS has access into competitive markets and channel performance, providing you the most comprehensive view possible and showing how you rank among other emerging products within SPINS natural and organic channel. Plus, you can get a view into the full breadth of market channels: natural, conventional, convenience, and specialized.
2. How does your product perform compared to the overall category?
When it comes to sales, context is everything. Raw numbers only tell a small part of the story. Build on your category growth data by adding figures for distribution and velocity. You’ve already explained what your growth trajectory is; now illuminate it by explaining where your product is sold and in how many locations, as well as how many units your product is moving and at what velocity. It offers a snapshot of where you currently sit in the category
SPINS provides store level data that digs into the performance data of a retailer’s specific location—key information that helps you understand their sales landscape, speak to specifics about their business, and form a case for why their audience is ready for your products.
3. How are you performing versus competition within the category?
Now that you’ve shown how well you’re moving units and where your product is distributed, you want to show your competitive edge. Use the same metrics (velocity and unit) to place your products next to your competitors, emphasizing the ways you’re either outperforming them or gaining ground. With a SPINS data package, you have access to the competitive insights that help you see who you’re up against. When you share this information with retailers, you not only build your case as a brand that knows the marketplace but also as someone with an effective business strategy.
4. How is your product aligned with attributes that have growth potential?
Shoppers are drawn to certain product attributes, such as being gluten free or vegan or wanting to avoid artificial colors. Attributes are a critical part of the consumer’s purchasing process, and you need to be able to explain to retailers how your product plays into that decision making.
- How well do you align with trending attributes? For example, if plant-based is a growing market and your ingredients list is proudly 100% vegan, you can draw a direct line between what you’re offering and what customers are already looking for.
- Are you prepared to occupy the market’s whitespace? Your product might not have the trendiest attributes at the moment, but it could be a differentiator that places you in an undeserved category. Charcoal is a popular ingredient now, but 10 years ago it wasn’t—and innovative brands saw an opportunity to meet the demands of a growing audience and created a new opportunity.
- Are you on top of fast-growing trends? When you’re reviewing your category performance, you might notice a fast-growing trend around a unique ingredient that is on the cusp of becoming tomorrow’s hottest item. For example, if you’re a beverage producer who notices that 3 of the top 4 sellers in your category include monk fruit—and it’s a key ingredient in the product you’re pitching—you can show retailers that you are ahead of the demand curve.
SPINS understands that shopper-centric attributes are essential to product innovation and retail relationships. Our Product Intelligence is second to none, and when you partner with SPINS, your data package gives you access to the most popular ingredient and attribute information.
5. How effective are your promotions when benchmarked against competition?
Promotions are essential to any marketing plan, but some get you more bang for your buck. Understanding how your promotional dollars are performing and where they’re going the farthest is not only good business, but also a powerful piece of your story.
Come to the meeting with a proactive plan—touching on key items like pricing and seasonality—so your vision helps guide the promotional strategy. Back up your promotional ideas with data that shows you already know what yields the highest returns, when you see the most traction, and what promotional offers get results.
With SPINS TradeROI, analyzing your promotional efforts is simple. Identify which promotions are performing well, what returns you’re seeing for your spend, and which are underperforming.
You can also highlight 2 key data points will help you tell that story:
- Percentage of lift: What measurable brand lift can you show for your spend?
- Gained incremental dollars: What additional revenue did you see as a direct result of your promotional spend?
If you’re interested in how one brand have used SPINS data to innovate and pitch, check out this case study. Our team of experts can help you navigate your data and build a compelling story that retailers want to hear from you. If you’re ready to craft a pitch that will get results, contact SPINS today.