Before kickstarting your journey with the Trade Insights dashboard, there are several things to consider in each stage of analysis. These steps within each stage help to offer insights, clarity and direction in conducting your analysis. Once you’ve completed your analysis, you can then create an actionable strategy where efficiency can easily be measured.
Step 1: Understand the Trade Insights Dashboard
It is vital to understand what the Trade Insights dashboard offers. There are 3 key use cases within the dashboard that address different goals:
- Monitor Competition & Spot Opportunities
- Optimise Pricing Strategy
- Validate Trend Performance
Refer to this article to learn more!
Step 2: Define Your Goal and Formulate Your Questions
Before any research analysis, it is crucial to start by asking the right question(s). Your questions should be specific, measurable and clear. Ideal questions accompanied by a clear goal will ultimately direct your analysis and help you select the appropriate filters. We will share more information about how to set your filter below.
For example, you could start with these questions:
- What are your current business challenges?
- How do you wish to mitigate risks identified among competitors?
- How do you wish to potentialise opportunities identified in the market?
Step 3: Establish a timeline for the report
A consistent report review helps businesses identify opportunities, mitigate risks, and establish a strategic action plan. Depending on the goal of your analysis, the timeline for report creation could be on a weekly, monthly or quarterly basis.
Step 4: Establish your own filter set
Select the filter set that is relevant to you in terms of the market, brand, gender and timeline you wish to analyse.
Step 5: Take note of key observations when analysing competitors
When analysing competitors, always keep in mind the key areas you want to identify during the analysis.
For example, some angles of analysis to consider are:
- What are the opportunities to explore?
- What area may be a risk for your business?
- What similarities do you share with your competitors?
Step 6: Formulate an actionable and commercially driven forward strategy
After gathering insightful information from the Trade Insights report, cross analyse your findings with your own internal data to explore potential opportunities to venture into. This step is vital because it enables you to understand your business position in the market and leverage your strengths. Once you have identified any opportunities, compare this with internal data to determine if a similar action has been taken and learn from past mistakes. This encourages commercial decision making and helps you strategise your next steps.
All in all, the integration of both external and internal data is vital in trade reporting and decision making. Do not blindly follow what has worked for competitors as this may not be relevant to your brand. Always stay true to your brand identity and value proposition and tap into gaps that are relevant to your target market preference.
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.