Category: Associate Training

Aug

22

As a data-driven business, Premium constantly works to uncover opportunity for our clients. One of the biggest opportunities we see in the retail industry is increased productivity. Truly leveraging your data to identify opportunities and glean actionable insights ensures you don’t miss out on the results your business deserves. 

 

 

Premium’s business intelligence platform Premium BI is central to this data-driven approach which delivers interactive, customizable dashboards to our clients. With access to interact with multiple sources of data in real time and produce powerful visualizations, you gain more than just analytics – you know exactly how to capitalize on the opportunity.  

By collaborating with clients to identify their dashboard needs, Premium has used Premium BI to: 

  • Provide interactive mapping visualizations giving detailed store-level visibility to execution results in real time.  
  • Demonstrate the impact of robust training strategy on in-store sales. 
  • Design dashboards to meet specific program objectives. 
  • Help programs become truly data driven. 
  • Move beyond data collection by combining data sources to uncover true insights.  

 

Powerful visualizations providing real-time visibility.

At 1:21 pm CST, Premium started the clock, beginning field execution for an iconic smartphone launch. Over 4,000 service orders were deployed to 1,400 reps in the field. Back at HQ, Premium’s war room of 70+ on-call personnel monitored execution and actively analyzed data to take real-time action thanks to Premium BI’s live dashboard.  

 

 

Premium’s operations, analytics, IT and client services teams partnered with the client to identify key focus areas and build an interactive map showcasing where reps were, which stores were complete and which stores had issues.   

Kimberly Gaddis, Director of Client Operations said,

“There was a lot of anticipation knowing [that] when our client said go, we’d begin to see the map light up with reps in-store and locations successfully completed.”

Because Premium was given only 48 hours to reach 100% completion, the custom map dashboard was an integral part in ensuring challenges were identified and addressed as quickly as possible. Gaddis confirmed, “The visualizations allowed us to digest field trends at a glance. Having access to continuously updating data, we were able activate the team and resolve issues before they became more widespread.” 

 

Reinforcing training’s impact.

When your team is focused on heightening brand awareness and increasing sales, you’ll most likely want to measure the impact of your training strategy on those goals. By overlaying sales and training metrics in a single dashboard, Premium enabled a team focused on retail associate product knowledge to understand regional trends and plan future training content based on what topics drove the most engagement or needed additional reinforcement. By performing a regression analysis, we were able to illustrate how the training strategy resulted in a 26% increase in sales at covered stores vs. uncovered stores.  

 

 

 

Delivering dashboards on specific program objectives.

For a category program where action used to be based on anecdotal theories, we created a multi-retailer inventory and display dashboard. Clients can now monitor out-of-stock percentages for all key SKUs in every grocery retailer in the country, as well as drill down at the store level. After an audit of each store’s home and checkout lane location, along with quantifying external factors that hindered compliance, we uncovered a category exclusivity issue that was suspected, but not previously proven. 

In the consumer electronics space, Premium BI is an essential tool to track retail performance. More than 150 team members examine results through more than 40 dashboards customized for a single program. Our consistent monitoring ensures we optimize inventory and staffing levels for efficient sales operations and a quality customer experience. Sales Managers have visibility to recognize top performers and provide gratification and motivation for the Sales Specialists in each store. Additionally, program leaders use compliance dashboards to identify areas of improvement, triggering strategy planning sessions or coaching. 

 

Becoming truly data-driven.

We’ve also supported new clients arriving at Premium without having had prior access to basic reporting. Without a true understanding of store visit compliance or performance, clients had no insight to guide changes in strategy. In these cases, we’ve implemented dashboards to establish a baseline for performance and evaluate areas of opportunity and success to continue optimizing coverage and execution. We’re also able to identify and address macro trends and market opportunities to increase focused efforts at certain retailers and markets to achieve stronger business growth.  

 

 

Premium’s VP of Consumer Insights and Analytics Kathy Risch said, 

“I always recommend clients incorporate business intelligence into their daytoday operations and strategies. This simply means understanding the reality of what’s happening today so your actions tomorrow and next quarter provide even greater ROI.” 

 

Combining data sources for true insights.

The ideal business partnership between Premium and our clients involves collaboration to answer key business questions – turning data into insights into recommended actions. This type of partnership often requires new methods of analysis and new sources of data which could be syndicated third-party data or primary qualitative and/or quantitative research. It’s only when we combine all of these data sources together that we have a full understanding of shopper needs and purchase drivers, alongside retail and product dynamics. Having a more complete picture enables us to drive growth for our clients and retailers.  

