Speak a Retailer’s Language: Key Account Data Is Essential for Pet Brands
You know better than anyone that the pet industry is moving quickly. Consumers are adopting new habits and brands are popping up with solutions—and that means the competition for shelf space is at a premium. After all the research you’ve done and innovation you’ve achieved to make the best possible products, you want to be a regular part of retailers’ inventory.
That’s where SPINS can help. We provide Key Account data for pet specialty retailers, natural and conventional grocers who have agreed to share market-level performance data for their organization. With Key Account data, you can find out how your products are performing at this retailer, get clear view of how your category is performing at that retailer, and assess how your products are faring against your competition to help you build your pitch.
Why Key Account Data Matters
When you meet with that retailer to discuss your products and hopefully gain more space on their shelves, they want to hear you speak to their business needs. With this view into your performance at their stores, you can explain how your product(s) will help them grow—and to do that, they should give you more shelf space. As we mentioned when explaining how to craft the perfect retail pitch, retailers want proof that you know what you’re talking about as it relates to the success of their business. At the end of the day, they need proof that pet parents are going to put your items in their baskets for their 4-legged friends and increase the retailers’ bottom line.
Key Account data enables you to have a fact-based conversation that shows pet retailers you understand their business, what is happening in the category, and why you’re uniquely positioned to succeed with them. You and your team have created products that you know will appeal to pet owners—and this is your chance to show the retailer why.
Here are 4 Key Account data points that let you build your case in a language that pet retailers care about:
Success in the Category
Key Account data can help you see how your products are performing for this retailer and how that compares to overall category growth. These insights are perfect for showing that you know your business as well as you know theirs—and you have the data to prove it. For example, if your products’ sales are higher than the overall category’s growth rate, you’re clearly offering a product that resonates with pet owners and can help the retailer reach the category’s potential. When you can speak to these specifics and bring this data together, you speak directly to the results that retailers are looking for.
Which pet brands are excelling? Which are underperforming? How much room are they taking up on shelves? Key Account data provides those answers. With this comprehensive view of your competitors’ performance, you can identify opportunities to expand your presence. If you’re outperforming the competition, you can show that retailer that your customers are already invested in your brand and loyal and you thereby deserve more inventory space to grow and convert more even more pet consumers.
When you have view into your competition’s performance, you can identify which of their products bring them success and which lag. If a product in your lineup can compete head-on with their top performer, you have the data to show that customers are looking for products just like yours and you can help the retailer achieve unmet demand. And if you find out which of their products are underperforming? Explain to the retailer how they are losing potential sales by not carrying your products that are delivering better sales.
Pet retailers already know you want a bigger presence in their store. What they want to hear is proof that you understand your audience and are a brand they can rely on to consistently deliver sales. Key Account data enables you to look at specific attributes that are driving growth in the category—such as fiber rich or grain free. If your products align with these popular or growing attributes, you can show that you have created products that pet owners want. Perhaps more importantly, you can demonstrate that you are ahead of the curve when it comes to meeting customer expectations. Other pet brands that are playing catch up when it comes to trends don’t have a relevant product in their current portfolio, and they will be slow to get one to market. You, however, can have products on their shelves as soon as you get the green light.
You’ve already done the hard part by creating the products that pet owners want. Let Key Account data help that hard work pay off by ensuring you are in front of as many customers as possible. Don’t walk into your next meeting with a pet retailer without having the insights that help you make a persuasive pitch and prove that you speak their language. SPINS Key Account data can give you the proof you need to grow your brand and strengthen your relationship with pet retailers.
Learn more about the SPINS Pet Channel or contact us today to find out how SPINS Key Account data can help you.