Identifying and activating your pet product sales drivers in 3 easy steps
Understand what’s driving your pet product sales, and direct your marketing and promotional resources accordingly, with these 3 steps:
1. Measure the impact of pricing and promotions
Of all of the things a consumer considers when purchasing pet food, treats, or toys, price and how the products are promoted in-store are 2 of the most important factors. As key drivers of your pet product’s performance, these variables should be monitored frequently. Relying on one-off annual or quarterly analyses can result in missed opportunities for growth and sales.
PET PRO ADVICE: Monthly insights based on granular Retail Measurement Services (RMS) data and advanced statistical models can show you how pricing and promotion strategies are impacting sales on an ongoing basis. With these insights from an Automated Business Drivers tool, you can assess and adjust how your pet products are priced and promoted in near real time.
2. Include competitor data in your analysis
Your product may be selling well, but it’s not alone on the shelf. From new entrants to your category to established competitors increasing their promotional activity, in-store dynamics shift all the time. Proactively respond to potential threats by regularly tracking your competitors’ performance, pricing, and promotional spend.
PET PRO ADVICE: By analyzing competitors’ sales volume trends, promotional spend (and corresponding lift), and performance metrics such as velocity, you can understand what’s driving their sales and where the next threat might emerge.
3. Adjust your plans with confidence
Just as consumer decision-making is dynamic and fluid, overall demand levels can shift suddenly as well. With up-to-date information on sales, promotions, and marketing performance, you can pivot to meet demand more effectively.
PET PRO ADVICE: Pet product manufacturers can confidently develop marketing and promotional strategies by basing them on current, accurate data. Automated insights that provide regular, consistent views into demand shifts, promotional impacts, sales volume, and competitive changes ensure your decisions are based on the right data.
How NielsenIQ can help you understand sales drivers—and activate them
With exclusive RMS data layered with media data and advanced analytics models, NielsenIQ’s Automated Business Drivers provides easy-to-digest insights into demand, distribution, and retailer assortment. These insights help emerging pet product manufacturers make the best possible marketing and promotion decisions based on current, accurate data.
The product you need to understand sales drivers
Automated Business Drivers: An“always on” analytics platform that provides insights into what’s driving sales performance, including in-store trade efforts such as price changes and promotions.