Omnilytics Competitor Benchmarking module allows you to compare performance for brands and retailers not only at a high level but also allows deeper analysis at the product level. Learn about the basics of comparing changes in your competitor’s performance over time in this article.
It is important to stay on top of your competitor’s performance to assess market changes, benchmark brand performance as well as spotting opportunities and risks.
Step 1: Establish the goal of the comparison
You can analyse at the overview level or choose to analyse on either
(i) Retailer level
(ii) Product level
Each of the options within the dropdown menu represents a different analysis. You can access the support centre article here to learn more on each of these analyses and its key takeaways.
We have selected “Retailer Analysis: Trade Performance” to illustrate this example.
Step 2: Set the date range
Step 3: Analyse brand/retailer’s performance
From the Trade Movement Chart, you will be able to analyse the changes in your competitor’s performance over time by selecting up to 3 card filters to analyse. In this example, we analysed the movement in Total Products vs Sell Out Rate over the selected period (ie. 1st of April 2020 to 30th of June 2020)
From the analysis above, we cab see a spike in the sell-out rate for the week beginning 22 June 2020. This analysis highlights the key areas where you can further do a deep dive.
The next step would be to narrow the analysis to the week beginning 22 June 2020 and click into the various product analysis available to identify the contributing factor(s) to the increase in sell-out rate. Whether it was contributed by a specific category or a result of a pricing/discounting strategy executed by your competitor(s).
By highlighting key changes in performance metrics, you can identify areas to dive into to analyse and understand your competitor’s strategies. Tracking changes in competitors performance is important to help brands stay competitive and identify any learnings and opportunities which can be leveraged on.
Hope you found this article helpful! If you have any questions or would like to explore the Omnilytics dashboard further, feel free to reach out to your respective Client Success Manager.