 

 

Methodologies, tools and data sources vary depending on the business situation, but the common thread is that we are using data to uncover new insights. The insights drive us to action, and the action ultimately creates growth. 

 

What our clients say.

While the examples above illustrate a variety of ways we’ve improved productivity and program ROI for our clients, we think you should hear it from them directly: 

  • This is great. Now we have access to information and can really see what’s going on.”Walmart PSP client on an executive summary dashboard 
  • “That’s what I want. You have the best scorecard in CPG that I’ve ever seen.” Client partner on OOS/display dashboard
  • “Oh man, this is awesome. Much more convenient than the spreadsheet I was using.” Walmart Operations Senior Manager on a program sales card

Think your brand or retail program might benefit from adopting Premium BI? Let us know!

 

Apr

16

You’ve certainly heard about the importance of delivering an “omnichannel path to purchase” or a “seamless shopper journey.” Frankly, these concepts can seem abstract and complicated, especially when you’re laser-focused on driving sales. But, if you think about what steps you take as a shopper, you’ll realize they are simply modern descriptions of how people shop (or would like to shop).

Imagine you’re in the market for a new tablet, a stroller, or even a hair styling product. You’ll likely start your path to purchase by gathering intelligence online. Recent research found that 86% of all new product searches begin on Amazon or a search engine such as Google.

After you’ve gone down the rabbit hole of online reviews, endorsements, and videos, you’re probably headed to a store to find out if the product lives up to its online reputation.

Shoppers across all categories are doing their due diligence, researching online before buying offline (ROBO for short) and entering the store more knowledgeable than ever before.

Fifty-eight percent of HBA, 41% of electronics, and 36% of baby purchases are researched online before purchased offline.

At the same time, there’s still a crucial segment of showrooming consumers (more than 55%) who visit stores to browse or test products before purchasing online. In fact, a recent Forrester study found 60% of men and 52% of women visit 2 or more retailers during their product search.

All of this is to say, the physical store can be the end of the journey, the beginning, or one of many stops along the way.

These shifts in buying behavior prove it’s still important for shoppers to see products in person, validate their research, and seek answers to questions from a category expert. Without thinking, shoppers expect in-store staff to have category and product knowledge at the same level as AI. A knowledgeable customer expects that if they’ve done their research, a retail associate must also be an expert.

 
Getting to “We don’t care where you buy it.”

The change in dynamics and expectations requires a speedy shift in tactics and in mindset. Depending on your organizational structure and the partners you have in place, making this shift is easier said than done.

Brands continue to frequently drive internal teams to deliver on separate .com and physical retail sales goals, leaving many of our clients pressured to illustrate direct ROI for spend in physical retail. Accurate cross-channel measurement continues to be a challenge, as most attribution models account for a limited number of consumer touchpoints.

Measurement will continue to challenge us because shoppers don’t give much thought to the benefit or consequence of where they choose to buy. They’re not thinking about whether their purchase will be attributed back to the field sales manager, the individual store, or to a physical retailer vs. an online marketplace. They’re thinking about how fast they can get it, their level of consumer confidence and how easy it will be to return it if they determine it’s not the right item.

 
How to Accommodate the New Role of Stores.

To show ROI for physical retail, we must acknowledge the evolving role stores play in shoppers’ lives. Omnichannel is a new cost of doing business with shoppers expecting harmony between the digital and physical shopping experience.

By 2023, 58% of U.S. retail sales will be digitally impacted, meaning those sales will either occur online or may occur in-store but will be influenced by digital technologies.

Bazaarvoice analyzed more than 4.5 million data points from 32 global retailers across key product categories to confirm that almost half (45%) of brick-and-mortar sales start with an online review, which marks a 15% year-over-year increase.

There’s incredible opportunity to anticipate consumers looking for guidance on mobile and to accommodate them by answering questions and misperceptions in real time.

The low-hanging fruit is all the insight gleaned from online product reviews. Because reviews play a key role in consumer discovery and experience, brands and retailers need to pay attention to the content of those reviews. Using natural language processing (NLP) and machine learning (ML), we can uncover customer perceptions, buying patterns and product use cases more accurately than by manual analysis.

Want to better engage your channel-surfing shopper? Premium is here to help with that too. We guide clients in testing a diversified mix of engagement tactics across social, online marketplaces, mobile apps and messaging platforms. It’s the holy grail of influencing shoppers in every stage and goes further to connect online efforts to offline sales (or vice versa).