Category Management is a way for retailers to better dissect and manage the multitude of products that they sell. The goal is to provide the right products, at the right time, in the right quantities when their shopper is looking to buy. Naturally, many manufacturers have latched onto the opportunity to provide insights, trying to improve their own competitive position. But, there have been many changes and developments over the 25+ years that Category Management has been practiced. Especially within the application of data, including syndicated sources such as Nielsen, IRI, and NPD, Category Management has become a business processes staple for many consumer goods manufacturers today.
To facilitate this process, retailers report some or all their product sales, usually supplied to manufacturers that pay for access to syndicated sources. This access requires dedicated resources that are not measured by the traditional ROI metrics; therefore, they tend to get rationalized in budget allocation. On top of cost and resources required, these main data providers do not have data on every retailer or report every category, equally.
So, if you’re a small manufacturer how do you compete with multi-national, multi-billion dollar companies that are spending more in one year on category management and syndicated data than your company makes in gross revenue? This gap is not easily overcome; however, with proven expertise in mining alternative sources of data there are ways to provide your retail partners with category leading insights that can be uniquely your own.
At L&M Mass Solutions, we are an equalizer. With over 30 years of combined experience in multiple channels, with differing levels of the breadth and depth of available data, we have helped create millions of dollars in incremental revenue growth by helping to change the conversation with retail buyers.